Got MY NEW FRS!!! But...

[suaveflooder]

You are gettin hosed! Walk away from that deal and go to a credit union or a bank. With even an okay credit score and nothing down you shouldn't be paying more than about 4%. With a GOOD to excellent one, you should be down at mid 2% at the highest. Good luck with your purchase.

[Frstorm]

I put my wife with me on this car, she had no credit, got it for 3.2 thru dealer with her on it. I got a lot of extras and paid just over 28k for it. Nothing down since tring to improve wife's credit. Will pay it off within 2 years once her score improves. Moral of the story our payments is 450 for 60 months. Mind you where I live we pay taxes at a different place which I paid cash just under 2k. Your getting hosed. Walk out and go to another dealer and save yourself 5k

[GH05T]

I'm paying $469 for 72 months on a BRZ that was priced at roughly $30,000. You are paying way too much. Go through a credit union.

[Scionshaun]

So how much do you still owe on the tc?

[B-R-Z]

How did you settle on a price? Did they ask you what you want to pay each month or did you discuss sale price of the car?

This was my first new car purchase and after making bad decisions (discussed payments instead of sale price, and used dealer financing) on a prior used car purchase I did my research and went into it prepared.

First I would do what someone else above mentioned and see what penfed.org can offer you, I was able to get 1.74% for 72 months which is the lowest I could possibly find. Either way I would secure your own financing, don't let the dealer be in control unless they offer 3% or less. Once you know what financing you are working with you can plug numbers into a car loan calculator and figure out what sale price you can afford. Now you speak final sale price numbers with your salesman, DONT talk payments. Don't seem excited to get out the door into the car, act like you're in no rush to buy and like you plan to shop around. On my first visit as I was preparing to leave, my salesman told me to call him before I make my purchase because he wants to have last-licks on the sale offer.

My experience was good to begin with though, after test driving my salesman came straight out and offered a few % (1-3) above invoice. I was confident I'd make my purchase with him at that point but I told him I would sleep on it. I ended up getting it out the door for $27,300, MSRP was like $28,500. BRZ Limited, 4 miles, popular package 2B I believe (dimming mirror w\ compass & homelink, rear applique, trunk rubber mat, wheel locks)

[OrangeJuleas]

Ok. So here's the deal:

1. $484/month x 72 months = $34,848.00 financed. This doesn't even include the $3,500 you are putting down. That means the TCO (total cost of ownership) is $38,348! Holy moly!

2. You are financing $25,800 - $3,500 = $22,300 (unsure if the price you stated includes tax and licensing, but this is rough).

3. 7% of $22,300 = $1,561. 3% of $22,300 = $669. Interest from 3% to 7% will cost you an additional $892. This may or may not be a big deal to you considering the total cost anyway. This means that:

4. At 3% financing, your TCO would be $33,956 financed. For 72 months, that would be about $471/month ($13 monthly difference). Interest isn't the big ticket here.

5. MSRP of a 2013 FR-S with 6MT (and factory spoiler) is $25,654. With CA tax that is roughly $1,853, plus let's say licensing of about $800 = $28,307 TCO as MSRP. You would be financing $24,807 with that $3,500 you are putting down. At 7% financing, that is a total of $26,543 (it is about $1,700 in financing). Including the original $3,500 down, that means you are owning a new one at MSRP for $30,043.

6. $26,543 / 72 months is $368/month (MSRP).

7. So my question is, how much dealer markup is there that between the $30,043 you should be paying (at MSRP, this includes the $3,500 down) and the $38,348 that you will be paying? I feel that almost $8,000 of that is going to the dealership. Which is, pretty objectively, too damn much. The interest isn't what is killing you. It seems to be dealer markup.

Simple math will show that at 8% tax and 7% interest (interest is not taxed) for a $28,000 completely financed car should be about $32,356 TCO.

I agree with everyone else, you are getting pretty ripped off. If anyone cares to contest the math above, please do!

