This will be my first auto purchase any advice?
 

I just graduated from College and landed my first "career" type job.

I was lucky enough for my parents to buy my first car( Toyota Tacoma).

I've always wanted a sports car and need something more fuel efficient for my commute to work( 20 mins).

Any advice for a first time buyer? Financing, maintenance, ect? I will be buying and plan on immediately paying 14K and financing the rest.

Is there anything I can do to get better financing? Do school loans and current Credit Card Debt factor in? I am still insured under my parents if that makes a difference.

I will probably buy the FR-S so I assume the scion pure pricing will make for the lack of negotiating on price?

This will be a big step for me personally, the most expensive thing i've ever bought on my own was a 46" TV 2 years ago.

thanks,:happy0180:

www.penfed.org

Get pre-approved and go into the dealer ready to negotiate.

If you do dealer financing, they will take you to the bank unless you know how to read the financial statement and keep yourself out of trouble.

Few thing's I've picked up over the years to help you at the dealership:

1) Know what people are really paying for the car you want (with Scion this is not as much of an issue because of pure pricing). It is not uncommon to get a car for below invoice (and way below sticker price).

2) Don't be too excited and be ready to walk away from a deal if it just seems too steep or you are not comfortable. Trust me, salespeople always call back ready to sell if you leave when they're ****ing you around.

3) An internet sales manager can sometimes help you avoid the haggling with salespeople at the dealership. (Scion really doesn't engage in haggling anyway)

4) Don't let the dealership talk you into add-ons like vin-etching and scotchguard in the interior. Not only are they not necessary, you can do them yourself for much cheaper.

5) Obtain your own financing ahead of time (As the previous poster said)...this way you are not at the dealership's mercy.

6) Try out different dealerships...they are not all the same! Some dealers are crooks and morons, while others are respectable businesspeople...look around and don't settle.

7) If you have a trade-in, sell it private party instead and gain up to 30% more than if you trade your old car into the dealership (that is if you want to spend the time to sell
your old car on your own)

The pure pricing just means the price they post is they price they sell at. some dealers may post the car at a lower cost (doubt it)

While you may not be able to haggle the price of the car remember all options on the car can be haggled on

thats all I know really never bought a brand new car and never (even thought of) buying a Scion before this (tho I really really wish Scion was in America only cause I rather have a Toyota 86)

awesome man! Same here :) Almost exact same story as well.

As for the loans - they factor into your credit score which should affect how you are able to finance the car, so they matter.

I've couselled a lot of people on how to buy a car. Here is the best strategy:

1. If you can, pay cash. If you can pay cash, you can get in on Giccin's groupbuy for $300 over dealer invoice, which is the best price anyone will ever do on this car (at least for MY13).

2. If you can't pay cash, whatever you do, NEVER finance through the dealer. Dealer's make a massive killing off of customer finanancing. You can always do better by financing through a credit union or bank. You really want to checkout the PenFed link someone posted above; it's quite possibly the best anyone could ever do if you are financing the car.

3. DO NOT EVER EVER BUY THE CAR THROUGH A SHOWROOM SALES GUY. EVER, NO EXCEPTIONS. I don't care if they are giving away free gold bricks in the showroom, do not set foot in there and buy a car through the sales process. The entire process is designed, front to back, to confuse, harass, deceive, and upheave you so the dealer can get more money from you.

4. DO contact the fleet sales manager (or internet sales manager) to buy a car at the dealer. Fleet sales guys don't care about 1 customer; their job is to sell the most cars. They care about volume, not one-at-a-time stuff. Tell them you have a specific price in mind, and you will only consider offers at or below this number. Do this at multiple dealers to get the lowest price.

5. If a dealer ever tries to lie or add extra charges right before you close the sale, walk away immediately. Don't hang around and argue, and for the love of God don't accept the charges. This is the oldest con in the books. Walk out the door immediately, and don't ever come back.

If you don't like confrontation and bargaining, I also urge you to use an auto broker. They generally get cars for a few hundred over dealer invoice, and they do all this bullsh*t for you so you don't have to mess with dealers.

How much student loan and c/c debt are you talking about?

Be careful with student loans and try not to default on them. You can either do a forbearance under certain criteria but you must pay them back if they are not deferred.

Take a look at your debt to income ratio, both front and back and that will determine if you can even afford a new car. If you have too much debt, I wouldn't even bother trying to buy a new car and would suggest to wait until you are at least under 40%. .02

Went to community college to boot aka spent nothing, went to a state school aka spent 1/3 of what other kids spend.
My school debt combined with my credit card debt is only about 1/4 of my annual income. Otherwise I wouldn't even consider buying a car.

I am trying to build up my credit history so I can qualify for a house loan in a couple years and put 40k-50k down...and paying off a car is a good start imo.

thanks for the sound financial advice though!:happy0180:

You should be good to go then. Lonewolf summed it up nicely! :happy0180:

The more you describe yourself the more my own story starts to come alive...weird

success driven guys or... the american capitalistic slave!?:bonk:

I'd like to think a lil of both (at the very least) :(

have your parents co-sign the financing. should help boost your credit score

And lower interest rates!