Sunday, December 30, 2007

Update Car shopping

One of the first signs we're entering a recession is that 'big ticket' sales plummet. Cars tend to be one of the first hit items. Our experience buying a new car shows that this seems to really be happening:

What? A new 2007 Honda Odyssey EX-L with rear seat DVD.

MSRP: $33,330
Invoice: $29,604
Current Honda incentives to dealer (per Edmunds): $2,500
Carsdirect price: $27,720
TMV price (on Edmunds): $27,985
Used equivalent with 8,500 miles: $27,778
Used EX (sans DVD & leather interior): $26,900
Our price: $27,100 (Before $2,506.04 of state taxes/fees)

Thanks to advice from my best friend on negotiating tactics! He thought we could get if for $300 less, but I guess they wore us down enough. ;)

Now, Bearmaster was kind enough to send this link on how bad cars sales are. I can tell you on the last Sunday of the year, our Honda dealer was dead. During the few hours we were there, I only saw one other car transaction completed. There were a few other couples there... but they were really no progressing. I've helped quite a few people buy cars and was shocked at how slow the sales were.

First impressions is that its a really nice car. Part of what made it easy to negotiate is that we weren't that excited about buying a mini-van. :) Practical... just not exciting. We did our research ahead of time. Reviewed a few cars and walked out of the dealerships sans negotiation. (Hey, it wasn't the end of the quarter... then.) We almost walked out tonight. Only then did we get under the carsdirect price.

But do we really need eight (yes 8) cupholders for the front two seats? There are 15 cupholders in this vehicle! Nor do we really need 8 seats today... But its going to make a great ski vehicle. :) Its a huge vehicle that's a bit big for our garage, but it fits. We're happy with it. :)

Why the Lexus GS350 photo in the last car shopping blog? Simple, that was our top end car. But the price negotiation never got down far enough to interest us. We also looked at Honda Accords (2008 V6 EX-L), Acura RL and TL, and a few other Lexus/Toyota choices (including their minivan).

But what matters from this blog's standpoint is that the economy is showing strain. All of the car salespeople were unusually hungry. We have an interesting road ahead.

Got popcorn?


tj & the bear said...

Minivan? MINIVAN?!? :-)

Guess we'll be looking for that "Baby on Board" sign later next year!

Great choice on the Honda. We have Acura's ourselves -- can't beat Honda quality, reliability, performance & value retention.

Darrell Clarke said...

With gasoline prices headed ever upward, I'm surprised a Prius wasn't on your shopping list. It's a mid-size car inside, the hatchback is very useful, and it averages over 40 mpg.

wannabuy said...


Its ok, I was able to get over it.

Darell, this is for my wife. She really liked the size and ride. The fuel economy isn't that bad. Not a Prius by any means, but its not a SUV either.

We use my car for most long drives. :)

Got popcorn?

Anonymous said...

I work at an automotive-related dot com. From our big picture numbers, I saw this coming in August (which is why I won't be working at an automotive-related dot com in a few weeks). There will be blood in 2008. Expect a merger, buy-out or shutdown of one of the big three detroit makers this year. Either Ford or Chrysler.

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I've seen the features of the Honda Odyssy. Hope the market price is lowered to make it affordable though.
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