i think dealer wants to rip me off - Mercedes-Benz Forum

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post #1 of 15 (permalink) Old 02-19-2015, 06:44 PM Thread Starter
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i think dealer wants to rip me off

Ok i need help. I want to buy a car the interest is 2.99% and I'm putting down 2,000$ they are trying to rush me into signing as quickly as possible. I'm doing 72months. 72*558.42=40,209.84. Is way too much are they ripping me off?
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post #2 of 15 (permalink) Old 02-19-2015, 07:44 PM
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No, they are not ripping you off--they put all figures on the table and let you decide. Of course they might push you, but unless they use deceit or coercion, you should never blame somebody else for making you an offer that is advantageous--to them. This is how a market economy works, where skillful tactics and persuasion in negotiations are the order of the day.

So all they do is to make you an offer that you can accept or decline. What does this offer look like? Leaving aside inflation (which, as we know, is pretty low) you will be paying roughly $42,209 (don't forget your down payment) for a car priced at $36,615 (whether of not this is a fair, average price we don't know). So you would pay about $5,590 or 15.3% more than you'd pay if you paid cash (leaving aside that paying cash and using good negotiation skills may or may not get you an additional discount). Is this a fair offer? How would we know? We don't even know what kind of credit risk you are.

Most importantly, however, whether or not owning this car right now warrants this expense (and would be a wise choice in light of your overall financial situation), only you can decide.

By the way, if this is a new car (another thing we don't know), don't forget that the moment you drive it off the lot it will be worth less than $30k for you (remember the sales tax that would be due again if you'd like to resell it).
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post #3 of 15 (permalink) Old 02-19-2015, 07:50 PM
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Why are you feeling they are ripping you off? 500-something per month sounds about right when you are financing Almost 35000.

Then again, IMO, paying 550 bucks per month for six years is ridiculous to begin with.

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Last edited by TexFinn; 02-19-2015 at 07:57 PM.
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post #4 of 15 (permalink) Old 02-19-2015, 07:51 PM Thread Starter
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So by the looks of it everything seems correct?
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post #5 of 15 (permalink) Old 02-19-2015, 07:52 PM Thread Starter
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I'm going to try to pay it off as quickly as possible in the next 14months
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post #6 of 15 (permalink) Old 02-19-2015, 08:00 PM
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It's been quite some time since I last had a car payment, but I'm really not following the logic in financing it for 72 months and actually paying it off in 14.

Why not make do with what you have right now and put aside the 500 bucks each month and buy a car with cash after 14 months?
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post #7 of 15 (permalink) Old 02-19-2015, 08:02 PM Thread Starter
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I'm a contractor i want to make sure if one job fails me i have other 2 jobs i can pay it off with. I have3jobs
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post #8 of 15 (permalink) Old 02-19-2015, 08:10 PM
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Cool

No. Nothing is correct here. Please be not offended, you asked for.

You are buying a car you can not afford. $550/month for 6 years is pure stupid, sorry to say it like that.

Paying 15% of the value as a gift to some lender. I would advise you to NOT do this. Six years is a long time and you will all that time owe more money as the car will be worth. Constantly under water. Don't do it. Simple as that.

Six years are a long time for any car. There will be services and repairs coming up. And you still pay $550 a month. Simply: Don't do it.

Drive your old car or just get some beater for a while and SAVE $550 a month. Buy a nice SL in 10-12 month and have it paid completely in cash.

I can promise you that you will be more happy for the next 6 years as if you lend money on something losing value faster as you can pay the credit off.

Remember:

One false step and you are at the goal of somebody else...

Mike
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post #9 of 15 (permalink) Old 02-19-2015, 08:16 PM Thread Starter
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Texfinn and mrsrobot you are both right i should save up instead.
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post #10 of 15 (permalink) Old 02-20-2015, 06:10 AM
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