Is the dealership ripping me off?!

20

Asked by Sep 19, 2013 at 03:09 PM about the 2013 Chevrolet Spark LS

Question type: Shopping & Pricing

I would like to buy a 2013 Chevrolet Spark.  The sticker price is $14,300.  He told me that it's only a couple of hundred above invoice.  According to truecar.com that is not true.  Also, they offered me two scenarios with bad credit.  One was a $3,000 deposit with $350 x 72 payments.  The other was a $4,000 deposit with $325 x 72 payments. My trade in is a Ford Escape 2007 in good condition.  I owe $7,225 on it.  I have negative equity in the vehicle.  I owe more than it's worth by $1,000 and then they have to resell it so its more like $3,000.  I have 92k miles on it.  They are charging me for two Sparks when you add it all up.  So should I wait six months and pay off a chunk of my debt and then try again?  When I went for two other vehicles before this averaging around $17,000 mind you, I got the same insane deals and those cars are $3,000 more.  What the heck is going on?  Any good advice?  I just wanted a small economical fuel efficient "new" car.  That is my bottom line for around $300/month.

5 Answers

The interest rate is what is killing you on this deal. 16% is obscene. From what you describe, most people would have been denied outright. 6 years @ $350..naw. Since your Escape is in good condition, you did ask for advice..so forget it for now. In 6 months you will have 1) more time on your job which means lower interest, 2) more equity in your Escape. If you can get it down to 10%, and with the more equity, you will probably still have maybe $300 but knock an entire year off, to 60 month. Friendly advice: Wait. Just don't be late on any payments and your credit score will go up..translates in to far less interest. Best of luck

1 out of 1 people think this is helpful.
20

Thank you. I think I'll wait. The General Manager I spoke with today wants to put me into an even more expensive vehicle because there is more rebate and incentive to do just that. I feel I'll just be getting deeper into a hole. I will pay off my debt as much as possible over the next six months and see where I stand and not only that I'll be in my job longer.

1 out of 1 people think this is helpful.

You're right. You will only be digging a deeper hole. Agreeing to 16% is not the way out of debt. And they will sell you anything they can get you to sign on the proverbial dotted line. Wise choice in my humble opinion to wait

1 out of 1 people think this is helpful.
20

Thanks for confirming my thoughts on this matter. Waiting is no problem because the car I have runs perfectly fine and six months will go by really fast. Hopefully, in six months, I'll be able to really pay down a big chunk of my debt!! And hopefully my credit will not take a huge nose dive because the debt is in collections at this point.

1 out of 1 people think this is helpful.
30

if the salesman has his mouth open he is lying trying to talk you into more money

Your Answer

Add photo

Related Questions

Spark

Looking for a Used Spark in your area?

CarGurus has 10,180 nationwide Spark listings starting at $4,995.

ZIP:

Search Chevrolet Spark Questions

Chevrolet Spark Experts

#1 Sharrie Mullen
Sharrie Mullen
Reputation 70
#2 Kendra Leigh
Kendra Leigh
Reputation 60
#3 dandyoun
dandyoun
Reputation 50
View All

Related Models For Sale

Used Chevrolet Sonic
257 Great Deals out of 12,491 listings starting at $4,499
Used Honda Fit
241 Great Deals out of 17,424 listings starting at $2,300
Used Ford Fiesta
278 Great Deals out of 17,199 listings starting at $2,995
Used Toyota Yaris
103 Great Deals out of 10,307 listings starting at $1,745
Used Chevrolet Cruze
1,082 Great Deals out of 81,780 listings starting at $3,950
Used Chevrolet Spark EV
11 Great Deals out of 183 listings starting at $6,995
Used Ford Focus
1,232 Great Deals out of 59,561 listings starting at $1,395
Used Nissan Versa
388 Great Deals out of 20,290 listings starting at $1,000
Used Chevrolet Aveo
19 Great Deals out of 2,217 listings starting at $1,950
Used Fiat 500
163 Great Deals out of 7,117 listings starting at $3,695
Used Kia Soul
364 Great Deals out of 29,313 listings starting at $2,900
Used Honda Civic
1,156 Great Deals out of 66,089 listings starting at $1,500
Used Toyota Corolla
1,405 Great Deals out of 68,394 listings starting at $988
Used Hyundai Accent
278 Great Deals out of 12,997 listings starting at $998
Used Volkswagen Beetle
263 Great Deals out of 8,661 listings starting at $1,500

Used Cars For Sale

2017 Chevrolet Spark LS For Sale
4,152 listings starting at $8,184
2016 Chevrolet Spark LS For Sale
217 listings starting at $9,854
2015 Chevrolet Spark LS For Sale
13 Great Deals out of 207 listings starting at $6,950
2014 Chevrolet Spark LS For Sale
21 Great Deals out of 358 listings starting at $5,885
2013 Chevrolet Spark LS For Sale
8 Great Deals out of 217 listings starting at $4,995