any car dealers

[crazygn]

iam looking to get a car, iam not very good at making good deals on cars so i could use some help here. Say iam looking at a car that is 22,000 what should i be able to get the price down to if i pay cash for it. any help before i go to talk to them would be great.

thanks

 

[John Larkin]

Go see Herb in NJ (TurboRegal84). He's a dealer. As for the cash thing, it really doesn't matter all that much the method by which you pay; dealers really don't want IRS problems. If you were buying from an individual it could help in some situations (waiting for someone to get a loan approved vs. paying cash/cashiers check and selling the car quickly).

Do your research on the internet for the model you are interested in buying. Edmunds.com is a good place to start. Take note of rebates and incentives which go back to the dealer also.

 

[kh440]

Depends on what you are looking for. A general rule of thumb is:
passenger cars roughly 5-7% markup
mid-size trucks and suv's 10%
full size suv's 12-15%

This does not include any extra manufacturer to dealer kickbacks or even consumer rebates. There are several on -line pricing services that can get you in the ball park try maybe autobytel.com or consumerreports.org(?) Consumer Reports affoers complete cost/price guides for a small fee, but they are pretty accurate.

 

[David65]

Originally posted by crazygn
if i pay cash for it

What ever you do, don't pay for it with cash! Get a certified check from a bank or something. If a dealer accepts $10K or more in a transaction, they have to send a form in to the IRS stating how much it was and who they got it from. At least they had to do this as of about 10 years ago when I bought a truck and paid for it with cash, don't figure the rule's been changed. I would guess that holds true for any merchant, not just car dealers. The IRS must want to know if the money is coming from drug dealings, illegal firearm sales, etc. I know, I got audited by them a few years later. The guy that came here actually had the tax return I had signed for that year. He said the $10K was what sent up the red flag. He wanted to know what expensive things I had bought lately, how much I had in the bank, how much I make, how much on the credit cards, how much I keep in the house, etc. And since I lived with the folks at the time, he wanted to know the same for them. Needless to say, he got told where to go that day...

David

 

[crazygn]

iam getting the money from a house loanmore money on my payment i was looking at the 04-05 nissan altima's but they might be a little to much , i really dont want to spend more then 18-20,000

 

[Pitbozz]

The form you are referring to is called a CTR (currency transaction report). It is for amounts OVER $10,000. It is required whenever a cash transaction either in or out of your pocket exceeds the $10,000 threshold. It is a federal law (part of the Ricoh act) and is primarily used to prevent money laundering. It shouldn't have any bearing on whether or not you get audited from the IRS. I said *shouldn't*. If you have alot of CTR's all over town and you are reporting $20,000 annual income, then that would probably send up a major red flag.

 

[TurboRegal84]

John....I work at a very laid back dealer which consists of car guys....we arn't nearly as bad with markup as most large franchise car dealers..

Our rule of thumb is we buy a car, and then it goes through our 'Recon' steps (Shop, Whatever parts it needs, and Detail) We then run a Kelly Blue book, and put it in the window. Our prices reflect $1,000 or more UNDER the Blue book value.

When I used to work at a Jaguar dealer they would have up to $15,000 worth of mark-up on ONE car.....They were pretty much out to SCREW the customer, and usually wanted 'all the money.' Then again...That is the reason I left.

I am now at a Dealer called "Auto Toy Store" and more often than not our prices are ALOT lower than others due to low overhead.

If you guys are bored check out our Website....we have a pretty neat 67 Impala!

www.AutoToyStorenj.com

Any other questions feel free to ask!