Buying or selling - cash is king
10-20-2010, 10:21 AM
#1
Rennlist Member
Thread Starter
Buying or selling - cash is king
Althought this is not directly Porsche related (I do own an 09 997), I thought I would post this story in lieu of the frequent post about buyers and sellers here.
______________________________
With winter coming up I needed to replace my dailey driver.
Old car 99 BMW 3 series with 200,000 miles (runs fine, some dents and rust). Overall a decent car, but it is what it is - an 11+ year old car with many of miles.
I priced it at a fair price and was 100% honest with full disclosure of all issues and I explained what I would do if I were to keep this car another 2 years.
Doesn't matter - it seems alot of buyers want something for nothing, are not educated about the car market, and want something for nothing.
Multiple people seeking a deals:
Q. What is the lowest you will sell it for?
A. Hey, it's like poker. I am not showing my cards. You make an offer.
Q. Are these cars expensive to maintain?
A. If you have to take it to the dealer, they will rape you financially.
Q. You know, I need a really reliable car.
A. No, I don't now - but you should buy a Hundai with the 100,000 mile warranty.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
----------------------
I bought a 2010 328i (manual transmission, X drive, coupe).
It was very hard to find - there were only @ 10 for sale on-line in the whole US. Nobody wants a manual transmission in these cars anymore - I guess it causes too much hassel whe you try to text while driving or talk on you cell phone?
I don't care:
- don't text or talk while driving
- it's a 10 year car for me (dailey driver)
- I hate automatics and paddle shifters
I located one out of State.
I offered the salesman a fair price for his and I was willing to buy it right now (cash). He says no thanks. Calls me the next day and says he will meet me half way (but, don't tell the sales mananger) and they will give me the car for that special price. I told him they won't give me anything - I am not buying at their price.
Found a different one (demo, untitled with 4K miles).
BMW 328i x drive coupe, manual
Sticker $51K
Offered $36K (and was accepted outright). Remember today's BMW drivers want automatics - hence no demand for manual transmission cars.
Manual tranny cars don't sell - this car was on the lot for 10 months.
Got 6 year, 100,000 mile warrantee with bumper to bumper and free maintence for the 1st 4 years.
Was going to pay cash, but the financing was only 0.9% - so I get to hold on the my money for a while at not cost to me (CD or money market).
The first dealer called me back and offered to now sell it now at my price. "Too late dude, already bougth a car."
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
______________________________
With winter coming up I needed to replace my dailey driver.
Old car 99 BMW 3 series with 200,000 miles (runs fine, some dents and rust). Overall a decent car, but it is what it is - an 11+ year old car with many of miles.
I priced it at a fair price and was 100% honest with full disclosure of all issues and I explained what I would do if I were to keep this car another 2 years.
Doesn't matter - it seems alot of buyers want something for nothing, are not educated about the car market, and want something for nothing.
Multiple people seeking a deals:
Q. What is the lowest you will sell it for?
A. Hey, it's like poker. I am not showing my cards. You make an offer.
Q. Are these cars expensive to maintain?
A. If you have to take it to the dealer, they will rape you financially.
Q. You know, I need a really reliable car.
A. No, I don't now - but you should buy a Hundai with the 100,000 mile warranty.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
----------------------
I bought a 2010 328i (manual transmission, X drive, coupe).
It was very hard to find - there were only @ 10 for sale on-line in the whole US. Nobody wants a manual transmission in these cars anymore - I guess it causes too much hassel whe you try to text while driving or talk on you cell phone?
I don't care:
- don't text or talk while driving
- it's a 10 year car for me (dailey driver)
- I hate automatics and paddle shifters
I located one out of State.
I offered the salesman a fair price for his and I was willing to buy it right now (cash). He says no thanks. Calls me the next day and says he will meet me half way (but, don't tell the sales mananger) and they will give me the car for that special price. I told him they won't give me anything - I am not buying at their price.
Found a different one (demo, untitled with 4K miles).
