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    Thread: Corona-virus - great time for car shopping

    1. Member GLI Dan's Avatar
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      03-17-2020 11:34 AM #51
      Quote Originally Posted by puma1552 View Post
      Careful on the refi, mortgage rates are volatile...my credit union's rates have changed almost every day for the last couple weeks and have swung anywhere between 3.25 and 4.00 on a 30 year conventional. Rates actually went up today to 4.00 after the rate cut announcement.
      Interesting, my goals are to get around 3%, recapture period of 3 years, and if possible get rid of my PMI. I'm 29, bought using the first time buyer financing available and only put around 10% down, 4.5% 30yr fixed, this was about a 1.5 years ago. So I've got room to improve, I know the removal of the PMI is unlikely as I'm still a couple of percentage points shy on the LTV for most lenders to drop PMI. The next hurdle is the recapture period, most look to be in the 5-7 year range and I don't intend on being in this property that long unless I'm in a position to use it as a rental property and don't need the capital for the next purchase. The reduction in rate, and reduction in monthly payments that comes with it is where I stand to gain as it will also free up some monthly liquidity. Certainly not in a rush, but looking to take advantage of what is available.
      Quote Originally Posted by DzlDub View Post
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    3. Member compy222's Avatar
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      03-17-2020 11:47 AM #52
      Quote Originally Posted by oidoglr View Post
      Drunk driver totalled my wife's A3 last Thursday, so we're shopping for a replacement - probably will be a week or so before we get a check from insurance, so we have a loaner car and both of us are working from home right now. Salespeople seem very eager to make a sale right now, but listed pricing hasn't really changed over the past week or two. I'm curious to see if new inventory of used cars slows down since fewer people are trading in now. I check listings daily, and for the few cars we have in our search, not a lot of inventory movement seems to have occurred.
      hope your wife is alright, drunks are no joke.

      i'd agree i haven't seen prices move downwards yet, but give it a month or two and spring sales don't pick-up, it's going to a big shift.
      Quote Originally Posted by capsaicin View Post
      AP1 S2000? I can not in good conscience talk you out of that. May your slip angle be great and your bed not be the couch!

    4. Member Pnuu's Avatar
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      03-17-2020 12:05 PM #53
      It's an interesting time, but as usual dealerships don't tend to react until they're in the thick of it so there's not a lot of movement yet.

      I'm casually shopping for a used fullsize truck in the sub-$20k range, which is admittedly not much for trucks when MSRPs easily hit 60k new (and then some for upscale trucks). I'm waiting until a couple other factors are finalized before making a decision, which may be another week or two, so the timing may or may not work out in my favor. We'll see.

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      03-17-2020 02:21 PM #54
      Quote Originally Posted by compy222 View Post
      hope your wife is alright, drunks are no joke.

      i'd agree i haven't seen prices move downwards yet, but give it a month or two and spring sales don't pick-up, it's going to a big shift.
      Appreciate the concern. Dude was way ****ty drunk - blew a .18 in the field. He decided at last moment to go ahead and take the left just as she was entering the intersection with straight forward travel right of way and her front end collided with his passenger front fender.

      She got checked out at her doctor yesterday. No fractures or ligament damage, just all muscle tension. Crumple zone, seatbelts and airbag did their job.

    6. Member Maximum_Download's Avatar
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      03-17-2020 02:22 PM #55
      Quote Originally Posted by HI SPEED View Post
      I think everyone should wait a few weeks to do there car shopping. The scope of the damage to the economy hasn't sunk in yet.
      I think this is particularly sage advice.

      Amazon just announced they are shutting down shipments until the first week in April.

      We're heading for a recession. The only question I have is how bad it's going to be.
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    7. Member adrew's Avatar
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      03-17-2020 02:28 PM #56
      GM is about to do 0% for 7 years plus deferred payments for three months.

      I have started a replacement car fund but am not doing anything until I see how this plays out. I don't want to buy something and then get furloughed (even though I would probably be reassigned from my current role instead of being mothballed).

      Quote Originally Posted by GM Authority
      Quote Originally Posted by GM Authority
      General Motors is offering a number of discounts and deals to help drive vehicle sales amid the global coronavirus pandemic.
      Starting this week, GM will be offering 0 percent interest for up to seven years for qualified customers and 84-month loan periods on certain vehicles. Certain customers will also be able to defer payments for up to 120 days if they are in the top credit tier.


