Automotive

Chevy Silverado purchasing help...

  • Last Updated:
  • Aug 20th, 2018 4:52 pm
[OP]
Newbie
Aug 17, 2018
1 posts

Chevy Silverado purchasing help...

Hi All....I'm trying to buy a 2018 Silverado 4x4 Crew Cab. With all of the bells and whistles the MSRP is 57,025.96. Dealer has knocked off 10,200.96. With .99% financing that comes to (drive away)...$252.22 Bi/Weekly for 84 months.

Simple question...What price should I push for....

Any recommendations to help me get the best price would be GREATLY appreciated.

Thanks!!
24 replies
Deal Guru
User avatar
Feb 11, 2007
14869 posts
15720 upvotes
Oakville
Wow... 84 months is a LOOOOONG financing term. You'll be way underwater.
Last edited by engineered on Aug 18th, 2018 11:12 pm, edited 1 time in total.
Deal Expert
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Feb 9, 2003
18377 posts
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Langley
engineered wrote: Wow... 84 months is a LOOOOONG lease. You'll be way underwater.
He says he's buying.
Deal Guru
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Feb 11, 2007
14869 posts
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Oakville
i6s1 wrote: He says he's buying.
Yea, meant to say "term". Can't be underwater with a lease.
Deal Addict
Jan 15, 2017
3429 posts
2774 upvotes
Your math doesn't make sense.

$252.22 x 26 pmts x 7 yrs = $45,904.04 for a vehicle that you state is $57,025.96 - $10,200.96 = $46,825. Add in mandatory fees and taxes and the amount financed will greatly exceed $45,904.
Deal Fanatic
Aug 29, 2011
5597 posts
2787 upvotes
Mississauga
Maybe OP overlooked downpayment.
Deal Fanatic
Jun 24, 2006
8419 posts
2889 upvotes
I am going to be blunt. Sorry.

If you need 84 months to pay for the truck. You can't afford it. Consider it is a gas guzzler, so fuel expenses will be high, and after warranty all repairs are on you. This thing is going to cost you over a grand a month just to drive after payments, insurance, and fuel.

And after 70 months of driving it, you are still paying the same for a 6 year old you paid in month 1 for a brand new one.
Last edited by Gutty96 on Aug 19th, 2018 1:16 pm, edited 1 time in total.
Member
Aug 18, 2017
258 posts
131 upvotes
Not enough info. You need to find out trim level - options on truck, go to website and ensure they didn't artifically raise price from MSRP. Unhaggle says LT crew cab with no packages has 4k profit margin. So I'd then look for your biggest volume dealers, ask for competitive quote and aim for $500-1000 above cost. Also find out what cash incentive you are walking away from by taking 0.99% because the payments might be higher using cash but your loan value will be lower. Thus if you trade in early, or payoff early you are much further ahead
Deal Addict
Jun 26, 2009
3633 posts
2458 upvotes
GTA
84 months financing on the truck??? You will feel like dummy, sitting in the waiting room while they fix your 6 year old truck, and still making payments on it Grinning Face With Smiling Eyes It was said thousands times- if you need more than 3 years to pay it off - you can't afford it. Get something cheaper. If you own business, and need work truck -lease it and write it off. If you need it for show and Instagram posts- rent one for 3 days, take hundreds pictures in different locations and return it. Don't let the dealer to fool you, that you can afford it. They will be laughing for hours after you sign it Grinning Face With Smiling Eyes.
Deal Addict
Dec 27, 2007
3287 posts
927 upvotes
Edmonton
Not only is the dealer laughing. I am laughing too. Seriously, buy the vehicle cash. Buy what you can afford. Dont have 15k for the 3 year old truck? Buy a 5 year old for 10k.
Its quite simple.
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Addict
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Oct 12, 2007
4549 posts
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Ottawa
Why are people assuming that the OP can't afford the truck? I have the cash and if I was offered 1% for 7 years, I would strongly consider it as my investment portfolio certainly yields more than 1%. If your portfolio could even make just 3%, you're almost $1000 better off just one year into the loan and over $3k over the life of the loan. If they offered a cash rebate equivalent to that savings, I would pay cash. Otherwise, it would be tempting.

For the record, we paid cash for the Q5 we bought last month but Audi was only offering 4%.
Deal Fanatic
Jun 24, 2006
8419 posts
2889 upvotes
CaptSmethwick wrote: Why are people assuming that the OP can't afford the truck? I have the cash and if I was offered 1% for 7 years, I would strongly consider it as my investment portfolio certainly yields more than 1%. If your portfolio could even make just 3%, you're almost $1000 better off just one year into the loan and over $3k over the life of the loan. If they offered a cash rebate equivalent to that savings, I would pay cash. Otherwise, it would be tempting.

For the record, we paid cash for the Q5 we bought last month but Audi was only offering 4%.
That doesn't work in a investment where the asset is 100% certain to drop to $0 at some point.

Your $50k investment will above the original amount, but your purchase of a truck for $50 will cost you the interest and the asset will certainly lose value as well.
Sr. Member
Oct 29, 2009
617 posts
301 upvotes
Tommy74 wrote: 84 months financing on the truck??? You will feel like dummy, sitting in the waiting room while they fix your 6 year old truck, and still making payments on it Grinning Face With Smiling Eyes It was said thousands times- if you need more than 3 years to pay it off - you can't afford it. Get something cheaper. If you own business, and need work truck -lease it and write it off. If you need it for show and Instagram posts- rent one for 3 days, take hundreds pictures in different locations and return it. Don't let the dealer to fool you, that you can afford it. They will be laughing for hours after you sign it Grinning Face With Smiling Eyes.
3 years? Is that a rule? Seems a bit restrictive to me. I'm a well paid professional but I've got enough other expenses that I can't pay cash for a new truck. Maybe that makes me a laughing stock amongst the RFD elite but whatever, I'm not too concerned. Now 84 months is a bit much but I see nothing wrong with financing a vehicle if you can comfortably pay it off in 4-5 years, especially if the rates are low.
Deal Addict
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Oct 12, 2007
4549 posts
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Ottawa
Gutty96 wrote: That doesn't work in a investment where the asset is 100% certain to drop to $0 at some point.

Your $50k investment will above the original amount, but your purchase of a truck for $50 will cost you the interest and the asset will certainly lose value as well.
Re-read my post. A vehicle is not part of a investment portfolio and I wasn't saying that it was. Any cash I spend on a vehicle is cash that I cannot invest. Looking at it another way, if I can raise $50,000 at 1% and move that $50,000 into my investment portfolio where it earns at least 3%, then I am ahead.

So if I have to choose between using my $50,000 cash for a vehicle or a 1% loan for the exact same amount, I will take the loan and keep my $50,000 earning whatever it can earn.

Let me know if this is still unclear.
Deal Expert
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Feb 9, 2003
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Langley
McGuillicuddy wrote: 3 years? Is that a rule? Seems a bit restrictive to me. I'm a well paid professional but I've got enough other expenses that I can't pay cash for a new truck. Maybe that makes me a laughing stock amongst the RFD elite but whatever, I'm not too concerned. Now 84 months is a bit much but I see nothing wrong with financing a vehicle for 4-5 years especially if the rates are low.
The bumper to bumper warranty is 3 and the powertrain is 5 years. I think its a good idea to have the vehichle paid by the time the warranty is up, so you don't have some back luck and wind up with a big repair bill while you're still making payments.

But I don't buy new anyway, so what do I know.

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