BMW 328i x drive coupe, manual
Sticker $51K
Offered $36K (and was accepted outright). Remember today's BMW drivers want automatics - hence no demand for manual transmission cars.
Manual tranny cars don't sell - this car was on the lot for 10 months.
Got 6 year, 100,000 mile warrantee with bumper to bumper and free maintence for the 1st 4 years.
Was going to pay cash, but the financing was only 0.9% - so I get to hold on the my money for a while at not cost to me (CD or money market).
The first dealer called me back and offered to now sell it now at my price. "Too late dude, already bougth a car."
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
Last edited by crw; 10-20-2010 at 10:54 AM.
10-20-2010, 10:45 AM
#2
Pro
Lessons I learned from this story:
(1) Cash is not necessarily king if the financing is right
(2) One can still communicate a message with only 60% of the words spelled right.
(3) Even a BMW driver can get a good deal on a car if they are patient.
(1) Cash is not necessarily king if the financing is right
(2) One can still communicate a message with only 60% of the words spelled right.
(3) Even a BMW driver can get a good deal on a car if they are patient.
10-20-2010, 11:02 AM
#3
Rennlist Member
Thread Starter
Lessons I learned from this story:
(1) Cash is not necessarily king if the financing is right
TRUE - I WAS VERY SURPrISED AT THE 0.9% RATE. I GUESS THEY ARE HAVING A HARD TIME MOVING CARS AGAIN.
(2) One can still communicate a message with only 60% of the words spelled right.
SORRY, I HAVE HORRIBLE DYSLEXIA. I WENT BACK AND CORRECTED THE SPELLING ERRORS. I SIMPLY DO NOT SEE THEM - IT'S A VISUAL PATHWAY PROCESSING ERROR.
IN SPITE OF THAT, I COMPENSATED AND OVERCAME IT - STILL MANAGED TO GET 2 PROFESSIONAL DEGREES (SUMMA *** LAUDE). ALWAYS DID POORLY IN SPELLING IN ENGLISH CLASSES. PLUS, I ALWAYS HAD TO READ THINGS MORE THAN ONCE TO UNDERSTAND THEM.
(3) Even a BMW driver can get a good deal on a car if they are patient.
The BMW is my bad weather car - snow/rain/ice etc.
For my other car - the Piolet Sports do not due well when the ground is slick. That being said, still mange to communte to work most of the time when the weather is good.
(1) Cash is not necessarily king if the financing is right
TRUE - I WAS VERY SURPrISED AT THE 0.9% RATE. I GUESS THEY ARE HAVING A HARD TIME MOVING CARS AGAIN.
(2) One can still communicate a message with only 60% of the words spelled right.
SORRY, I HAVE HORRIBLE DYSLEXIA. I WENT BACK AND CORRECTED THE SPELLING ERRORS. I SIMPLY DO NOT SEE THEM - IT'S A VISUAL PATHWAY PROCESSING ERROR.
IN SPITE OF THAT, I COMPENSATED AND OVERCAME IT - STILL MANAGED TO GET 2 PROFESSIONAL DEGREES (SUMMA *** LAUDE). ALWAYS DID POORLY IN SPELLING IN ENGLISH CLASSES. PLUS, I ALWAYS HAD TO READ THINGS MORE THAN ONCE TO UNDERSTAND THEM.
(3) Even a BMW driver can get a good deal on a car if they are patient.
The BMW is my bad weather car - snow/rain/ice etc.
For my other car - the Piolet Sports do not due well when the ground is slick. That being said, still mange to communte to work most of the time when the weather is good.
Last edited by crw; 10-20-2010 at 11:41 AM.
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10-20-2010, 02:19 PM
#8
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Join Date: Jun 2009
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Good deal on the bimmer.
For me and a DD, I prefer automatics. I drink too much coffee in the mornings (right hand) in a lot of traffic (no comment re: Blackberry use).
I do prefer a manual for the weekend car (although I think they are headed to the history books eventually, with the advent of PDKs, etc.).
