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Paying Cash for a car?

Updated on January 02, 2008

Don't Tell the Salesman You're Paying Cash Until the Deal is Closed

Here's a tip for new car buyers--I'f you're paying cash for a car, you might get a better price if you wait until the price is settled before you tell the salesman you're paying cash rather that taking a loan to pay for the car. You might get a better deal because a fair amount of the dealer's profit on the sale of a car comes from signing you up for a car loan (as well as for extended warranty and insurance plans). This gives the dealer salesman a bit more flexibility to work with on the price of the car. So, you might be better off to duck the question of how you're going to pay until the price has been agreed to. Here's an article on cash car purchases from today's NY Times

http://www.nytimes.com/2007/07/28/business/yourmoney/28money

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      Phisics 101 8 years ago

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    • chloesdad profile image

      Jeff M 8 years ago from Newington NH

      I just wrote my first hub on this topic! I am a former car salesman myself.

    • A.J. Frank profile image

      A.J. Frank 7 years ago from Rochester

      Well Ralph,

      If I ever have the cash, I'll definitely take your advice when purchasing a new vehicle.

      As always, very interesting article!

      Al

    • Ralph Deeds profile image
      Author

      Ralph Deeds 7 years ago from Birmingham, Michigan

      Thanks, A.J.

    • Jennifer Bhala profile image

      Jennifer Bhala 6 years ago from Upstate New York

      I just wrote about this topic so I am going to link to your hub from mine.

    • Ralph Deeds profile image
      Author

      Ralph Deeds 6 years ago from Birmingham, Michigan

      Thanks for your comment and link. I'll check your hub.

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