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Cash is no longer King...

Old 06-08-2019, 04:37 PM
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Default Cash is no longer King...

Been out shopping for two weeks now for a "new" replacement "truck" to my 96 Pathfinder with 306K miles (which still runs and looks great so no hurries). Had a budget of $10K and fairly flexible on what I looked at as long as no heavy damage, salvage, mechanical issues or "Hershey Bar" paintwork. I'm a pretty saavy mechanic, NEVER buy new or late model used, and just look for the deal. After two weeks of disappointment after disappointment and a real eyeopener about current Nissan/Toyo/Infiniti/Lexus 4WD SUV pricing within 200 miles of me, actually lucked up on the unicorn - 06 one owner 4WD QX56 for $9K within 50 miles of my house. I just wasn't willing to pay that. Test drove, loved and came back with $8k in cash - laid out in a wad on the desk. They said NOPE. I asked why not?

"We make more when we finance it! Just give us $2K of that and finance the rest."

I left.

They DIDN'T follow me or call.

Cash ain't king. Making money off of somebody's cash is king.
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Old 06-08-2019, 04:41 PM
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Now as a sidebar to THAT, when I pulled 8K out of my credit union checking account, the teller reminded me of their great used car financing rates. I told him paying cash was cheaper for me. He told me I was wasting money by not letting it stay in their bank and draw great interest. I replied that their interest rate on the loan was higher than the interest rate on the money in the account.

He shut up.
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Old 06-08-2019, 04:42 PM
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My buddy owns a buy-here-pay-here type place. No vehicle over $10k.

They take a down payment, sell the car, collect a few payments, then when the new owner defaults, they go repo the car, then do it all over again. Quite profitable.
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Old 06-08-2019, 04:43 PM
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Cash is king, they want more of it is all.

So finance whatever amount then pay off the loan in 30 days, you get a better deal, they get their kickback and the bank gets screwed.
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Old 06-08-2019, 04:46 PM
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Read the finance agreement. As long as there isn't an early payoff penalty, finance that bitch and pay it off the next month.
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Old 06-08-2019, 04:48 PM
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Originally Posted by YFMF View Post
Cash is king, they want more of it is all.

So finance whatever amount then pay off the loan in 30 days, you get a better deal, they get their kickback and the bank gets screwed.
Yup, unless there's a penalty clause if paid off early .
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Old 06-08-2019, 04:50 PM
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Originally Posted by ChrisW21 View Post
Read the finance agreement. As long as there isn't an early payoff penalty, finance that bitch and pay it off the next month.
Yeah, the problem is that he wanted a PREMIUM finance price when I was paying cash and this Scot is cheap. I was a used car dealer for years, and have stayed pretty savvy to values. Not padding pockets. Not opposed to profit, just not paying excessive profit.
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Old 06-08-2019, 04:53 PM
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For the record, I could buy new with no issues. Credit Union would LOVE that at 3.5%, but I have NEVER bought new or late model and NEVER had a car payment. Don't intend to do the same now. I'll wait for the unicorn. Pathfinder is running just fine. And I guess I'M a unicorn - avoid debt, financing, the whole nine yards. House paid for... boats paid for... cars paid for... just dreading college for kids.

edit: PURCHASABLE Unicorn. Someone wants cash.
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Old 06-08-2019, 05:10 PM
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Cash is no longer king at all in my industry. Mortgages are easy to get, and rates are low. Offers 10-20% off what is being asked and the buyer tries to say it is because they're offering cash, that doesn't wash anymore. If/when the economy tanks again, that may change, but there is no more paying 80-90 cents on the dollar because you have cash.
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Old 06-08-2019, 05:35 PM
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Where do you live? We have a small used car lot and can find just about any vehicle.
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Old 06-08-2019, 05:40 PM
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Originally Posted by Elgreco809 View Post
Where do you live? We have a small used car lot and can find just about any vehicle.
Arden NC. Appreciate the offer but Iím already walking auctions with a friend in the business. Awfully damn nice of you to offer though!
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Old 06-08-2019, 05:44 PM
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Originally Posted by WeeKilt View Post

