May be buying an S2K
11-19-2009, 09:04 AM
#11
I would assume the dealership is in it for $10k to $11k. $2k over either amount is what I would pay....$12k to $13k. For the car itself (not including trade). Private seller I'd offer less.
But be sure they don't change the value of your trade in offer to off set your price for the S.
But be sure they don't change the value of your trade in offer to off set your price for the S.
11-19-2009, 09:12 AM
#12
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Have to agree with the other posts -- price seems significantly too high. I don't live in FL and have no idea what the market is like, but if I understand what you said, the actual price is $17k if you don't take the warranty ($14k with your $3k trade-in). In my area, your car ('03, 56k miles) would sell for somewhere around $13-14k max.
For comparison, I bought a garage-queen '02 back in May for $16.5k in a private sale (clean vehicle history, garage kept, single-owner, never in rain, less than 5k miles). I then sold my first s2k for $13.7k in June, also private sale -- very good condition '02 with 50k miles. I thought both were very fair deals.
Also, just my opinion, but I'd skip the 2yr/24k powertrain warranty for $2100. Think of it this way -- do you think there's a realistic chance that you'll need to spend at least $2100 on powertrain repairs in the next 2yr/24k miles? As long as you don't auto-x or drive the car abusively, I have to believe the answer is no.
Like others have said -- the longer you can wait the better the deal you'll find. Think about holding onto your current ride until you find just what you're looking for. GL
For comparison, I bought a garage-queen '02 back in May for $16.5k in a private sale (clean vehicle history, garage kept, single-owner, never in rain, less than 5k miles). I then sold my first s2k for $13.7k in June, also private sale -- very good condition '02 with 50k miles. I thought both were very fair deals.
Also, just my opinion, but I'd skip the 2yr/24k powertrain warranty for $2100. Think of it this way -- do you think there's a realistic chance that you'll need to spend at least $2100 on powertrain repairs in the next 2yr/24k miles? As long as you don't auto-x or drive the car abusively, I have to believe the answer is no.
Like others have said -- the longer you can wait the better the deal you'll find. Think about holding onto your current ride until you find just what you're looking for. GL
11-19-2009, 09:56 AM
#13
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So far out of the cars I've been looking into the average is about 1.5k-3k higher down here only from a dealer. I understand what everyone is saying but the problem is that I need a loan to buy the car and since it would be my first time taking out a loan most companys wont give me the amount I need to purchase a car, many won't consider me at all unless I have a cosigner which I can only get if I buy the car from a big dealer not those little hole in the wall dealerships. Almost all of those little dealerships won't take my trade in and few will accept financing even if it could be done. My trade-in is only worth about 3-3.5k if I sold it privately.
Hypothetical: If I were to buy a car from a private seller for about 12k after tag, title, tax 13k. Though the private seller will not take financing or my car as a trade. I have to have 13k in hand which I do not have as well no company will give me a personal loan for 8k, I've already tried.
If I were to buy a newer car then my insurance will raise.
The warranty is more of a safety net for me considering I don't know too much about maintenance on the car or how long things last on the car and how worn the motor may be from the previous owner, also my cosigner wants the warranty. With the warranty I figure if I ever ran the car hard then everything would be covered and I wouldn't be afraid to drive the car and enjoy myself.
Once the loan shows up in the system I'm going to head to the dealer and negotiate a little more for about 1k less. This is a good oppurtunity for me to build my credit and establish credit for a car loan.
Hypothetical: If I were to buy a car from a private seller for about 12k after tag, title, tax 13k. Though the private seller will not take financing or my car as a trade. I have to have 13k in hand which I do not have as well no company will give me a personal loan for 8k, I've already tried.
If I were to buy a newer car then my insurance will raise.
The warranty is more of a safety net for me considering I don't know too much about maintenance on the car or how long things last on the car and how worn the motor may be from the previous owner, also my cosigner wants the warranty. With the warranty I figure if I ever ran the car hard then everything would be covered and I wouldn't be afraid to drive the car and enjoy myself.
Once the loan shows up in the system I'm going to head to the dealer and negotiate a little more for about 1k less. This is a good oppurtunity for me to build my credit and establish credit for a car loan.
