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6 Things to Remember When Negotiating a Car Purchase
Notice that this entire time we’ve been talking in terms of the price of the car only. What if you’re planning on financing? What about the value of your trade-in? There’s a good reason for that. If you bring up either of those too early – ie. before you’ve settled on a sale price – they will just get rolled into that price by the seller.
For example, say you’re looking at a car listed at $22,500 at a local dealership. Right off the bat, you ask for an appraisal of your trade-in. “Good news,” he tells you, “we can give you 4 grand for your old car!” You know the car’s a junker and would only get about $2000 in a private sale, so you think, “Great! This guy’s so eager to sell me this car, he’s giving me an awesome deal on my trade-in.” You then apply all the strategies you learned above, and manage to get the price down to $20,000 – so with your trade you pay $16,000.
Sounds alright. But what really happened? The dealer knows your junker isn’t worth much to him, but he wants to give you a good deal to get you interested. Fortunately (for him), he can just mentally raise the price of the car you’re buying! Without the trade he might have been willing to go down to $16,500 (with no trade), but now the money he’s losing on your trade has to be factored in.
If you wait until after a price is settled to talk about the trade, you have a better chance of finding their true best price for the car they’re selling, and then you can find out what the trade is really worth to them. If it’s too low for you, you can always sell privately. (Do remember that there is usually some savings of sales tax when you trade in though, so factor this into your decision.)
If asked about your trade before you’re ready, you can always just say you’re thinking you’ll probably sell privately. If they offer an appraisal “just in case”, politely let them know you’re not really interested until you’re sure what car you’re buying.
Financing is similar. Most dealerships make some money when you take their financing, so if they think you might finance, they may be willing to give you a better price. However, if they know for sure that you’ll finance, they will want to discuss in terms of monthly payments, and it will be more difficult to feel out the lowest price they will accept for the car.
That’s why it’s better to wait until the price for the car is settled before discussing financing. Just say you haven’t decided yet to avoid making a mistake that will cost you on dealership financing. And if you are considering financing, don’t just settle for whatever the dealership offers. We recommend also getting quotes from banks and other vehicle financing companies such as AutoCreditExpress, up2drive, CarsDirect and MyAutoLoan.com.
When you’re ready to talk financing with a dealership, it’s best to come pre-armed with competing quotes. First ask the dealer’s rate, then if one of yours is better, you can see if they will beat it.
Global Reflation Trade In Trouble: Chinese Economic Data Plunges To 6-Month Lows As New Orders Dry Up
New Orders for Manufacturing and Services sectors of the economy tumbled to their lowest levels in at least 6 months, weighing down both PMIs to their lowest levels since October 2016. After Q1's record surge in new credit creation, it appears the rapid tightening in China's financial conditions is already having an impact on the real economy (as well as the bond and stock market).
As a reminder, for the first quarter, TSF reached a new record high 6.93 trillion yuan - equivalent to the size of Mexico's economy - and well above last year's first quarter total. At today's Yuan exchange rate, China's credit creation in Q1 amounted to just over 1 trillion US dollars.
And since then PMIs have plunged from multi-year high to six-month lows. and it's broad-based.
The manufacturing data shows and sudden sharp drop in New Orders, output prices (commodity crash), and
But Services data is even worse - the 4th month of contraction in employment and a drop in doemstic and export new orders.
The global engine of reflation just hit a wall.
Never mind all of those boring charts. Just keep watching the avatar.
Hedgers, vote for a winner here, please.
Battle of the avatars!
Normally, I'd much rather look at sandy butts than floppy dicks, but his avatar is too amusing.
I see your buns and raise you tits.
You are a crude but effective man, sir.
You wouldn't be the first one to say that.
Those avatars should be illegal. Tsk Tsk I wag my finger at you. Yea, that's it, my "finger."
Is this on a global scale?
Would those be New WORLD Orders?
Not to worry, next quarter it will rebound, there is a shitload of Chinese crap that is destined to grenade and will have to be replaced.
Looks like their biggest Customer is not buying, that is North Korea. Wonder what upset them?
Christmas manufacturing slump.
Bangladesh numbers would be more interesting, given the amount of retail clothiers going tits up.
More credible, too.
amazing video for black history month
Change accounting practices to reflect needed goals, simple.
Fire up the printers! We are going plaid ludicrous speed!
I was reading that Russia cut it's interest rates twice now. I'm not buying any argument of reflating anything. Adding debt to a debt deflation crisis solves little.
they've been "balancing" the pressure levels in this bubble for a while. People have been saying it's going pop and all doom will break loose for years now.
In respect to a 401K where you have a 10 year horizon I'm going with:
When you consider the following 10 year CD Cussip DSH4O7384 DISCOVER BANK 2.750000 05/03/2027 05/03/2017 call protected FDIC insured. And then look at the T-Bill rates, your getting the 20 T-Bill at 10 year CD.
According to the latest 2014 release of Dalbar's Quantitative Analysis of Investor Behavior (QAIB), the average investor in a blend of equities and fixed-income mutual funds has garnered only a 2.6% net annualized rate of return for the 10-year time period ending Dec. 31, 2013.
A 2015 study of 3,500 401(k) plans by a Yale law professor found that a "substantial portion" of plans had badly designed investment options that offered employees high-fee funds. The study found that "the problem of excess fees is sufficiently severe that, in 16% of plans, young participants would do better to forgo the tax benefits of 401(k) savings" and instead invest on their own in an low-cost, outside retirement account.
In other words: For some people, 401(k) fees are so egregious that they outweigh any benefit of using a retirement account instead of a standard investing account.
Yet many people have no idea their retirement savings are being pillaged. A 2013 study by research firm LIMRA found that half of 401(k) plan participants didn't know how much they paid in fees, while 22% mistakenly believed they paid no fees at all.
Let us see who is correct over the next ten years?
I think that debt deflation, robotics, AI, global wage stress, and mal-investment, NPL's all lead to lower rates, QE, and Zirp. Until I see stronger job data and raising wages I think that the fed will load another round in the bazooka and snatch it back by years end. The next rate hike should make anything ARM, consumer debt, car debt, anything floating to the rate like student loans negate the minimal GDP by %, a 1/4 basis in rate hike = 1/4 % drop in GDP with getting the traction back that much more difficult within the real economy.
This reflation trade was another sort of bank bailout and rotating the debt deflation upon the US consumer, the tax cuts again: that tactic. As all of the disruptive technologies created wealth none of it trickled down, of all the wealth of the 1% again none trickled down. So you should if possible lock in the no-fee, garunteed return, and conclude that the bank bailout offered small investors the same benefit but it was best represented in the 10-year CD.
Not hearing much about BRICS, they much more corrupt than the 1% who promise a better tomorrow and forgot to offer a wage increase, compensated education for new skills, and have instead cut 401K match and raised healthcare costs.
There is damn little left to steal, so I'll again share some sound advice here and say if you can self-direct then the cussip I gave is a good play. You'll damn sure not see a financial advisor suggest it as they can't churn a fee from the deal.
PS I actually did work for the IMF in financial publications, for real. I don't work there now, however I'll tell you that more debt or tax cuts won't cure debt deflation in a global economy and though the elites give lip service to cooperation again they are greedy fucking pigs so mirror their trades, the best part about greedy people is they are predictable and you can understand them trasnparently. This market may in fact go higher, but it sure as fuck won't for ten years.