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    8. Member Pnuu's Avatar
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      03-17-2020 02:44 PM #57
      Quote Originally Posted by Maximum_Download View Post
      I think this is particularly sage advice.

      Amazon just announced they are shutting down shipments until the first week in April.

      We're heading for a recession. The only question I have is how bad it's going to be.
      Amazon is halting their corporate fulfillment of items that aren't a priority right now, and focusing on "Baby Products, Health & Household, Beauty & Personal Care (including personal care appliances), Grocery, Industrial & Scientific and Pet Supplies." This is a two-week situation.

      That seems like a good move so their corporate system isn't bogged down with people ordering toys or clothing. Independent sellers can still fulfill (pack and ship) whatever they want to.

      Sounds like a good idea to me.

    9. Senior Member chucchinchilla's Avatar
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      03-17-2020 02:56 PM #58
      GM announced yesterday they're doing 0% financing for 7 years. So for fun let's see how cheap this would be..

      2020 Spark @ local dealer
      MSRP: $15,265
      Sale price: $12,999
      Notable features: AC, auto trans, Bluetooth, a screen w/CarPlay, roll up windows!
      With $0/down, 0% financing for 84 months, that's only $123.80/mo. Note TTL would be $1,456 so consider that the "down payment." Yes it's a Spark, but for people needing brand new cheap, honest transportation

      Quote Originally Posted by [email protected] View Post
      This forum is more and more of an embarrassment every day...

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      03-17-2020 04:15 PM #59
      Quote Originally Posted by chucchinchilla View Post
      GM announced yesterday they're doing 0% financing for 7 years. So for fun let's see how cheap this would be..

      2020 Spark @ local dealer
      MSRP: $15,265
      Sale price: $12,999
      Notable features: AC, auto trans, Bluetooth, a screen w/CarPlay, roll up windows!
      With $0/down, 0% financing for 84 months, that's only $123.80/mo. Note TTL would be $1,456 so consider that the "down payment." Yes it's a Spark, but for people needing brand new cheap, honest transportation

      Financing that in full for 84 months likely means it'll be upside down for the entire duration of the loan term.

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      03-17-2020 04:24 PM #60
      Quote Originally Posted by oidoglr View Post
      Financing that in full for 84 months likely means it'll be upside down for the entire duration of the loan term.
      It also means you'll probably still be paying for it even though it's sitting in a scrap yard.
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    12. Senior Member Wimbledon's Avatar
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      03-17-2020 04:34 PM #61
      I'd like to add a Suzuki Cappuccino, but I'm in no rush so I'm waiting for now.
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    13. Senior Member chucchinchilla's Avatar
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      03-17-2020 04:40 PM #62
      Quote Originally Posted by oidoglr View Post
      Financing that in full for 84 months likely means it'll be upside down for the entire duration of the loan term.
      Shh!
      Quote Originally Posted by [email protected] View Post
      This forum is more and more of an embarrassment every day...

    14. Member JackJoachim's Avatar
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      03-17-2020 09:01 PM #63
      Been dreaming over a 4runner for a while now. Planning on selling my car to Carvana in the next week or so and have been watching the deal on them. Looking at getting a leftover 2019, there's a few in the nation that are my exactly what I want. Trying to wait as long as I can to start the negotiation process.
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      03-18-2020 08:14 AM #64
      Quote Originally Posted by GLI Dan View Post
      Interesting, my goals are to get around 3%, recapture period of 3 years, and if possible get rid of my PMI. I'm 29, bought using the first time buyer financing available and only put around 10% down, 4.5% 30yr fixed, this was about a 1.5 years ago. So I've got room to improve, I know the removal of the PMI is unlikely as I'm still a couple of percentage points shy on the LTV for most lenders to drop PMI. The next hurdle is the recapture period, most look to be in the 5-7 year range and I don't intend on being in this property that long unless I'm in a position to use it as a rental property and don't need the capital for the next purchase. The reduction in rate, and reduction in monthly payments that comes with it is where I stand to gain as it will also free up some monthly liquidity. Certainly not in a rush, but looking to take advantage of what is available.
      Pretty much my exact plan except I will cash out refinance and roll what's left of student loan into it. Then rent out once I buy a home and let someone else build my equity and provide me with monthly income

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    16. Member JackJoachim's Avatar
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      03-18-2020 09:38 AM #65
      Here is a guide that I found that I plan to use when shopping for my next new car. Pretty good read: https://www.tacomaworld.com/threads/...tacoma.475482/
      '16 Golf 5 speed - JB1, ST coilovers, Interlagos Reps, AutoTech Exhaust,

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      03-18-2020 01:33 PM #66
      So are most dealers operating under normal business hours?