11-19-2009, 12:42 PM
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I just looked briefly on Autotrader with an Orlando zip code, and I still think $17k is high (even $16k). There were 10+ cars with less mileage at $15k or less, just sayin. Couple other things on the financing...
It's definitely possible to buy a car in a private sale using financing -- I did it in May. It's slightly less convenient than buying at a dealer, because you need to contact the lender (bank or credit union) directly, apply, give them the details about the car, etc., and it can take longer. BTW - you'd want to go with an actual auto loan, where the car serves as collateral, not a personal loan.
Also as you've said, there will be limits to how much the lender will finance on used cars. But you could finance up to that limit, then pay for the rest of the purchase in cash (assuming you have it). You can also have a cosigner if you go directly to a lender yourself. Again, these aren't things that you can only do at big dealers -- it's just easier to do it there.
True, if you do go private purchase, you would have to sell your current car first and get your loan squared away on your own, so maybe it's not feasible for you.
On the warranty -- make sure you read the fine print regarding what is actually covered (it isn't 'everything') and under what conditions. Just seems like a very high cost for powertrain only, and for only 2yr/24k miles. You're adding 12% to your purchase price just with that.
Just my 0.02. GL
It's definitely possible to buy a car in a private sale using financing -- I did it in May. It's slightly less convenient than buying at a dealer, because you need to contact the lender (bank or credit union) directly, apply, give them the details about the car, etc., and it can take longer. BTW - you'd want to go with an actual auto loan, where the car serves as collateral, not a personal loan.
Also as you've said, there will be limits to how much the lender will finance on used cars. But you could finance up to that limit, then pay for the rest of the purchase in cash (assuming you have it). You can also have a cosigner if you go directly to a lender yourself. Again, these aren't things that you can only do at big dealers -- it's just easier to do it there.
True, if you do go private purchase, you would have to sell your current car first and get your loan squared away on your own, so maybe it's not feasible for you.
On the warranty -- make sure you read the fine print regarding what is actually covered (it isn't 'everything') and under what conditions. Just seems like a very high cost for powertrain only, and for only 2yr/24k miles. You're adding 12% to your purchase price just with that.
Just my 0.02. GL
11-19-2009, 06:33 PM
#15
give your bank a call and talk with them about a car loan-if they'll loan you the money, then you'll be able to shop private sellers or a dealership and get the best deal.
If they won't loan you the money, then you know you'll have to go to a dealer but widen your search to every dealer in a day's drive--not unheard of to travel a bit to get the right S2K--for example---I live in Ohio and bought my first S2K (an 05) in Maine--flew up there and drove it home---just sold it to a guy a few weeks ago from New Jersey--he flew over and drove it home.
Don't forget it's a Honda---skip the extra warranty and spend that money on the nicest, lowest mileage S2K you can afford
If they won't loan you the money, then you know you'll have to go to a dealer but widen your search to every dealer in a day's drive--not unheard of to travel a bit to get the right S2K--for example---I live in Ohio and bought my first S2K (an 05) in Maine--flew up there and drove it home---just sold it to a guy a few weeks ago from New Jersey--he flew over and drove it home.
Don't forget it's a Honda---skip the extra warranty and spend that money on the nicest, lowest mileage S2K you can afford
11-19-2009, 08:10 PM
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thats some good info, I figured since most credit union's won't give me a loan to a dealer that they wouldn't give me one for a private seller. I'll give my credit union a call tomorrow and see what they say.
jetboater when you bought the car in Maine did you have to register it there and then re-register it in Ohio?
I'll admit I have a lot of options when it comes to travelling cause I work for an airline, but my parents don't really agree to me doing any of that as they consider it stupid, I don't think its bad at all if it can save me a couple thousand, unfortunately they are my cosigners so they do have a word in what I do. I was also thinking of finding a car out of state and having it shipped here for about 1k but my parents think thats stupid too. Basically I lose my cosigner by going far and/or out of state.
Another thing is I know its a honda but I'm just not comfortable with my knowlegde on these cars to really know what it should run like and how long it will last.
jetboater when you bought the car in Maine did you have to register it there and then re-register it in Ohio?
