Hi,

I will be purchasing a used 05-06 TL very soon and any advice you can give me would be appreciated. I am looking at a purchase price between 23k-27k. I will be going through Bank of America to get my auto loan because that's the best rate I've been able to find.

A lot of people say to buy the car through private party because of tax, dealer fees, etc. but because the financing rates are much higher for private party buyers it seems that any money that you save on the purchase price is negated by the higher APR. If it is negated by the APR then would it be smarter to just spend a little extra on a new 07 to get a 5% or lower APR?

Does this hold true or not? Can someone please explain the basics of this please?


The BOA rates are currently posted as:
Thanks for any input.

 

Have totally ruled out a 2008, they do have a 2k dealer rebate and 2.9 % APR for 36 mo or 4.9 /60 mo. You can get a 2008 wo/ nav for $29,700 +TTL. I know that doesn't answer your question... best thing you can do is run the numbers in each scenario as you have done and see where you'll stand at the end of the day in terms of your monthly payment.

Have a look at edmunds.com to see what the true market value for the 05-06 you're looking to get so you can know what you'll wanna pay.

My advice is to get a 2008 and take advantage of the 2.9 % APR if you can swing the 30k or so purchase price. I haven't looked at 05-06's lately, but how much will you save would be my question to you. Also consider that you get no 4-years/50,000 mile factory protection on a used one... I originally told myself I'd get a 05-06 like you, but after weighing all these factors, ended-up getting a 2008.

By the way, the 2k dealer rebate expires on 31-Dec-2007 so if you're gonna do it, make sure you do it now... or at least make an offer on one that isn't in stock and get them to put it writing so they'll honor the price. $2,000 is nothing to sneeze at!

 

Thanks for the reply darksky. Yeah, an 08 is definitely an option. I just don't want to get in over my head with payments, but if it will be smarter choice then I will likely go that route. I'm pretty sure I can afford it but a little apprehensive about pulling the trigger. I am still driving the same car my dad got for me when I left for college ('97 2.2 CL), but it's been a few years since graduating and I'm making decent money now.

One thing I must have with the new car is Nav, I know I will reap great benefits from it. Everything is really spread out in Atlanta and you have to drive everywhere! I will look more into the 08 at Edmunds and other places, thanks for your input!

 

[QUOTE=darksky Also consider that you get no 4-years/50,000 mile factory protection on a used one... ![/QUOTE]

I don't necessarily agree with that statement. If the TL is an 05/06 you have until 09/10 respectively provided the used car has under 50k miles.

To the OP: be smart and get a used one and use your money wisely. If you have reservations about paying a higher car payment, then usually your gut is right.

 

just go look up the car finance calculator and estimate your payments and see what makes sense. This will tell you how much your purchase price need to be lower vs. bought from a dealer in order for payments to stay the same.

At the same time, shop around your local dealerships and see if any 2007 left overs you can find. I'm sure if 08's are under incentives, there are even more incentives on 2007's. Why pay 27 grand for a used car when you can spend 3 grand more and drive a new one.

 

You guys are making it hard to decide! I think the 08 will be higher than what I am comfortable with spending.

I think I've narrowed it down to buying a used 06 w/ A-spec body (from private party) for ~26k or an 07 for ~30k. I used the loan calculator and my payments for a 60 month term was $543/mo for the 06 and $593/mo for the 07. With a difference of only $50 it may be worth it to go for a slightly used 07.

This is making my brain hurted. I appreciate all the advice!

 

I did new car quotes for the 07 and 08 w/ Nav from Edmunds so I'm gonna see what kind of quotes I get from the local dealers.

 

Suggest you do your shoping via the internet. some dealers list their inventories online, all have internet sales managers. The good one's will respond within hours at the most. You can nail down a price before going in. If you don't mind driving a little, you can expand your search area to get a bigger selection and better price. Good luck.

 

What you need to do is move to California and buy my 2005 with 24,000 miles and $5000 in upgrades with $27,500.. That would be your best bet

it is in the Black Market, so come and get it!!!

thanks HA HA

 

Wow dude, just another example of deceptive practices from one of my local dealerships. They told me that the warranty was non-transferable. Before getting the 2008, we looked at a 2007 on their lot and were told it has a 1 year/12,000 mile warranty. When I asked about the factory coverage, they told us it was "non-transferable." I didn't follow-up with Acura to see if they were truthful or not.

 

Also remember that your salary will likely increase (won't it?) over time. We made this mistake with our first house. After 2 years in it, we wanted something bigger and nicer and could easily afford the higher mortgage payments after a few raises. Just something for you to think about.

I didn't care for the Nav system when I compared it to some 3rd party offerings like Garmin for example. The Acura Nav was nice, but not for $2,200-$2,500! (Not looking to start a flame war about Nav here guys!) The Garmin is not only portable (take it to whatever car you want), it's also a fraction of the cost of the Acura system. Plus, several of the Garmins have text-to-speech and I believe the Acura Nav is silent. Plus, I didn't really care for the GUI in the Acura, nor did I think the voice activation system worked right. Just my opinions here. My advice to you here is to test drive a 2008 with Nav and take all the time you need to play with it. Test out voice activation feature, program a destination and see how you like the interface, etc.

That $50 difference question is one only you can answer since you know your own financial situation better than we do Again, a 2008 wo/ Nav will cost $29700+TTL~$31,600. That's only $1,600 more than the 2007 you're looking at and it's brand-new, and Acura is offering 2.9% for 36 mo. and 4.9 % for 60 mo. assuming you have a credit rating of >720 I believe. How much are you planning to put down and what is your current car worth/are you planning to trade or sell it to offset the cost? Remember the $2,000 dealer rebate and 2.9/4.9 financing will expire on 31-Dec-2007 if this is still an option for you.

