Need advice on affording a tahoe !

[07Burb]

Your assumption is most likely correct.

Side note, if you end up considering a LEO vehicle be very, very cautious. Many LEO vehicles are used and abused by the people driving them even if they look nice cosmetically.

Second side note, along the lines of negotiations....many times vehicles being sold by individuals are more easily negotiated if we're looking at getting the most "bang for our buck" depending on the reason the person is selling. If they are upside in the vehicle (reason for selling) then there's most likely limited wiggle room but if they are selling because of other reasons there may be more room to knock some off the asking price.

 

[BEEMDUB]

Your assumption is most likely correct.

Side note, if you end up considering a LEO vehicle be very, very cautious. Many LEO vehicles are used and abused by the people driving them even if they look nice cosmetically.

Second side note, along the lines of negotiations....many times vehicles being sold by individuals are more easily negotiated if we're looking at getting the most "bang for our buck" depending on the reason the person is selling. If they are upside in the vehicle (reason for selling) then there's most likely limited wiggle room but if they are selling because of other reasons there may be more room to knock some off the asking price.

Thats understandable, as far as leos being driven hard I've heard that numerous times, if you were lookin at one out of state how would you go about having it looked over completely to look for any mechanical problems? If it was local of course I would have a local mechanic do it but the two dealers I'm lookin at are a state away

 

[07Burb]

Honestly, the only way I'd consider buying a former LEO vehicle is seeing it in person and take someone along with you that knows what they are looking at as well. That's just one man's opinion, though.

 

[BEEMDUB]

Honestly, the only way I'd consider buying a former LEO vehicle is seeing it in person and take someone along with you that knows what they are looking at as well. That's just one man's opinion, though.

Thats what I figured, sucks I don't know anyone that would be willing (or that I would be willing lol) to drive 6 hours with..

 

[MACHO]

You guys all make good points but I think you might be overcomplicating it. Let me give you my $0.02 as an ex car salesman... The dealership doesn't care how they get their money as long as they have a deal NOW. It's all about making the sell. Coming in with a large lump sum of cash is a bad idea because they may have to fill out extra paperwork (more work for them) because of money laundering scams. Yes they'd love to finance you in-house because lenders give the dealer a kickback as an incentive to use them. One month ABC bank might give a better kickback, so the Finance Managers want to use them until XYZ bank gives a better kickback or rate the next month. I'll give you an example: I was pre-approved thru our Credit Union when we purchased our 2011 Tahoe at the lowest interest rate I could find on the Market. I purchased my Tahoe below invoice and they asked to do financing they them, the dealership. They couldn't get a rate cheaper than my Credit Union, so they matched it and I just used their financing thru BofA (who I also banked w anyways) so they could get a little kickback on a car-deal that they weren't making much money on. That helped them out and saved me the hassle of having to fax paperwork; we got the deal done in-house all at once without it costing me any extra.

At the end of the day wether you finance or come in with a check or use their financing they just want a deal. Coming in with a pre approval shows that you are serious about buying and gives you the same negotiating power as cash IMHO bc either way the dealership gets their money.

Bottom line:

1. Get pre approved

2. Research what similarly equipped used vehicles are going for in your area using CarTrader, CL etc.

3. Use Blue books like NADA but keep in mind are only a guide. I'd aim for a deal $1-2K below bluebook. There are always exceptions however. If the market is flooded with that particular vehicle, chances are you'll get a great deal because they have to compete on PRICE. If it's not as common, is a highly sought after vehicle, or if other dealerships are priced around the same price in your area--they'll typically hold at or above book price bc they know they can get it.

4. Ask them how long they've had it in their lot. The longer the more willing they are to get rid of it especially if it's 90 days+

5. During your negotiation, Ask them to show you what they paid for the vehicle. They might not, but it doesn't hurt to ask. I've had dealerships pull out the paperwork and show me the price they took it in for on trade and what they're in it for total. If they're motivated to sell you could walk out with a deal for a few hundred dollars above that!

Good luck with your potential purchase!

 

[Polomintus]

At the risk of sounding rude, i'd say the biggest issue or concern is your've got access to what looks to be a very decent ride even at 18yrs old, yet you want more and wondering how to afford it, when really, you don't need it.

