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Sunday the price on one of the trucks I'm watching dropped another $1000. This is the one in Oregon-where there is no sales tax, so the price ($15,900) would be exactly what I paid.
Used cars are a different breed of cat: each one is rather unique. Unlike new, where you can find the same package at several dealerships, most often you will not find an exact duplicate for sale in the used market. In my case, I am looking for a very specialized item-a 4 wheel drive, manual transmission pre-emissions diesel with an extended cab (still a 4 door but the rear is rather compressed) short bed. On top of this there is a specific engine I am looking for, a 7.3 Powerstroke which is not only emissions free, but largely mechanical and very solidly built with few failure points.
The one in Oregon is clean. Since I started watching it the price has gone from $19,900 to $18,900 to $16,300 and as mentioned is now $15,900.
Before this last round of price drops I tried to buy it. Since my credit card balances are high right now and this is a 25 year old vehicle, the deal I proposed wat that if the dealership could arrange financing, I'd buy it and have it shipped. This was on Dec 30.
The dealer was very nice, but flat out told me that his finance people only wrote local loans. I'd have to arrange my own financing.
I might be able to do that but insurance would be an issue. They only write policies for actual cash value, often go to Blue Book, and the blue book on a 2000 Ford is around a third of what I'd be paying for it. The loan would be a similar problem if I went straight auto, the security on the loan would be in the negative. So I told him he'd have to arrange something. He couldn't, the deal died.
Once the new price came out, my interest was re-ignited and I sent him what I called. an LSD Deal. so named because you'd have to be on LSD to suggest such a thing, but I've got a history with these. The deal was I'd give him a deposit, make 3 or 4 payments for the next month and a half and then at the middle of May (after the Tulip Festival) fly out with the balance and pay off the truck and drive it home.
Somehow he thought I was proposing driving off with the truck after my down payment and he did not go for that. I explained he'd keep possession until it was paid for and he said he'd consider it. I never heard back, so I'm guessing it's still a no.
But I bought my first house this way. I didn't have money for a down payment and I made three installment payments until the down payment was complete and then I assumed the existing mortgage (this was back in the day when assumable mortgages were plentiful) I couldn't qualify for a mortgage on my own back then, but I could assume somebody else's existing instrument.
I once bought a new car and my trade in was a weed-eater.
I bought the donut trailer several years ago the same way. Kept making payments until it was paid for and then picked it up.
Did that with the 2006 Dodge.
It's win-win, classic "You name the price, I'll name the terms". The downside for the seller is that it sits for a couple of months and the money does not come in as a lump sum. But he gets his price-which is the exchange for me not showing up and beating him down. (I've done that too, driving hundreds of miles-and then haggling. The seller wrongfully assumes I would not drive back empty handed, and I remember one time I came back from south Florida without a purchase). In that case I was not being hard headed, the trailer was advertised as a 16 foot unit, when I got down there it was a 12 foot trailer. The seller had included the trailer hitch in his measurements and I had to educate him about how it's actually done. He actually said "You're not going to drive back empty handed" after he refused to budge on price, and yes indeed, I drove back empty handed.
So I am no stranger to creative financing. I've done a lot of deals that were "unconventional" to say the least.
But this one turned out to be a bust too the dealer said he'd hate to tie up the truck until May 14 (the proposed date I'd fly there and drive back) in case somebody showed up and wanted to pay cash for the truck.
Well, I can't force anything on anybody. My saying is "Never try, never fly". So maybe another truck will come along. As I get closer to my season my position does nothing but improve.
Once I get the Dodge back from the body guy (who now has the headlights and hopefully he wraps things up this week) I can try to sell that and we'll see what that does to my bargaining position.
I am always wheeling and dealing....
Used cars are a different breed of cat: each one is rather unique. Unlike new, where you can find the same package at several dealerships, most often you will not find an exact duplicate for sale in the used market. In my case, I am looking for a very specialized item-a 4 wheel drive, manual transmission pre-emissions diesel with an extended cab (still a 4 door but the rear is rather compressed) short bed. On top of this there is a specific engine I am looking for, a 7.3 Powerstroke which is not only emissions free, but largely mechanical and very solidly built with few failure points.
The one in Oregon is clean. Since I started watching it the price has gone from $19,900 to $18,900 to $16,300 and as mentioned is now $15,900.
Before this last round of price drops I tried to buy it. Since my credit card balances are high right now and this is a 25 year old vehicle, the deal I proposed wat that if the dealership could arrange financing, I'd buy it and have it shipped. This was on Dec 30.
The dealer was very nice, but flat out told me that his finance people only wrote local loans. I'd have to arrange my own financing.
I might be able to do that but insurance would be an issue. They only write policies for actual cash value, often go to Blue Book, and the blue book on a 2000 Ford is around a third of what I'd be paying for it. The loan would be a similar problem if I went straight auto, the security on the loan would be in the negative. So I told him he'd have to arrange something. He couldn't, the deal died.
Once the new price came out, my interest was re-ignited and I sent him what I called. an LSD Deal. so named because you'd have to be on LSD to suggest such a thing, but I've got a history with these. The deal was I'd give him a deposit, make 3 or 4 payments for the next month and a half and then at the middle of May (after the Tulip Festival) fly out with the balance and pay off the truck and drive it home.
Somehow he thought I was proposing driving off with the truck after my down payment and he did not go for that. I explained he'd keep possession until it was paid for and he said he'd consider it. I never heard back, so I'm guessing it's still a no.
But I bought my first house this way. I didn't have money for a down payment and I made three installment payments until the down payment was complete and then I assumed the existing mortgage (this was back in the day when assumable mortgages were plentiful) I couldn't qualify for a mortgage on my own back then, but I could assume somebody else's existing instrument.
I once bought a new car and my trade in was a weed-eater.
I bought the donut trailer several years ago the same way. Kept making payments until it was paid for and then picked it up.
Did that with the 2006 Dodge.
It's win-win, classic "You name the price, I'll name the terms". The downside for the seller is that it sits for a couple of months and the money does not come in as a lump sum. But he gets his price-which is the exchange for me not showing up and beating him down. (I've done that too, driving hundreds of miles-and then haggling. The seller wrongfully assumes I would not drive back empty handed, and I remember one time I came back from south Florida without a purchase). In that case I was not being hard headed, the trailer was advertised as a 16 foot unit, when I got down there it was a 12 foot trailer. The seller had included the trailer hitch in his measurements and I had to educate him about how it's actually done. He actually said "You're not going to drive back empty handed" after he refused to budge on price, and yes indeed, I drove back empty handed.
So I am no stranger to creative financing. I've done a lot of deals that were "unconventional" to say the least.
But this one turned out to be a bust too the dealer said he'd hate to tie up the truck until May 14 (the proposed date I'd fly there and drive back) in case somebody showed up and wanted to pay cash for the truck.
Well, I can't force anything on anybody. My saying is "Never try, never fly". So maybe another truck will come along. As I get closer to my season my position does nothing but improve.
Once I get the Dodge back from the body guy (who now has the headlights and hopefully he wraps things up this week) I can try to sell that and we'll see what that does to my bargaining position.
I am always wheeling and dealing....
