Get a new, new Toyota cheeeeeep ;)

[Milkman666]

There is a Toyota dealership here in Ottawa running radio ads that go something like this:

"If you have about 1 year left in your financing agreement for the Toyota you're currently driving, bring it in and you can get a brand new Toyota, with full warranty, for even less per month than you are currently paying!" They even urge you to hurry in; as you can imagine, business is booming, so get down here while we still have some of these ultra-rare Toyota automobiles on the lot!

What a deal! You've almost got yourself out of the hole you dug when you bought your last brand new car, so let us help you stay comfortably in that hole for another 7 years or so.

I just had to post this to make myself feel better. Thanks for listening. :)

[Kamikaze Emu]

I heard that on the weekend as well and remarked to my buddy about how they need to do everything they can to keep people on the treadmill.  Almost had something paid off, get right back to square one again to keep that gravy train flowing.   

[mindaugas]

but it's less per month and a shiny new car! Sadly, it is probably less per month because they have 10 year auto loans now. I bet the interest rate is even higher.

[secondcor521]

I noticed a new standard in a car commercial this past weekend.

A long time ago, they listed the actual car price in dollars.

Then they switched to that or a lease payment, which soon turned into just the lease payment.

This past weekend, there was a car advertised at "0% for 48 months".  No payment info at all.  I was amazed.

2Cor521

[mindaugas]

If you wanna learn about car dealer tactics these are good reads.

http://www.reddit.com/r/personalfinance/comments/12p08h/i_own_a_car_dealership_ama_about_finance_car/

http://www.edmunds.com/car-buying/confessions-of-a-car-salesman.phtml

From what I have read selling by payment isn't new, at least no within the last 12-15 years.

[Jack]

This past weekend, there was a car advertised at "0% for 48 months".  No payment info at all.  I was amazed.

Actually, I kind of like it... holding the financing terms fixed and negotiating the price makes it a lot harder (in my opinion) for the customer to be screwed over than if it were the other way around.

[strider3700]

there is a place that advertises on a vancouver radio station where something along the lines of "Even if your credit is so bad your momma won't loan you money  we will".   They insist anyone can qualify for a used car from them.

[Paul der Krake]

I noticed a new standard in a car commercial this past weekend.

A long time ago, they listed the actual car price in dollars.

Then they switched to that or a lease payment, which soon turned into just the lease payment.

This past weekend, there was a car advertised at "0% for 48 months".  No payment info at all.  I was amazed.

2Cor521

Yeah, even branded commercials are like this now. For the truly horrific stuff, tune in to a local station during college sports. Loaded with silly jingles, tacky blondes and flying buzzwords such as "bad credit okay" or "drive today", flying accross the screen with transition effects that look like they were made by a 15 year old... in 1991. It's so bad it's good.

[Matt K]

Unfortunately, it isn't limited to the radio.

One of my guilty shames is that I am still driving my new un-mustachian car. It is 2.5 years old and working flawlessly.

So, naturally, my dealership sent me mail saying that because my car is now two years old, it is the perfect time to trade it in for last years demo car - and keep my monthly payments the same or almost the same (plus new term).

So, I'm going to trade my 2 year old car which I've babied in for a 1 year old town-bicycle and pay almost the same monthly payments? Tell me, what's the appeal again?

[DoubleDown]

Here in the DC area we have a really cheesy commercial that plays from an auto dealer named Eastern Motors, whose motto/song is, "At Eastern Motors your job's your credit." The commercial always features NFL players sitting in a fancy new BMW or similar luxury car singing the horrible song. And maybe it's just me, but based on the programs on which the ad runs, it seems to specifically target people at the lower income/bad credit end of the scale.

Don't watch this unless you want this earworm boring a hole in your head all day

http://www.youtube.com/watch?v=g6CslpftOe4

[MrSaturday]

This past weekend, there was a car advertised at "0% for 48 months".  No payment info at all.  I was amazed.

Actually, I kind of like it... holding the financing terms fixed and negotiating the price makes it a lot harder (in my opinion) for the customer to be screwed over than if it were the other way around.

I disagree.  I let them think they'll be able to screw me on financing so I can get a better price.  Then I screw them on financing.

[Jack]

This past weekend, there was a car advertised at "0% for 48 months".  No payment info at all.  I was amazed.

Actually, I kind of like it... holding the financing terms fixed and negotiating the price makes it a lot harder (in my opinion) for the customer to be screwed over than if it were the other way around.

I disagree.  I let them think they'll be able to screw me on financing so I can get a better price.  Then I screw them on financing.

I meant better for normal people, not us.

[Jamesqf]

I let them think they'll be able to screw me on financing so I can get a better price.  Then I screw them on financing.

Sorry, but if you financed a car, you got screwed :-)

[mindaugas]

I let them think they'll be able to screw me on financing so I can get a better price.  Then I screw them on financing.

Sorry, but if you financed a car, you got screwed :-)

If you bought a car from a dealer you got screwed.
http://www.edmunds.com/car-buying/confessions-of-a-car-salesman.phtml
You're trying to play a game they play every single day and you play once every 4+ years. You're going to lose.

[grantmeaname]

This edmunds article is brilliant.

God I love long-form journalism.

[Jamesqf]

If you bought a car from a dealer you got screwed.
http://www.edmunds.com/car-buying/confessions-of-a-car-salesman.phtml
You're trying to play a game they play every single day and you play once every 4+ years. You're going to lose.

I don't think that's quite the case all the time.  Granted, most people do get screwed (mainly because of the financing), but I have bought (used) cars from dealers a few times, and don't believe I was screwed.  Sure, I may well have paid somewhat more for the cars than I would have buying from a private party, but on the other hand I didn't have to spend hours searching through classified ads (this was pre-Craigslist) for what I wanted, calling people, driving around checking out possibilities.  The trick is to decide beforehand what you're willing to pay for the car, stick to that price, and be willing to walk out the door if the dealer won't meet it.

[mindaugas]

There are deals to be had but again, it's like playing baseball in high school then 5 years later walking onto a pro MLB team and thinking if you just swing enough you'll hit a home run. You are right about the convenience, I purchased a car with cash once for that reason.

[MMMdude]

I have a friend whose spouse recently got stuck in her sentra due to a large snowstorm we just had.  I suggested winter tires or even a high end All Weather tire (as opposed to All Seasons).  One week later they went and leased a new kia SUV because of the 1% 'lease rate' and are trying to sell the other car.  So instead of $600 tires, they go and sign up for a $300+ monthly lease payment for god knows how long.  Also, the tires the suv comes with are garbage and since this is not the 4x4 model she could end up getting stuck anyways.  They are always complaining about being broke.  Meanwhile my 13 year old car chugs along just great.