I'll admit I have a lot of options when it comes to travelling cause I work for an airline, but my parents don't really agree to me doing any of that as they consider it stupid, I don't think its bad at all if it can save me a couple thousand, unfortunately they are my cosigners so they do have a word in what I do. I was also thinking of finding a car out of state and having it shipped here for about 1k but my parents think thats stupid too. Basically I lose my cosigner by going far and/or out of state.
Another thing is I know its a honda but I'm just not comfortable with my knowlegde on these cars to really know what it should run like and how long it will last.
11-19-2009, 08:53 PM
#17
Maine doesn't offer temp tags so I had to get the title mailed to me and then get Ohio temp tags ($18). the guy from NJ got 30 day Ohio temp tags too. Both of us only paid the taxes once. Some states may be different though. not sure what FL requires but if you do buy out of state, you can google that state's DMV and find out.
Maybe it would help to tell your parents there's only 4-7k S2Ks made each year (compared to 12k Camrys made every day) so to get a really good deal on a great car you may need to be willing to travel a bit.
Talk with your credit union---if they're willing to loan you the money, it won't matter to them where you buy the car (private seller or dealer)--if they give you a loan, they'll tell you how much you "qualify" to borrow and then you'll know how much you have to work with as you look for the right car-----and just tell them it's your first car purchase and they'll walk you thru it---we've all been there (buying our first car) so don't worry about it and ask for help!!
As for problems---Toyotas and Hondas are about as bulletproof a car as you can get today---and the S2K is built as well (most folks would say better) as any other Honda---just try to find one with no mods and as clean as you can find--if it's been taken care of on the inside and outside, chances are it's been taken care of mechanically as well. You can mod it yourself later if you want.
Good luck in your search and welcome to the forums---this place is a wealth of info and a bunch of great folks
Maybe it would help to tell your parents there's only 4-7k S2Ks made each year (compared to 12k Camrys made every day) so to get a really good deal on a great car you may need to be willing to travel a bit.
Talk with your credit union---if they're willing to loan you the money, it won't matter to them where you buy the car (private seller or dealer)--if they give you a loan, they'll tell you how much you "qualify" to borrow and then you'll know how much you have to work with as you look for the right car-----and just tell them it's your first car purchase and they'll walk you thru it---we've all been there (buying our first car) so don't worry about it and ask for help!!
As for problems---Toyotas and Hondas are about as bulletproof a car as you can get today---and the S2K is built as well (most folks would say better) as any other Honda---just try to find one with no mods and as clean as you can find--if it's been taken care of on the inside and outside, chances are it's been taken care of mechanically as well. You can mod it yourself later if you want.
Good luck in your search and welcome to the forums---this place is a wealth of info and a bunch of great folks
11-19-2009, 09:58 PM
#18
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Man that helps a lot I thought I would have to pay a lot more to register the car.
Yeah they weren't really too happy with me traveling and pretty much told me they wouldn't cosign if I did so I'm on my own there.
I've talked to them once already and they approved me for a loan just not the amount I needed to buy this S2K, but now I'm thinking it is probably better if I can go privately, I just hope that the same amount they approved me for the dealer will stay unchanged if I go privately. I wouldn't be in such a rush if I could sell both my cars off as well as my stockpile of parts (I started a project that didn't seem worth it anymore).
Now my only dilemma is that I gave my card number to the dealer to hold the car until I got approved, I hope they don't charge me if I back out.
I've already been looking now, on this forum too. There seems to be some good deals in my price range. Thanks.
Yeah they weren't really too happy with me traveling and pretty much told me they wouldn't cosign if I did so I'm on my own there.
I've talked to them once already and they approved me for a loan just not the amount I needed to buy this S2K, but now I'm thinking it is probably better if I can go privately, I just hope that the same amount they approved me for the dealer will stay unchanged if I go privately. I wouldn't be in such a rush if I could sell both my cars off as well as my stockpile of parts (I started a project that didn't seem worth it anymore).
Now my only dilemma is that I gave my card number to the dealer to hold the car until I got approved, I hope they don't charge me if I back out.
I've already been looking now, on this forum too. There seems to be some good deals in my price range. Thanks.
11-21-2009, 01:40 PM
#19
Wow thats overpriced. a mint 02 with 21k just went for 12,900 at one of the most exspensive dealers near me. keep looking or go back and bargain some more. I wouldnt even bother with a warranty. there usually a waste of money. I would keep looking around.