[thill]

Originally Posted by OrangeJuleas

Ok. So here's the deal:

1. $484/month x 72 months = $34,848.00 financed. This doesn't even include the $3,500 you are putting down. That means the TCO (total cost of ownership) is $38,348! Holy moly!

2. You are financing $25,800 - $3,500 = $22,300 (unsure if the price you stated includes tax and licensing, but this is rough).

3. 7% of $22,300 = $1,561. 3% of $22,300 = $669. Interest from 3% to 7% will cost you an additional $892. This may or may not be a big deal to you considering the total cost anyway. This means that:

4. At 3% financing, your TCO would be $33,956 financed. For 72 months, that would be about $471/month ($13 monthly difference). Interest isn't the big ticket here.

5. MSRP of a 2013 FR-S with 6MT (and factory spoiler) is $25,654. With CA tax that is roughly $1,853, plus let's say licensing of about $800 = $28,307 TCO as MSRP. You would be financing $24,807 with that $3,500 you are putting down. At 7% financing, that is a total of $26,543 (it is about $1,700 in financing). Including the original $3,500 down, that means you are owning a new one at MSRP for $30,043.

6. $26,543 / 72 months is $368/month (MSRP).

7. So my question is, how much dealer markup is there that between the $30,043 you should be paying (at MSRP, this includes the $3,500 down) and the $38,348 that you will be paying? I feel that almost $8,000 of that is going to the dealership. Which is, pretty objectively, too damn much. The interest isn't what is killing you. It seems to be dealer markup.

Simple math will show that at 8% tax and 7% interest (interest is not taxed) for a $28,000 completely financed car should be about $32,356 TCO.

I agree with everyone else, you are getting pretty ripped off. If anyone cares to contest the math above, please do!

He is in Florida. I agree the numbers make no sense. He did have a spoiler added, but I would find it hard to believe the car cost much more than $26K before tax, tag, and other fees. The dealer must be tacking on thousands in tems of fees and other items.

[OrangeJuleas]

Originally Posted by thill

He is in Florida. I agree the numbers make no sense. He did have a spoiler added, but I would find it hard to believe the car cost much more than $26K before tax, tag, and other fees. The dealer must be tacking on thousands in tems of fees and other items.

I was just using CA as an example because I live here. The tax rate in Ventura County is 7.25%, LA County is 9 freakin' percent.

As far as I know, FL sales tax (state anyway, I know there are additional county taxes) should hover around 6% (per http://dor.myflorida.com/dor/taxes/sales_tax.html).

So it should be even lower than I stated!

[jflogerzi]

Originally Posted by Latiii

I am 26 years old and a new grad Nurse. I was looking for under 4%.

try a local credit union. Here is my recommendation. Wait till your past your probation period @ your new job. Once you pass it, then treat yourself as reward. Also having 6+ months under your belt @ your new job will help you get a better rate.

[Latiii]

So they changed their mind after talking to my dad and gave me a 3 percent for $440 and 60 mo. I couldnt resist once i drove the damn car!

[OrangeJuleas]

Originally Posted by Latiii

So they changed their mind after talking to my dad and gave me a 3 percent for $440 and 60 mo. I couldnt resist once i drove the damn car!

There you go buddy! Enjoy the new ride...I know I do!

[AE86_Mikko]

@ 7%apr with 3.5k down payment for 72 months, you should only pay no more than $400/mo. and i am already giving that extra... I did the simple correct calculation btw...

[ftc~brz]

glad that came down a bit. The spoiler from factory should have only been around 500 tops and 7% sounds like the dealer was holding points on that. As long as you are happy now then that's good for you. In the future make sure the dealer you are shopping isn't shady. And if they tell you to fill out a credit app before you even look at a car....that is a dead give away you don't want to give them your business.

[ExtremeAutowerks]

I got my car for 30k including tax with OEM+ and i am paying 284 per month, after a 15k down payment. My interest rate isnt that high, it is the lowest the dealership can put it, (not too familiar with how low it is)