On the cusp of buying my '11 wrx in Gray - what did you pay??
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This is a discussion on On the cusp of buying my '11 wrx in Gray - what did you pay?? within the New Member Hangout forums, part of the Community - Meet other Enthusiasts category; Uploaded with ImageShack.us Uploaded with ImageShack.us I've been looking for two weeks and I'm sold on the grey color. I ...

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    Registered User Clovis's Avatar
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    On the cusp of buying my '11 wrx in Gray - what did you pay??



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    I've been looking for two weeks and I'm sold on the grey color. I found a dealer that's close (35 miles from me) and also gave the cheapest price so far. I drove down to check it out. It drives like a dream and I *LOVE* the ipod hook up (I have an iphone). Being able to throw my phone in the center console, control the music from the streering wheel and use the bluetooth for the phone while also charging my phone at the same time is slick.

    I drove home and took my wife back - I'm trying to get her to give me her blessing even though I'm doing it on my own as far as financing/title -- the reality is the money for the payments still come sout of our checking account and she's just nerious because we have always bought used, inexpensive cars before. This is our first brand new car and the most expensive (we're 29 and 26 - marred for 6 years)-- ie I don't want to be sleeping in my new car for a few nights She really liked the car and started asking me things like "well, what does the premium include? is there a leather option? Oh, I like heated seats"

    (I've been looking solely at the base models - I like the clean look of a wingless WRX and I've had 4 cars with sunroofs, and rarely used them. Heated seats are nice but not enough to justify the extra $2500 in my mind for what you get with a premium or $3500 for the limited.

    Anyhow, so here's the details.

    My sales tax is 5.9% and title is like $18.

    I lost the actual sales price but with the $499 dealer fee included the out-the-door everything price is $26,055 for a brand new 2011 gray WRX. If I remember the break down correctly it's something like invoice of $24k plus $1k for the options (the special auto dimming mirror w/ compass and home link), all weather floor mats and center arm rest) then minus $1000.

    So a tad over $24,000 sales price with some basic add-ons plus $499 dealer handling and $18 title and 5.9% sales tax. Comes out to the $26,055. We're putting $3,055 down to finance $23k even - gives a payment of $349/mo over 72months (2.99%). The insurance will be $600 every 6 months, or $100/mo.

    Oddly enough an used 09 was $750 every 6 months but apparently Allstate gives "new car" discounts. I highly recommend IF you have a clean MVR for 3 years (no tickets or accidents) - because once you have them, they never check your MVR again - in other words traffic tickets do not effect your premium!!

    Good deal? I think so but I don't really know how it compares to what others have paid. Please share your opinions and the deal you guys got? Should I ask for more or is this as good as it gets? I thought about the Suby short throw but the general opinion is a kart boy is way better and being mechanically inclined I can install it myself.

    The stock shifter didn't seem to bother me but I like short throws (my folks have a Audi TT that has one, I think it was even standard, its great). The hatch versions, at least the 09 I drove seemed to have a very tall stick and the clutch was very heavy and required being fully depressed to dis-engage - which leads me to believe even though it appeared "stock" in the engine bay, it had some work done, at least a clutch replacement with a ****ty calibrated clutch peddle.

    Thanks!!

    -Clovis

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    Administrator TheJ's Avatar
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    I like sites like Edmunds. I don't take them as gospel but taken with other research, they can be helpful in providing perspective on value and pricing.
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    Registered User Semaj07's Avatar
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    You clearly have done the responsible thing and figured out all of the finances before hand. I am personally not one to go for a 6 years loan, but I do know people who have done it and it has worked out for them. As far as the pricing on the car goes, it seems like you got a pretty good deal considering it is a 2011 and Subaru dealers usually don't like to negotiate ANYTHING as far as the WRX's and STI's go. If you want a breakdown of exactly how well you did, I use this site to give a good estimate. I hope it all works out, the car looks sweet! Good luck!

    Site: http://www.truecar.com/index.html
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    Registered User Clovis's Avatar
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    That's true. The main deciding factor as far as rate is it's 2% up to 36 months but 37 to 72 is all 3% --- might as well go for the longest term for the smallest payment and I can pay extra but have wiggle room if I have low cash one month (I work primarily on 60% salary, 40% commission).

    I can't swing 3 years though as that would be $658/mo - but grantd only $700 in interest vesus $2200 over 6 years. But still, just outside of my comfort zone.

    -Clovis

    Quote Originally Posted by Semaj07 View Post
    You clearly have done the responsible thing and figured out all of the finances before hand. I am personally not one to go for a 6 years loan, but I do know people who have done it and it has worked out for them. As far as the pricing on the car goes, it seems like you got a pretty good deal considering it is a 2011 and Subaru dealers usually don't like to negotiate ANYTHING as far as the WRX's and STI's go. If you want a breakdown of exactly how well you did, I use this site to give a good estimate. I hope it all works out, the car looks sweet! Good luck!

    Site: http://www.truecar.com/index.html

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    Registered User Clovis's Avatar
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    Looks like I did well. Considering my out the door (taxes included) is the average price paid.

    Basically I searched every Subaru dealer that I was willing to drive to and found 6 base WRXs. 3 grey, 1 blue, 1 black and 1 silver. I called them all and told them the best price and asked them to come down - in the end it came down to blue or grey and the both offered to match each other's price.