 

http://www.lgefcu.org/

Call them. They will beat B of A's rates by a good 1.5%. All you have to do is pay like a $5 membership fee and be a GA resident.

 

Hi all,

Thx for the link Mark. If I buy used I will use them or Delta credit union.

I am starting to consider the 08 more and more now. I got back some dealer quotes through Edmunds and most of them are around 32k for the 08 w/ Nav. How much negotiation room do you think there is with that price?

I've been unable to find any further info on the $2k incentive. Anyone care to explain?

 

I have not used them but the guy who bought my Z06 did and they were easy to deal with. They can't compete new, but their used rates are very reasonable.

 

You can probably do $31,500 on the one with Nav... one of the dealers here had 42 TLs on their lot and was ready to sell me a 2008 with Nav for $30,800 but I didn't bite. Again, if they have a ton of inventory, and their Dec sales figures are light, they may be willing to dig into their holdback.

The $2,000 'incentive' is a dealer-rebate that the public isn't supposed to know about. Don't pay a penny over $31,500 (including the destination charge) plus TTL for the one with Nav.

 

Thanks for your reply Darksky. I got dealers calling me left and right now!

I will go for the 31.5k price. Is that 31.5 exclusive of the $2k incentive or does that include the $2k discount? Is it like product rebate that you mail in or is it instant?

Forgive me for my ignorance for I have never had to purchase a car before.

 

Here is the best email quote I have gotten so far:

MSRP: $36,940
INTERNET DEPT. PRICING**: $32150**
**Pricing available through the Internet Department.
**Sale price is based on current Acura Programs.

Just add $495 Documentation Fee, $42 for Tag, Title, and Georgia Lemon Law, and sales tax.

2.9%-4.9% SPECIAL FINANCE RATES AVAILABLE THROUGH DECEMBER!!

LEASE SPECIAL STARTS AT $359 PER MONTH...CALL FOR DETAILS.

At Ed Voyles Acura we feel that price will never come between you and your new Acura, so please call us at your convenience to discuss the details and answer any questions that you may have.

 

Wow, I'm not from Atlanta, but that seems stiff. Do all the dealers charge that in GA? In Illinois, doc is regulated and is a comparatively small amount. You need to be careful when they quote a low price and just sneak in another fee that is out of line. Take into consideration too how much more an '08 will be worth that an '07 in a few years when you get itchy again. Good luck with whatever you decide!

 

Yea, that's what people have been saying, but only 1 other dealer included the exact doc fee in the email and that one was $600. O_o

 

whoa kimbo- are you sure you can afford a TL?? 500+ a month is too much for a car payment when monthly rent is 1000 a month. Ask az members those with 500/mo+ payments- they got it for their TL-S when that just came out.
If you cant put enough down on a car to keep payments in the reasonable 300-400 zone then think of holding off a little to save up cash. When next gen 2009's come out, 2008's will be real cheap.

 

Rent is about 750 and I have about 7k to put down on the car. No student or other loans to speak of. Salary is in the mid 50k range. Do you think it's affordable for me?

I will be going for a test ride later tonight. Now I'm trying to decide on the 36 month term for 2.9% or 60 month term for 5%. If anyone can give me further insight into the $2k rebate, I would appreciate it.

Thanks all.

 

In case you do decide to go with Ed Voyles, I purchased from the Internet Sales Dept this past year. It was a great and easy experience.

They came down $1000 from the price they email me but I had another quote that they matched.

Great service department too. Good luck!!!

 

That is a rebate Acura corporate gives the dealer if they sell the car... in cases where the buyer is actually aware of it, the rebate is passed on to the buyer and from the looks of your prices, they are including the rebate.

A $495 document fee is grossly unacceptable. My dealer told me they would charge me a $99 doc fee which I refused to pay... no one pays me extra for doing paper work! I literally got up from the table of papers we signed and began to walk away... they stopped me and said they would take care of it. Word to the wise: don't pay a doc fee

 

Doc fees = teh suck.

 

I would definetely get the internet deal. If you're making more than 50K, and assuming that you're single (no other major expenses, like supporting parents), then you should be able to afford $500 - 600 a month.

I recently bought a used 2006 TL, certified, with 21000 miles, for $28,700. Now, for about 4K more you can have a new 2008, with navigation, and with lower rates. Man, I should have researched more before buying my car.

Now, it's your choice between 2.9% or 4.9%. The difference is probably about 2-3K worth of interest (guestimate here).

***DO NOT BUY A USED ONE. I AM ONE EXAMPLE HERE. VERY DISAPPOINTED***

 

Try Firstagain.com. They dont put lean on the car and plus you got the same finance rate as it would be for a dealer. They dont care about those things.

 

**UPDATE**

I am officially an owner of an 08 TL w/ nav! I paid just a tad over 31.5k. I feel I paid a fair price going by market value and what I've read on other forums.

Thanks to everyone on this thread for all the advice! Sealed the deal tonight and will be picking her up tomorrow. I can't believe I will be driving this car everyday!!! *pinches self*

pakiboy, FA denied me even though my credit score is 780. I think they weigh heavily on savings accumulated.

 

Congrads dude... $31,500+TTL is an excellent price for that car. I'm sure you'll be happy with your purchase... did you tell them to stuff their doc fees up their *ss btw?

 

When I was talking to another dealer they said a $500 doc fee is standard in Georgia.
The transaction went smoothly because I did all my research before stepping foot in the dealership. I couldn't be happier with the outcome. Thanks darksky!

 

Glad to hear you're happy. Enjoy!