I haven’t been in car sales for even a month yet but everyone I talk to when they are car shopping when the topic of price and monthly payment comes up $200-$250 seem to be the magic numbers for most people. This is not impossible at all but with zero and little money down options, and interest rates scheduled to rise again later this year $250 a month is a tough expectation.
To put it a little simpler a Brand new 2017 Chevrolet Cruze LT Sedan starts at right around $20,100 you decide to put no money down and an interest rate of say 3.5% for 60 months, and a 3% sales tax rate your monthly payment is $386. Lets say you would like it to be a little less per month so you stretch it out for 72 months it’s still $327 a month.
Another example a new 2016 GMC Sierra 1500 starts at 49,000 (I have 2 left at Southern Pines chevy Buick GMC discounted to $43,000) so we will say $43K same scenario no money down interest rate 3.5% for 60 months 3% sales tax your monthly payment is $806. Again stretch that to 72 months and its $683.
Now there are a whole lot of things that can change these numbers you decide you want to put some money down or trade in an older vehicle. For those who would like to know every $1000 you put down saves you $14-16 a month some folks like to put a lot down some prefer not to put any money down I myself like to put as much as I can down to try and always have some equity in a vehicle.
If your in the market for a new vehicle and thinking that $200 is the number I’m not saying its not possible but it may be time to think more about exactly what you need in a car truck SUV and (as hard as it may be) focus a little less about monthly payment. When you find the perfect vehicle for you and your family I will fight my sales manager to get you the best overall price and monthly payment.
Most people really don’t want to like the car salesman but I can tell you that he or she is there to help you even fight for you to get you the best price for your new car and even the most money for your trade because both can help you get that monthly payment closer to a number you will be more comfortable with.
I hope this helps answer some questions anyone might have about the car buying process there will be a lot more to come as I mentioned I just started in car sales and have already learned so much and will continue to learn so if anyone has any questions comments or would like to add anything please feel free.