P.S. Nothing wong with the occasional spelling mistake.
For me and a DD, I prefer automatics. I drink too much coffee in the mornings (right hand) in a lot of traffic (no comment re: Blackberry use).
I do prefer a manual for the weekend car (although I think they are headed to the history books eventually, with the advent of PDKs, etc.).
P.S. Nothing wong with the occasional spelling mistake.
10-20-2010, 03:04 PM
#9
Race Director
Cash is always king. When you can pay cash financing terms, if chosen, tend to be better than if you didn't HAVE to finance.
There are a lot of stupid people in the world.
There are a lot of stupid people in the world.
10-20-2010, 04:57 PM
#11
Great story, enjoy the Bimmer. They do make a good daily driver. I've owned a bunch of 'em, dating back to '87. But my current DD is a Benz AMG; it's 9 years old. I think I'll be going back to BMW when it's time to replace the MB.
BTW, I enjoyed your spelling even more knowing you're dyslexic.
BTW, I enjoyed your spelling even more knowing you're dyslexic.
10-21-2010, 08:46 AM
#13
Althought this is not directly Porsche related (I do own an 09 997), I thought I would post this story in lieu of the frequent post about buyers and sellers here.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
<<snip>>
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
<<snip>>
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
My experience -- I feel really good about this, it's a good car, NOT PERFECT, and it was a fair price to both of us. I will see this friend, and not ever feel poorly about this deal.
Other side -- buying the new car I'm picking up on Saturday?
https://rennlist.com/forums/997-foru...dard-rate.html
I negotiated with 6 dealers on the '10 Carrera S/4S "leftovers" to find the market, and the bottom of it. They're still making money (thanks to the $5K lease cap reduction on the short lease from PCNA), and moving a car. I may have been able to get a little lower, but not without being very aggressive, and I knew what was important to me about the cars, in terms of option lists and colors. I let that define my market, and I researched it sufficiently. I Didn't want to over-wait until the market shrunk, and miss my choices. Not that this was the most objective calculation
, but again, I feel good about it!Thanks -
Marc
10-21-2010, 10:27 AM
#14
Rennlist Member
Thread Starter
Nice car, nice color.
Couldn't tell if it has a performance exhaust?
If not consider Sharkwerk's bypass.
If you work on your own cars (like me) - takes @ 2.5 hours to install.
Nice growl at the right times.
No highway noise or drone.
http://http://www.sharkwerks.com/products.php?pid=193
Couldn't tell if it has a performance exhaust?
If not consider Sharkwerk's bypass.
If you work on your own cars (like me) - takes @ 2.5 hours to install.
Nice growl at the right times.
No highway noise or drone.
http://http://www.sharkwerks.com/products.php?pid=193
10-21-2010, 11:52 AM
#15
Althought this is not directly Porsche related (I do own an 09 997), I thought I would post this story in lieu of the frequent post about buyers and sellers here.
______________________________
With winter coming up I needed to replace my dailey driver.
Old car 99 BMW 3 series with 200,000 miles (runs fine, some dents and rust). Overall a decent car, but it is what it is - an 11+ year old car with many of miles.
I priced it at a fair price and was 100% honest with full disclosure of all issues and I explained what I would do if I were to keep this car another 2 years.
Doesn't matter - it seems alot of buyers want something for nothing, are not educated about the car market, and want something for nothing.
Multiple people seeking a deals:
Q. What is the lowest you will sell it for?
A. Hey, it's like poker. I am not showing my cards. You make an offer.
Q. Are these cars expensive to maintain?
A. If you have to take it to the dealer, they will rape you financially.
Q. You know, I need a really reliable car.
A. No, I don't now - but you should buy a Hundai with the 100,000 mile warranty.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
----------------------
I bought a 2010 328i (manual transmission, X drive, coupe).
It was very hard to find - there were only @ 10 for sale on-line in the whole US. Nobody wants a manual transmission in these cars anymore - I guess it causes too much hassel whe you try to text while driving or talk on you cell phone?
