Bought a new car - how did I do?

Question

So I bought a car for the first time a few days ago. I did my best to research the in's and out's of what's going on. I do know I took a huge hit in depreciation because I bought it new, but, here is my question:

I paid $15k for a new 2008 Hyundai Elantra GLS - 4 door sedan - automatic (excluding taxes/warranties and all that jazz). Is that a fair price? KBB/Edmonds show the MSRP of the car to be sitting around $14,625. So I'm guessing I couldn't have gotten it too much cheaper.

Keep in mind, I'm not talking about walking in there paying 14k cash or someone with an 800 credit score. Just your average Joe financing a majority of the car.

Answer 1

It sounds as though you have done o.k. to me. Pay your loan as quickly as you can. Depending on your interest rate, you will end up paying a great deal more than the 15k. Also, I would keep meticulous service and history books which will make it a better buy when the time comes to sell.

Answer 2

If the deal you made seemed good to you, then it was a good deal. What anyone else thinks about your deal does not  matter. You work for your money, and a man is worth his hire. Kudos to you and congratulations on your new vehicle. Hyundai makes a good looking and good running vehicle w/ a heck of a warranty. God bless America!

Answer 3

That's a pretty nice car for that much money.  

Well you know you always think you could have done a few hundred dollars better or a few thousand dollars worse.  But over the life of the car that few hundred dollars doesn't mean much.  If you're happy with the car, if it lasts a long time and doesn't give you a lot of trouble, then it almost doesn't even matter what you paid for it.

Answer 4

Yes it was a fair deal all the way around. They made 3% plus a little on back end and you got car you wanted at fair price.  Cash will not get better deal but will give dealer more profit on back end which you could not help due to them being able to get a buy rate lower then to public so if financed you relly do not lose but cash or finance the dealer would prefer finance but would have no effect on what you woud pay.

Answer 5

I am sorry to break this to you. There is no car worth paying Sticker Price. Probably the dealer must have impressed you with all the shine and jazz and got you to pay full price.

Any person irrespective of their Credit Score, can and will be able to get a car way bellow the sticker. Usually between $3000 to $500 bellow. The financing comes later. It all depends on how you play your cards.

You haven't mentioned the options. But usually the Destination Charge & Dealer fees are included in the Sticker. So I am sorry you got a raw deal. You might have been able to save some hard earned cash.

But its all past now. What's important is that you have got a decent car that has low maintainance. Also you did get pretty low interest rate. So now sit back and relax. Don't ruin your moment by going over what if situations. That's the worst thing to do.