QuestionHi Shari. I'm thinking about buying a new 2008 Santa Fe. Of course, I want the best possible price. The invoice price on the vehicle is 21,906. Does that mean that's what the dealership paid for the car and it's the lowest price they can accept; just to break even? If not, how far under can I reasonably go?
The car lists for 28,000; they've got it marked down to 24,000 after a 3500 rebates. They are also offering an additional 3000 rebate.
I've never bought a new car before. Since it's a 2008, in a month or so, the car will be a year old, so I would think they would take less. Plus, I think most people, fearing high gas prices, are shying away from the SUVs, so I would think they would take less.
What do you think? Any advice? Thanks in advance.
AnswerHi Kerry,
The invoice cost is what you start with. All rebates are subtracted from that amount.
Even though the vehicle will be a year old soon a dealer will not take less than invoice minus rebates. They will lose money and more than likely can sell that vehicle because of the rebates. Even with gas prices people are still buying SUV's, especially the Sante Fee, it is a good vehicle with good gas mileage.
Be sure and negotiate your interest rate. They will tell you a percent that you can get but it is always higher as that is how they make money. Check with your bank or credit union and see what rate they will give you. It will be lower than what the dealer will give you.
Good luck, let me know if I can help more.
Shari
