I was just thinking about my 03 Lightning purchase and after looking at some ads in the auto trader, I'm not sure I got as good of a deal I thought I got. Here's a few facts. Please tell me what you think.

Traded: 2002 Mustang GT with Steeda mods, sounds system, prochamber, flowmaster exhaust...
Milage: 54,000
Mustang Payment per month was: $520
Trade amount: $13,000

Purchase: 2003 Lightning - Black clearcoat
Milage: 517
Asking Price: 29,900
Purchase Price: $28,000

Negative Equity on Mustang: 2800
Down payment: $6,000
Down payment applied to Lightning: $3200

Terms: 72 months @ 7.9%
Payment with GAP Insurance, tire and wheel security for 5 years: $512.00

Insurance went down from $200 per month on the Stang to $170 per month on the Lightning.


Did I get screwed, did I get a good deal, or did I get a great deal?

Some of these lightnings have much higher milage on them than mine and are selling for over what I paid.

Links:2004 Lightning with 4,149 miles


2003 L with 9,144 miles 2003 L with 7485 miles

Thanks in advance,
Jake

 

Percentage seems a bit high to me.... but that
is dependent on your credit rating I think. The
biggest point is, you now have your DREAM truck ....

 

28K for a new lightning is a great deal.

Probably could've talked them into giving you more for your trade. Mods dont mean a thing to a dealer on a trade in. Should have taken them off and sold them individually.

APR does seem a little high, but overall, i would say you got a good deal.

 

What he said. eposey

 

Are you happy is my question??

It could be 7,632.00/mo for 60 months but as long as you like it, you can make the payment, WHO CARES what someone else paid for theirs?? You happy?? We Happy.

Congrats on the L!!! Just do this...

"Dont Worry, Be Happy"

And to all of you that have that song in your head now for days......Your WELCOME!!!! hee heee

 

Go to www.cars.com
click on Payment Calculators (right side)

price 28000
down 3200
intrest rate 7.9
term 72
payment 433.61

But I don't know your sales tax, to get your payment to 512 it had to be 16%.

What did they charge for "GAP Insurance, tire and wheel security for 5 years"? My Gap was only $5 a month.

When we got my wifes car, the dealer had $15-20 a month extra in the payment.

 

Couldn't agree more.

Start enjoying your new addiction, oops, I mean ride!

 

Using the same calculator as olefafl discussed, I find it awfully interesting that it takes exactly $32,500 for a total price to get $512/month with 7.9% interest and $3200 down.

Therefore, if they told you the purchase price was $28,000, you paid $4,500 for taxes, license, paperwork, GAP Insurance, 5 years worth of tire and wheel security, and additional HIDDEN profit. Let's say you had to pay 10% tax (or $2,800), that still leaves $1700.

You might want to look at your paperwork again and read the fine print.

Good Luck..... Joel

 

Someone somewhere paid less. Maybe even alot less. Whatever the deal is, you cant get out of it. Best bet is not to do any pricing research at all once the papers are signed. All it accomplishes is to drive you crazy.

 

It's threads like this that really worry me. Here are a few facts. Each SVT dealer pays Ford a franchise fee to be able to sell the SVT vehicles (with the exception of the Focus). In addition to the monitary fee, they have to have trained personell. You need certified sales consultants (I am one), Service consultants, and Tech's. The dealership has to pay for this trainning, and the number of people in each position that have to certify is based on dealer size. So it costs a bunch of money to carry the SVT line. This is in part why most dealers have the additional dealer mark-up on SVT's higher than their other cars and trucks. Now you only get so many of each vehicle. Example, my dealership got 6 L's, 9 Cobra's, and 2 Foci. Now if we can't make enogh profit on the 17 SVT's we get to pay all the expenses, we'll quit selling them. If I had to sell all my SVT's like the dealer that sold the '03 L for $28,000, our owner would quit selling them.

I'm no different than the next guy, and I want a good deal. But, I also believe that it's OK to pay a fair profit. I've seen far too many posts where guys are finding L's below invoice, and questioning if they're getting a good deal. I right now have 1 L, 4 Cobra's and the 2 Foci sitting on the lot. My owner is considering dropping the SVT line-up because everybody wants one at invoice. He just can't justify spending the money to carry the product if were not showing a profit for it.