One or the other, many of the guys have already said this to good affect, one or the other, but I think your about to make the biggest mistake for 18yrs old, and that is taking on a loan when your really do not need to do so.

I'd ask yourself a serious question, why do you want a Tahoe, when you have access to a bloody nice car.

What is driving you to this decision? then ask yourself, why do you need a monthly payment for the next 3-5 years when there are a ton of things you could do with your money. For example, buy a property do it and sell it as one example.

Having money each month to blow is far greater than driving a nice car, yet you aleay have access to one of these.

I'm trying to point out these things, considering i did the exact samething at yoru age and regretted it ever since.

Good luck though,

Cheers POLO

 

[BP RETIRED]

Yea I mean my knowledge of vehicle sales is of course very basic seeing as I've never did it on my own before, But the dealers I'm lookin at sell used leo tahoes so I would assume they picked them up at auction or from the government for dirt cheap

Gov't agencies use to be like this. Now it’s all about the cost of the truck/car from it being placed into service, to it going out of service and to the auction block. Before I bought my Tahoe I checked all the GSA auctions I could. The "dirt cheap” motto use to be the mentality. Now its not, due to the economy and the hopes of all that come to an auction to get a "dirt cheap" car. They can be found but there is a reason that Chicago Motors usually sells his before they end up even on his website. When I looked at the auctions a 07 4x4 Tahoe with 70k to 100k miles ranged from 12,000 to 15,000. The price went up slightly higher for the 08 obviously. Gov’t and local agencies are not giving them away at auction. Some of our local agencies went strictly to Tahoe’s due to the value of them at the end of service date. The research done shows that you can get up to 3x more your money on an auction from a Tahoe (2wd or 4wd) than a same year Crown Vic or Impala. If you have time to look, search for Gov’t auctions and see what you can find on them as of recent. Manheim was a large auction agency that I checked quite frequently.

 

[BEEMDUB]

At the risk of sounding rude, i'd say the biggest issue or concern is your've got access to what looks to be a very decent ride even at 18yrs old, yet you want more and wondering how to afford it, when really, you don't need it.

One or the other, many of the guys have already said this to good affect, one or the other, but I think your about to make the biggest mistake for 18yrs old, and that is taking on a loan when your really do not need to do so.

I'd ask yourself a serious question, why do you want a Tahoe, when you have access to a bloody nice car.

What is driving you to this decision? then ask yourself, why do you need a monthly payment for the next 3-5 years when there are a ton of things you could do with your money. For example, buy a property do it and sell it as one example.

Having money each month to blow is far greater than driving a nice car, yet you aleay have access to one of these.

I'm trying to point out these things, considering i did the exact samething at yoru age and regretted it ever since.

Good luck though,

Cheers POLO

Well I don't wanna sound rude or like a smartass either... But these type of posts Don't help me out much at all...Believe it or not I'm not a total idiot like most 18 year olds yes I know the repercussions and possible consequences for everything I do, it's not just the point of havin a nice car... Alls I do is work go to school and train for mma I don't go out party everynight, I STRICTLY budget myself and know how to handle money... My hobby and 2nd job is car audio and custom car work and I love it..yes I have a nice car already ..ok great well now I want a second one and I'm gonna work to get one because I know I can, my housing and school situation is planned and taken care of and every expense down to my damn haircuts has a budget.. This isn't some spur of moment thing I just dreamt up I fully realize everything I'm doing, so thanks for the advice but I'm good to go..

You guys all make good points but I think you might be overcomplicating it. Let me give you my $0.02 as an ex car salesman... The dealership doesn't care how they get their money as long as they have a deal NOW. It's all about making the sell. Coming in with a large lump sum of cash is a bad idea because they may have to fill out extra paperwork (more work for them) because of money laundering scams. Yes they'd love to finance you in-house because lenders give the dealer a kickback as an incentive to use them. One month ABC bank might give a better kickback, so the Finance Managers want to use them until XYZ bank gives a better kickback or rate the next month. I'll give you an example: I was pre-approved thru our Credit Union when we purchased our 2011 Tahoe at the lowest interest rate I could find on the Market. I purchased my Tahoe below invoice and they asked to do financing they them, the dealership. They couldn't get a rate cheaper than my Credit Union, so they matched it and I just used their financing thru BofA (who I also banked w anyways) so they could get a little kickback on a car-deal that they weren't making much money on. That helped them out and saved me the hassle of having to fax paperwork; we got the deal done in-house all at once without it costing me any extra.