I don't care:
- don't text or talk while driving
- it's a 10 year car for me (dailey driver)
- I hate automatics and paddle shifters
I located one out of State.
I offered the salesman a fair price for his and I was willing to buy it right now (cash). He says no thanks. Calls me the next day and says he will meet me half way (but, don't tell the sales mananger) and they will give me the car for that special price. I told him they won't give me anything - I am not buying at their price.
Found a different one (demo, untitled with 4K miles).
BMW 328i x drive coupe, manual
Sticker $51K
Offered $36K (and was accepted outright). Remember today's BMW drivers want automatics - hence no demand for manual transmission cars.
Manual tranny cars don't sell - this car was on the lot for 10 months.
Got 6 year, 100,000 mile warrantee with bumper to bumper and free maintence for the 1st 4 years.
Was going to pay cash, but the financing was only 0.9% - so I get to hold on the my money for a while at not cost to me (CD or money market).
The first dealer called me back and offered to now sell it now at my price. "Too late dude, already bougth a car."
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
______________________________
With winter coming up I needed to replace my dailey driver.
Old car 99 BMW 3 series with 200,000 miles (runs fine, some dents and rust). Overall a decent car, but it is what it is - an 11+ year old car with many of miles.
I priced it at a fair price and was 100% honest with full disclosure of all issues and I explained what I would do if I were to keep this car another 2 years.
Doesn't matter - it seems alot of buyers want something for nothing, are not educated about the car market, and want something for nothing.
Multiple people seeking a deals:
Q. What is the lowest you will sell it for?
A. Hey, it's like poker. I am not showing my cards. You make an offer.
Q. Are these cars expensive to maintain?
A. If you have to take it to the dealer, they will rape you financially.
Q. You know, I need a really reliable car.
A. No, I don't now - but you should buy a Hundai with the 100,000 mile warranty.
----------------------
I was eventually able to sell it to an educated buyer (who can fix things himself) who offered to pay my asking price (which was fair). I was so happy and it was such a pleasure dealing with him - I knocked a few hundred dollars off the price on my own. He had cash in hand.
----------------------
I bought a 2010 328i (manual transmission, X drive, coupe).
It was very hard to find - there were only @ 10 for sale on-line in the whole US. Nobody wants a manual transmission in these cars anymore - I guess it causes too much hassel whe you try to text while driving or talk on you cell phone?
I don't care:
- don't text or talk while driving
- it's a 10 year car for me (dailey driver)
- I hate automatics and paddle shifters
I located one out of State.
I offered the salesman a fair price for his and I was willing to buy it right now (cash). He says no thanks. Calls me the next day and says he will meet me half way (but, don't tell the sales mananger) and they will give me the car for that special price. I told him they won't give me anything - I am not buying at their price.
Found a different one (demo, untitled with 4K miles).
BMW 328i x drive coupe, manual
Sticker $51K
Offered $36K (and was accepted outright). Remember today's BMW drivers want automatics - hence no demand for manual transmission cars.
Manual tranny cars don't sell - this car was on the lot for 10 months.
Got 6 year, 100,000 mile warrantee with bumper to bumper and free maintence for the 1st 4 years.
Was going to pay cash, but the financing was only 0.9% - so I get to hold on the my money for a while at not cost to me (CD or money market).
The first dealer called me back and offered to now sell it now at my price. "Too late dude, already bougth a car."
Lessons learned:
1. Know the market - when you are buying or selling.
2. Be realistic - if you you really want to sell it - then price it right. It's worth what the market will bear, not what you paid.
3. Dealers need to make money (overhead + the aggrevation of dealing with all of thenuts out there), but you have to be edcuated about your postion when trying to cut a deal with them.
I'm beyond Simple Common Sense 101 and have been for many many years.
Not quite sure what the purpose of your posting is?????
You many notice that I've made a mistake by posting the 101 reference backwards but I'm also afflicted with a learning disability..DAILY