Arden NC. Appreciate the offer but Iím already walking auctions with a friend in the business. Awfully damn nice of you to offer though!
About 6 hours from Myrtle. We don't mind cash deals because everyone around here are a bunch of broke dicks with 400 credit score . Good luck on your search. A solid 4wd Toyo or Lexus will be tough for 10k. Nissan's and Infiniti will be easier to find IMO. Toyotas, gm full-size SUV's, any truck and wranglers go for big money.
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Old 06-08-2019, 07:17 PM
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Originally Posted by Elgreco809 View Post
About 6 hours from Myrtle. We don't mind cash deals because everyone around here are a bunch of broke dicks with 400 credit score . Good luck on your search. A solid 4wd Toyo or Lexus will be tough for 10k. Nissan's and Infiniti will be easier to find IMO. Toyotas, gm full-size SUV's, any truck and wranglers go for big money.
Three of those four ainít on my list. Domestic is definitely out for me. Too many issues at 110k much less 170k. Pathfinder on original engine and trans at 306k with anal maintenance so... looking for that guy that sold at 110k. Lol. Unicorn, but out there.
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Old 06-08-2019, 07:45 PM
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cash has not been king for about 20+ years

although cash is still king with the very few private sellers that are trying to sell a decent car themselves....they quickly find that there ae a very very very few people that can come up with the cash for a $10,000 dollar car

after my dad died it was really hard to sell his one owner, well maintained, low mileage car for near what any dealer or anyone else was asking for theirs.....too many people are too stupid to know they can get a loan from a bank or credit union if they have pretty good credit or they are just too lazy to do so and would rather pay the dealer the higher price for the car and the loan

this is why carmax, autonation and carvana exist because people can get dealer trade in value in cash and then take the trade out of their next car deal and probably keep most of the cash and finance the new (to them) car
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Old 06-08-2019, 08:03 PM
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I must have missed something. The asking price was $9K and you offered $8K cash. Did they say no because it was a cash offer or because it was too low?
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Old 06-08-2019, 08:57 PM
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Originally Posted by WeeKilt View Post
After two weeks of disappointment after disappointment and a real eyeopener about current Nissan/Toyo/Infiniti/Lexus 4WD SUV pricing within 200 miles of me, actually lucked up on the unicorn - 06 one owner 4WD QX56 for $9K within 50 miles of my house. I just wasn't willing to pay that. Test drove, loved and came back with $8k in cash - laid out in a wad on the desk. They said NOPE

I left.

They DIDN'T follow me or call.

Cash ain't king. Making money off of somebody's cash is king.
So you've been disappointed looking for 2 weeks and then came upon a "unicorn" that you loved and you walked over a grand? It sounds like you're just pissed that you didn't get your way!



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Old 06-08-2019, 09:17 PM
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Why take a cash offer from you when he can sell it for near full price and a finance kicker? Sounds like good business sense on his part.

Next time, make him a fair offer and see what happens. Your offer left no meat on the bone for him.
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Old 06-08-2019, 09:24 PM
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Originally Posted by SouthpawHD View Post
Why take a cash offer from you when he can sell it for near full price and a finance kicker? Sounds like good business sense on his part.

Next time, make him a fair offer and see what happens. Your offer left no meat on the bone for him.
in fact it proves cash is king. Just not your cash.
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Old 06-09-2019, 01:44 AM
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The first gen QX56/Armada is a helluva a nice vehicle. Quirky looking but well laid out, plenty of power and they ride great. It’s one owner and not beat on? Go back and pay them for it.

If you want to be cheap, check the exhaust manifolds for cracks where the cats are welded on. If they know about it, they may take your offer. Google that issue, there a few options for a fix.

Being an ‘09 that’s about the only trouble spot that’s likely to show up. Brakes, radiator and rear end were upgraded mid 2008.
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Old 06-09-2019, 03:19 AM
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Originally Posted by WeeKilt View Post
Yeah, the problem is that he wanted a PREMIUM finance price when I was paying cash and this Scot is cheap. I was a used car dealer for years, and have stayed pretty savvy to values. Not padding pockets. Not opposed to profit, just not paying excessive profit.
A "Scott" cheap!!! no way, how about thrifty or frugal
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