      Might be a good time to at least get a test drive in alone without the sales yoekel blabbering away in the backseat. Usually I am able to do this anyway, but not always.

    18. Member Pennywise's Avatar
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      03-18-2020 01:56 PM #67
      Quote Originally Posted by puma1552 View Post
      So are most dealers operating under normal business hours?

      Might be a good time to at least get a test drive in alone without the sales yoekel blabbering away in the backseat. Usually I am able to do this anyway, but not always.
      My dealer sent everyone except service home. Service is operating on a modified schedule. As for sales, our two showrooms are closed. There's a different sales manager situated at each showroom everyday and they are responding to leads and handling them. I checked our report this morning and there were 4 cars sold yesterday.
      Quote Originally Posted by woofsburger View Post
      It's reassuring to know that when I finally hit the 98th percentile of US individual income, that I may then buy my dream car - a Toyota Avalon.

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      03-18-2020 02:41 PM #68
      Quote Originally Posted by Pennywise View Post
      My dealer sent everyone except service home. Service is operating on a modified schedule. As for sales, our two showrooms are closed. There's a different sales manager situated at each showroom everyday and they are responding to leads and handling them. I checked our report this morning and there were 4 cars sold yesterday.
      That's actually not bad...would much rather deal with the sales manager direct than the clown who disappears for 30 minutes to 'ask my sales manager' about a set of floormats

    20. Member landstuhltaylor's Avatar
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      03-18-2020 04:51 PM #69
      I've been passively looking at replacing the GMT400 tow rig for hauling a 4500lb open trailer across the country. I've been considering the Ridgeline/Passport just because they are cheap but I'm also thinking I should just sit tight and see what new and lightly used F150s do. Would love to get into a 5.0/10-speed if the price is right.

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      03-18-2020 05:36 PM #70
      So we pulled the trigger on a 2017 Alltrack SEL. Interest was 3.2% on used for 72 months with literally no negotiation other than showing the sales associate our credit union's lowest rate on their site. We were concerned that there is a very real chance best case scenario sales dramatically slow down (which they have) and waiting for a more desired color combination, or the lighting package in the upcoming economic climate might take a longer time than our insurance will pay for a rental (we had 7 days from today to keep the rental) or worst case scenario the dealers close indefinitely by order of the state or voluntarily. Combined with a reasonable sale price and an included 10 year drivetrain warranty made the decision pretty easy to make. Told her if she finds the halogen headlights to be unacceptable we can purchase the Ed's replacement HID drop ins for $500.

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      03-18-2020 07:15 PM #71
      Quote Originally Posted by JackJoachim View Post
      Here is a guide that I found that I plan to use when shopping for my next new car. Pretty good read: https://www.tacomaworld.com/threads/...tacoma.475482/
      I am a long time member at Tacoma World and I have never seen that thread but it is fantastic. Thanks for sharing

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      03-18-2020 07:56 PM #72
      I went to Carmax yesterday, drove a few cars including the one I transfered over. The price was high, and honestly, I'm going to re-fi a house as well. I might postpone the purchase of a car while I do a re-fi. But I hope that the unit at Carmax doesn't get sold thanks to this virus.

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      03-19-2020 09:25 AM #73
      Went to both a Mazda and a Mercedes dealer last night, both were absolutely dead. Mazda guy told us we were the 6th person all day. Neither of them tried to BS me, they were straight up saying business is terrible.

    25. Member t_white's Avatar
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      03-19-2020 02:28 PM #74
      I am in the market for a new (used) car and haven't seen any changes in the pricing as of yet. I am looking at a few very specific make/models though which may not see much in the way of price adjustments.

    26. Member Pnuu's Avatar
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      03-19-2020 02:34 PM #75
      Quote Originally Posted by t_white View Post
      I am in the market for a new (used) car and haven't seen any changes in the pricing as of yet. I am looking at a few very specific make/models though which may not see much in the way of price adjustments.
      Same here... But used vehicles have a different POV from the dealer. As they sit on their lot longer, the prices will gradually come down in small increments and/or the dealer will become more negotiable. Keep an eye on specific vehicles and wait another week or two. Then start making offers.

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