My Cobra's 2 years old today. Guess what! I sold it!

[Redwing]

Actually, I traded it in for an 04. While I was in for an oil change last week, I wandered into the showroom where the dealer had a yellow 04 vert on display with chromies. My sales rep came over to say hello, and I joked with him as to when I could pick up my new car.
Anyway, he called me out of the blue a few days later and offered me "such a deal"
The dealer will switch the shifter, light bar, intake and Borlas, no cost, from car to car. I can switch all the bling bling myself. I will get a rebate on the unused extended warranty, AND: Ta Da, the payments will be $130.00 a month lower!
I may look dumb, but I'm not stupid. Wednesday morning I pick up my brand new 04 Screaming yellow vert, and trade in my 03 redfire vert with 30,000 miles on it.

Such a Deal!

 

[lucafu1]

what kinda deal did you get?
i wish something like that would happen to me sometimes.
oh well ill take what i can get.

nice job man!

 

[slythetove]

How can the payments be $130 a month lower? You better be sure you aren't getting an 84 month loan...

 

[Shanezam203]

thats an amazing deal! Dont blame you for jumping on it. I'd do then same. :burnout: Shane

 

[JB]

that's awesome, Steve!

now you'll need to go get another set of those nice DaSilva subframe connectors :beer:

 

[TTAFB_SVT]

Sounds like they got with the 30 year plan.

But if not,awesome!!

 

[slythetove]

It's impossible unless:

1) You had an insane interest rate on the 03 and a great one on this one. Like 15% vs 3%.

2) You had a shorter term vs a longer term like 36/48 months vs. 72/84 months.

Otherwise there is no way you are getting the same car for that much less money still owing on the first one. Be careful.

 

[mike79]

It could be just the fact that he paid 2 years worth on his car, and now you factor that into a new loan, from scratch.

 

[slythetove]

Originally posted by mike79
It could be just the fact that he paid 2 years worth on his car, and now you factor that into a new loan, from scratch.

Not unless he put a lot down. Paying two years on a majority loan won't even get close to this difference.

 

[sambandit]

The dealer is certainly making money somewhere. They are not in business to lose money. Probably at least a 6 year loan. Who cares though, as long as you're happy!

 

[MystiChrome Coupe]

Agreed. As long as he's happy with the deal, whose place is it for any of you to pee on his parade?

 

[ModMike1572]

Good choice on Yellow!!!

 

[mike79]

I miss my yellow GT. Such an awesome color....

 

[So Blue 03]

shit i went looking for a new car and was considering trading in my 03 sonic blue with chrome wheels (1500) miles and they said 23g

 

[slythetove]

Originally posted by MystiChrome Coupe
Agreed. As long as he's happy with the deal, whose place is it for any of you to pee on his parade?

I'm not pissing on his parade. I'm trying to help a guy who might not be wise to the finance game that's being run on him.

Just trying to give the guy a heads up and get him to take a hard look at the numbers.

 

[Redwing]

Originally posted by slythetove
I'm not pissing on his parade. I'm trying to help a guy who might not be wise to the finance game that's being run on him.

Just trying to give the guy a heads up and get him to take a hard look at the numbers.

Thanks for the concern. Yes, it does sound too good to be true. first off, remember we're in Canada, and everything is much more expensive here.
Second, my 03 is financed at 7%, and I paid full list. Third, the new car is finaced at 0% and they gave me a $5000 discount off list. They also put big money into the 03.
Additionally, here in Onatario, you only pay sales tax on the difference between the trade and the new car. So, with a total of 15% in sales taxes, (Yes, you read that right: 7% GST-federal tax, and 8% PST-provincial tax), I'm saving even more. It works out that I'm getting about $36,000 for my car, and I paid $50,000 CDN new. That was list price at the time: Ontario dealers are not allowed to sell for more than list.
Finally, the dealer is more interested in moving 04's off the lot in preparation for 05's. Something to do with allocations, etc.
Oh, and it's for 60 months, not longer.
By the way, the laws here are very specific. They have to make full disclosure of everything, and they have to walk you through the whole transaction, all the way along. Besides, I used to sell cars, so I know the rules.
Anyway, hope that explains it.
Steve
(I guess tomorrow I'll have to change my sig!)

 

[tian13]

Originally posted by Redwing
Thanks for the concern. Yes, it does sound too good to be true. first off, remember we're in Canada, and everything is much more expensive here.
Second, my 03 is financed at 7%, and I paid full list. Third, the new car is finaced at 0% and they gave me a $5000 discount off list. They also put big money into the 03.
Additionally, here in Onatario, you only pay sales tax on the difference between the trade and the new car. So, with a total of 15% in sales taxes, (Yes, you read that right: 7% GST-federal tax, and 8% PST-provincial tax), I'm saving even more. It works out that I'm getting about $36,000 for my car, and I paid $50,000 CDN new. That was list price at the time: Ontario dealers are not allowed to sell for more than list.
Finally, the dealer is more interested in moving 04's off the lot in preparation for 05's. Something to do with allocations, etc.
Oh, and it's for 60 months, not longer.
By the way, the laws here are very specific. They have to make full disclosure of everything, and they have to walk you through the whole transaction, all the way along. Besides, I used to sell cars, so I know the rules.
Anyway, hope that explains it.
Steve
(I guess tomorrow I'll have to change my sig!)

Hi,

Which dealer did you buy it from? What is the actual sell price of the car? I live in Ontario as well and am trying to get a good deal on one.

Thanks,

Tian

 

[tian13]

I read your post again and I guess you paid around $47K Can. I guess the big savings are in the financing. $50K + financed @ 0% for 60 month is a savings of $6500 even over a loan @ 5% for the same period.

I would still like to know which dealer you bought it from? I hope that maybe after labour day they will have bigger cash incentives or maybe I will just go for the financing.

Thanks,

Tian

 

[slythetove]

Exactly. The savings turned out to be from my reason number one. A terrible rate vs. a great rate.

Good for you then!

Allocations definitely make sense, that's why they are selling Z06s cheap too. They want the allocations of the new models (05 Mustangs in your case and C6 vettes for the Chevy dealers) because they are going to mark them up over MSRP for years.

There will be no great deals on the new models for a long time. You will pay MSRP or more. So the dealer will take a minimal gain on a holdover 04 knowing they will rape someone on that new model that the 04 sale allocates to them.

 

[FLBuckeye]

0% on a Cobra !!!
Congrats !
Wow that tax % is a b*tch !
And now you know what to expect with TSB's etc. plus you got to switch out all your mods from the start !!
Definitely post some pics !

I had the TOB replaced last week, dealers were salivating for the "new" Mustang, they claim the 03 & 04 Cobra's/Stangs will drop like a rock in price and value !

I'm still happy w/ my 03 Torch Red Vert, 28K miles and on ......