QOTD #19 : How can I get to a $300/mo car payment?
After careful consideration, you have $300 per month to finance your next car. How much of a car can you afford? Quite often, customers contact us expecting to finance a $30,000 vehicle for $300/mo. While that would be a very good deal, it just isn’t realistic. Do the math. Sixty payments of $300 per month totals $18,000 before taxes, interest, and fees. You would actually need more than $16,000 as a down payment to get to a $300 monthly payment on a $30,000 car. And most people are not prepared to put down that much money. While you may feel a bit disappointed or even cheated at the dealership, the truth is that a little homework will save you a some embarrassment.
For example, let’s say that you are looking for a $300 payment including all taxes, fees, discounts, etc. You have $2000 to put down and want a 60 month loan and a 4.99% interest rate. Assuming that your credit score is 730 or better, how much car can you afford to finance?
Using the USBank auto loan calculator, you’ll quickly find the answer.
|
SALE PRICE |
16,565.06 |
|
DOC FEE |
250.00 |
|
SALES TAX @ 6.25% |
1,050.94 |
|
TITLE/FILING |
35.00 |
|
TOTAL |
17,901.00 |
|
DOWNPAYMENT |
2,000.00 |
|
AMOUNT FINANCED |
15,901.00 |
|
MONTHS |
60 |
|
INTEREST RATE |
4.99% |
|
MONTHLY PAYMENT |
300.00 |
Is that different than you were thinking? If so, you may want to use the calculator before giving the evil eye to your local car salesman.
Dreaming of a White Christmas?
Maybe this 2009 Audi A4 convertible will do the trick?
Dad’s Volvo Wagon
Today I had the privilege of selling a used Volvo to my parents. Dad was needing a second vehicle and had seen a 1998 Volvo V70 Cross Country on our website. So, he and mom drove up this afternoon to check it out. After a thorough walk-around, test drive, look at the underside, and a talk with one of our Volvo mechanics, dad bought the car for a fair price. It’s a nice car with a 190 hp turbo I-5 and the versatility of a wagon. With proper care, it should last for a long time. Thanks, mom & dad!
1998 Volvo V70 XC AWD
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Whadya think?
I’ve been thinking about the emails we send out through our CRM for a while. We have communicated well, but I had the feeling that dressing up the emails with some graphics could set us apart from the other dealerships in the area. I didn’t want something that would look overwhelming, but knew that plain emails look … well … plain! So, in an attempt to dress up our online communications, I developed an email header that is simple but informative.
What do you think? Does it accomplish enough? Need more? less? Start over again? Let me know your thoughts!
Advertising Inside the Dealership?
This week, I had the opportunity to have an outside source evaluate the way we do things here at the dealership. My interest was how we handle the leads we receive every day. Having a vested interest in the success of the business, I wanted to know how we can improve our procedure. The conversation was very helpful. The trainer was able to pinpoint several areas in which we could improve.
In the advertising category, we worked on a list of items that could point people to our website. Something as easy as placing the URL on repair orders, buyer’s orders, parts tickets, showroom windows, waiting room walls, (maybe the bathroom wall would be a good idea, too?), service loaners, etc. You get the idea. And while I was thinking about that, I thought about my own office. How was I, the internet manager, advertising the website?
My glass office door has been my bulletin board for a number of articles, NCAA tournament brackets, cartoons, and etc. So, why not use that prime real estate to advertise our website for people who visit the Buick showroom? As a trial, I’ve used one of my favorite photographs from last fall and added text to it. It’s now proudly adorning my doorway.
2010 Business Card
Last year I had a business card magnet made to replace my normal business card. I had it made for the Cleveland Auto Show thinking that people might put the magnet on their refrigerator and think of me first when looking for their next car. But after a year of using those, I ran out rather quickly. And some people asked for a normal business card instead so it would fit in their wallet.
2010 Business Card
This year, I decided to make a full-color business card. After looking at various creative business card examples on the internet, I decided that a driver’s license look-a-like would be the way to go. Thankfully, a talented friend was willing to do the artwork for me at a good price. I smiled for twenty minutes after seeing his excellent work! I still have a few edits to make (such as adding my email address!) but it should be done this week and sent to the printer hopefully in time for the Auto Show at the end of the month.
New Family Photos
A 2008 Spyker with a Classic SAAB 900
The new SAAB 9-5 and a Spyker supercar
Online Advertising
I’ve not tinkered with AndyRupert.com for some time due to my new responsibilities at the dealership. However, Leikin Motor Companies is currently running full-page advertisements in two local papers and I thought it would be good to post those somewhere online for our customers to peruse. Hence the new Specials tab at AndyRupert.com.
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Serving the Greater Cleveland Area since 1968