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Always pay cash. If you can’t, get a cheaper car.
This is the way
1. Cash
2. Carmax if you don’t know what you’re doing
As above, only use cash if you couldn’t beat that rate in earnings of investing the cash.
Dealership will be cheaper if you’re okay with negotiating. CarMax will be more expensive but the price is the price, there is no negotiation.
Finance if you can earn more money elsewhere (ie you have a 0% rate and you invest the 35k).
I got a better financing deal from the dealership, and an even better deal on lease vs. buy
Pay as much as you can comfortably do on the down payment. Don’t buy above your means. Cars are depreciating assets. You don’t want to be upside down! Factor in maintenance and insurance. Don’t get your image associated with a car. Buy a Porsche or whatever because you like the way it drives and works for you, not because of what other people might think of you.
Best mix for a lot of people is a certified pre-owned car with a decent warranty. You pay a bit of a premium but don’t eat all the depreciation and often can get access to manufacturer-subsidized financing.
If you don’t like to negotiate then get a friend to do it for you, or just go for carmax.
Dealer financing may be lower if you have a specific make in mind. Was told 5-6% by a Toyota dealer, but then found out Toyota is offering a 1.9% rate — worth doing some homework here. That said, 6% is still lower than a typical expected return investing in the S&P so I’d still finance.
Manager 1 is right — if you don’t know what you’re doing and don’t want to learn, definitely CarMax. If you do on either front (it is a bit of a time sink so you have to love knowledge or deals, or both) dealer for better deals.
Chief
If you go to a dealership, once the salesperson turns you over to the finance department, be prepared for all kinds of upselling/bundling of extended warranties, credit insurance, and other unneeded services.
Chief
Can’t forget about the “additional overcharge” that comes standard 😉
https://youtu.be/ZCT3jm1A-5U?feature=shared
Why don’t u try to get a loan from ally auto or something before you get any dealership or carmax financing options?
Rising Star
1. Dealership gets kicks back from lenders if you finance with them. So they are likely to give you better deal than an all cash offer.
2. Ask for cost of pre-payment penalty on your loan or see if there’s any.
Yes, always worth asking for a discount or to throw in some of the things they charge you for, like mats, nonsense coatings etc.
Cash. But wherever you go, just make sure to watch a bunch of Andy Elliot videos before you go…