Thursday, June 18, 2009

New Car Woes

We have been in the market for a new car for little while now. Not really searching, but keeping an eye out for a good deal. Several weeks ago I found a 2006 Suzuki Forenza on KSL for $6250. That was a really good price compared to the almost $8000 others were asking for the same year. Nik loved the color, and I love my current Suzuki, so I was down too. After looking at it for weeks we finally decided to take it for a test drive yesterday.

It was great. It looked spectacular, drove perfectly, and all the electronic stuff worked. We were sold! We had the papers drawn up and decided that Nik could meet me at work the next day (today) and we could do the loan and get the car on Monday. When we did the loan we found out that the price it was asking would put us at 100% loan-to-value (meaning that if we got in a car accident we could possibly owe more than the car is worth, so we would still have to pay for it). That didn't sit well with me. We talked it over and Nik is going to try and get him to go lower. We don't have high hopes since it is a dealership (a small one, but one nonetheless).

If he can even go down like, $500, it would be worth it. We want to add the remainder of the Mustang loan to this one as well, and we don't qualify for that with the price as is.

Cross your fingers!!


Talina said...

Another option is Gap insurance. When David and I bought the Focus the credit union asked if we wanted to buy gap insurance. It was only like $250 and it insured against just that thing- if you wrecked your car when you owed more than it was worth. See if your credit union offers that or see if Cyprus still does. Cyprus will match any competitors interest rate too.

Kathy said...

Sorry you didn't get that cute car! Maybe the next one.

CTuna's Cavern said...

If the dealer is on KSL he's probably heavy on cost side. Probably won't deal. Good Luck