I have a 2011 BMW 335D that I keep having to pour money into. I want to purchase a new Honda Accord. I have $20,000 cash and my car as a trade in. I doubt the dealership will give me what my current car is worth but it’s a hassle selling it privately. Any suggestions or ideas on how I can get the most bang for my buck? Thank you!
Dealerships are really good with the jedi mind games. A few things I would do in your position. Get dealerships to compete with each other. Let them know you are ready to buy, but you will wait on a good deal. If you can get the same car $500 cheaper 50 miles away, let them know you are willing to go to wherever the deal is. Don’t let them know you have that much downpayment or willing to do a trade in at first. If you can get financing elsewhere thats great, use that monthly payment as the monthly payment you want to pay for the full amount, with the same terms. They like too play with interest rates and terms to get you to “your number”. But if you know you can get the car for a certain price, get it as close as possible to that price.
Then offer your trade in once they give you your interest rate and term. Make sure your car is clean and simple things are fixed. They would deduct in big numbers for something as simple as stain on carpet. There are a lot of youtube videos on how cat dealerships works. And you will find the experience similar. For more bang for my buck, I wouldn’t buy a brand new car, simply because of depreciation.