One thing I'll bet. You wont find low prices or discounts on the next generation SVT's. The fact that everybody seems to be waiting on them has dealerships anticipationg the added markup they'll make for those that have to have them. Just like the Dodge dealers are doing to the SRT-10 guys.

I say get-um while you can at a discount.

SORRY, rant over.

 

But you are forgetting the hidden benfit of having those SVTs on your lot. I know for a fact that a lot of Ford lovers that I know go to those SVT dealerships so they can see some of those SVT products. They know they can't afford them but they love to see them. They end up buying a GT instead of a Cobra. Maybe they wouldn't have bought it from that dealer if they hadn't went out of their way to go there to see the SVTs. I think the owner of your dealership is way out of touch with his customers.

BTW.... I bought my 2003 L with 700 miles (New) for just over $27,000 and change out the door. This was back in early April this year. I paid 500 over sticker for my 2001 L. I subsidized that dealer quite enough already. Both trucks came from the same dealer.

 

Try going to a none SVT dealer and by parts for your L.

At least if they carry the line they have things like stock air cleaner etc. While your there you always look around to see whats new.

It might not appear like a profit to the accountant but it does draw customers to the lot.

As far as what you pay for one. Like someone already said someone somewhere is getting a better deal. Better to just find the one you love and buy it. Stop comparing and shopping. Just drive it.

I am wondering what the rising cost of quality high octane gas will do. I worry that when the hybrids start coming out in force they may drop premium entirely or make it difficult to get.

 

Hey MART I agree with you 100% you need to make a profit in order to stay in biz.

But I think folks were just wondering if something got squeezed in. Whats your opinion on that??

Again I still say he shouldnt question it and just BE HAPPY!!!

 

I do agree a dealer should be able to make a “fair” profit but there are many dealers who are making more then a “fair” profit by shafting customers with lots of hidden mark-ups and additional cost.

The biggest gimmick I have seen is the “interest rate” game they play. Unless you have golden ***** credit and get the 0% - 2% chances are you are paying more interest then what Ford Motor Credit would have charged you or a Credit Union would have charged you.

The only thing the dealer tells you is you qualified for a particular “tier” each tier has a min. and max. I have no idea but for an example you may not have great credit and qualify as a tier 3. In that tier the interest rate may be 6% - 10% and the dealer can charge what ever they wish within that tier. You will NEVER know what Ford qualified you at either. Neither the dealer nor Ford customer service will tell you what interest rate Ford has qualified you for. In other words if Ford would accept your loan for 3.9% but the dealer tells you 7.2% you will NEVER know that you actually had good enough credit that Ford would back the loan at 3.9% PURE BS!

DO NOT ever go into a dealer’s lot without knowing your credit score. If you go in not knowing then your red meat for the dealer and they will charge you what ever they think they can get away with when it comes to interest that is absolute BS in my book, but that’s how a dealer can make a deal look sweet and look like they took a little lose but make it up with the interest because they get a cut of that profit from the interest.

I bought my 03 for $27.8k and of course the dealer thought they would make up for that with an interest rate of 6.9% for 5 year loan. My credit score was 730 which should have put me at a tier 1 or 2 which at the time was NO where near 6.9%

Didn’t happen, made one payment and refinanced it for 5 years at 3.9%.

You mentioned you bought yours at 7.2% for 72. Check your credit score if you don’t know what it is and hunt around and try to refinance it, try Credit Union since they usually have the best rates. That could save you a bundle of cash and the dealer doesn’t get to make out on that hidden profit.

If the dealer wants to make a fair profit then fine, put it on the window sticker for everyone to see. I hate this BS of being sneaky and hiding all the damn cost so you can NOT determine which dealer is more competitive then the next.

NEVER go to the dealer with a pre-qualified loan or at least NEVER tell the dealer you are pre-qualified until the deal is complete. If you do the price goes up, or you will not get the best price possible because you have taken the profit they can make from a higher interest.

It is all a game and one of the biggest reason customers go into the dealers demanding to buy at invoice because most people know that even when the dealer sells at invoice they still make a “fair” profit from all the hidden and/or extra cost.

 

7 percent is very high

i got my lightning for 3.5% with eloan

saved me a good grand or 2 going with the 3.5 than the dealers 6% that they want