At the end of the day wether you finance or come in with a check or use their financing they just want a deal. Coming in with a pre approval shows that you are serious about buying and gives you the same negotiating power as cash IMHO bc either way the dealership gets their money.

Bottom line:

1. Get pre approved

2. Research what similarly equipped used vehicles are going for in your area using CarTrader, CL etc.

3. Use Blue books like NADA but keep in mind are only a guide. I'd aim for a deal $1-2K below bluebook. There are always exceptions however. If the market is flooded with that particular vehicle, chances are you'll get a great deal because they have to compete on PRICE. If it's not as common, is a highly sought after vehicle, or if other dealerships are priced around the same price in your area--they'll typically hold at or above book price bc they know they can get it.

4. Ask them how long they've had it in their lot. The longer the more willing they are to get rid of it especially if it's 90 days+

5. During your negotiation, Ask them to show you what they paid for the vehicle. They might not, but it doesn't hurt to ask. I've had dealerships pull out the paperwork and show me the price they took it in for on trade and what they're in it for total. If they're motivated to sell you could walk out with a deal for a few hundred dollars above that!

Good luck with your potential purchase!

good info right here! thanks a lot it all made good sense to me

Gov't agencies use to be like this. Now it’s all about the cost of the truck/car from it being placed into service, to it going out of service and to the auction block. Before I bought my Tahoe I checked all the GSA auctions I could. The "dirt cheap” motto use to be the mentality. Now its not, due to the economy and the hopes of all that come to an auction to get a "dirt cheap" car. They can be found but there is a reason that Chicago Motors usually sells his before they end up even on his website. When I looked at the auctions a 07 4x4 Tahoe with 70k to 100k miles ranged from 12,000 to 15,000. The price went up slightly higher for the 08 obviously. Gov’t and local agencies are not giving them away at auction. Some of our local agencies went strictly to Tahoe’s due to the value of them at the end of service date. The research done shows that you can get up to 3x more your money on an auction from a Tahoe (2wd or 4wd) than a same year Crown Vic or Impala. If you have time to look, search for Gov’t auctions and see what you can find on them as of recent. Manheim was a large auction agency that I checked quite frequently.

How exactly do you go about buying a car at an auction with a loan? Like as far as purchase and all that..

 

[Polomintus]

Well I don't wanna sound rude or like a smartass either... But these type of posts Don't help me out much at all...Believe it or not I'm not a total idiot like most 18 year olds yes I know the repercussions and possible consequences for everything I do, it's not just the point of havin a nice car... Alls I do is work go to school and train for mma I don't go out party everynight, I STRICTLY budget myself and know how to handle money... My hobby and 2nd job is car audio and custom car work and I love it..yes I have a nice car already ..ok great well now I want a second one and I'm gonna work to get one because I know I can, my housing and school situation is planned and taken care of and every expense down to my damn haircuts has a budget.. This isn't some spur of moment thing I just dreamt up I fully realize everything I'm doing, so thanks for the advice but I'm good to go..



good info right here! thanks a lot it all made good sense to me



How exactly do you go about buying a car at an auction with a loan? Like as far as purchase and all that..

Your right they don't help you if your mind is set in motion already so I wish you well in your plans. Keep in mind though "Some debts are fun when you are acquiring them, but none are fun when you set about retiring them", you plan on working to pay off your second set of wheels, but I trust your laugh at this, but in time your'll understand.

Good luck.

Cheers POLO.

 

[BEEMDUB]

Your right they don't help you if your mind is set in motion already so I wish you well in your plans. Keep in mind though "Some debts are fun when you are acquiring them, but none are fun when you set about retiring them", you plan on working to pay off your second set of wheels, but I trust your laugh at this, but in time your'll understand.

Good luck.

Cheers POLO.

Just checked and my charger will be paid off in the end of November..So I will have one car payment..I'm not laughing at anything I'm simply saying I have it under control and when I get it it will be paid off...Been paying for the charger and insurance for a couple years now and never had one month where I was short even during a half of year I had no job..Got my college shit taken care of, housing taken care of, a 14000 tahoe won't be a problem provided I don't turn into a manically depressed alcoholic and quit school and my job...