    -Clovis

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    Quote Originally Posted by Clovis View Post
    That's true. The main deciding factor as far as rate is it's 2% up to 36 months but 37 to 72 is all 3% --- might as well go for the longest term for the smallest payment and I can pay extra but have wiggle room if I have low cash one month (I work primarily on 60% salary, 40% commission).

    I can't swing 3 years though as that would be $658/mo - but grantd only $700 in interest vesus $2200 over 6 years. But still, just outside of my comfort zone.

    -Clovis

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    Registered User economatic's Avatar
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    I also question financing for such a long time. The interest rate is actually okay but if you could get the 1.9% rate then you'd be right around the inflation rate, i.e. a real rate of 0%. But the real question is if you want to pay on a car for 6 years. A lot of things can happen in 6 years and having a note on a quickly depreciating asset may not make the most sense. And don't forget you'll probably want to get GAP insurance for the first year or so in case something catastrophic happens.

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    Administrator TheJ's Avatar
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    Quote Originally Posted by economatic View Post
    I also question financing for such a long time. The interest rate is actually okay but if you could get the 1.9% rate then you'd be right around the inflation rate, i.e. a real rate of 0%. But the real question is if you want to pay on a car for 6 years. A lot of things can happen in 6 years and having a note on a quickly depreciating asset may not make the most sense. And don't forget you'll probably want to get GAP insurance for the first year or so in case something catastrophic happens.
    I took his posting that he works largely on commission, to mean that he wants to retain the option to pay ahead or make the lower payment depending on circumstance. Yes I know the statistics are that few people with long notes pay off early. Realistically though, the long notes are a decent option for some who want to pay off quick but are afraid to commit to the large payment every month due to less flexibility with it.
    -The J
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    Registered User Clovis's Avatar
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    That's exactly it Jay - I just want the flexability. I actually work in the finance industry (mortgages and financial planning) so I'm very, very familar with loans and loan terms. Realistically I'll probably pay this off in 4-5 years.

    When I check the amortization schedule even at 6 years after the first year I would constantly have at least $5k trade in equity (remember I'm putting 3k down) -- this is when I compare it to what previous year WRXs are worth via trade in or private party. Off the top of my head at 3 years of making just the 6 year payment I would owe $12,016 and the car should still be worth around $20k.

    Gap insurance is a must however. I've bought two sport bikes and given the high likely hood of either a) wrecking or b) stolen I put gap insurance. I had a brand new 07 R1 and paid $30/year for the gap insurance. I was going to put $4k down at the time but decided to finance the whole thing and just get gap. I purchased in May of 07 and in August 08 it was stolen by 3 black guys in a truck. From the security video (this was a parkinglot) they litterly picked it up and tossed it in - gone in less then 30 seconds. I paid my $250 deductable and I was done. I was considering selling the bike anyways and would have to pay $1k to break even so in this case it worked out. the bike was found a year later 1600 miles away in North Carolina - I saw the guy who was riding it and by his mug shot he looked like your sterotypical dumb criminal. I found his criminal record on the DOC website - in and out of jail with a few years served in prison for, get this - theft.

    Anyhow I like to think of myself as being one of the smartest guys in the room and I've looked at this from every angle as risk vs reward - can't go wrong, it's just a matter of getting my wife on board because she's the exact opposite (when it comes to risk, she's very smart -- I'm the person that would by high yield but high risk stocks where she would buy low risk but low return bonds. Know what I mean?

    Thank you so much for all the comments and keep them coming! I love hearing feedback!

    -Clovis

    Quote Originally Posted by TheJ View Post
    I took his posting that he works largely on commission, to mean that he wants to retain the option to pay ahead or make the lower payment depending on circumstance. Yes I know the statistics are that few people with long notes pay off early. Realistically though, the long notes are a decent option for some who want to pay off quick but are afraid to commit to the large payment every month due to less flexibility with it.

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    Registered User economatic's Avatar
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    Quote Originally Posted by Clovis View Post
    That's exactly it Jay - I just want the flexability. I actually work in the finance industry (mortgages and financial planning) so I'm very, very familar with loans and loan terms...
    One thing I constantly see on these forums is many people don't understand or even know how to calculate the costs associated with financing something, so you are light years ahead of most. After that is out of the way, it all breaks down to preferences (e.g. you vs. your wife). Since I'm an economist, I see it as difference between utility derived from consumption today or in the future and only you can make that decision. Well...actually you AND your wife.

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    Registered User Clovis's Avatar
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    That's a very good point. When I bought my wife's car several years ago, we were buying from a family friend who sold used cars. We expected to be treated differently but instead we ended paying getting royally screwed.

    $2k too much and a worthless extended warranty that was thrown in for $1700 (quoted as being $480). We also wanted a 48 month term but to mask the payments we were given a 60 month term.

    It still pisses me off to this day but it was before I was in the finance business so since then I bring a loan calculator with me, and today I have an iphone - there's a free loan calculator app. You enter the balance, interest rate and term (number of years) and it pops out a payment and the full amortization schedule for you.

    Anyone that has an iphone or similar phone should be at least armed with that, so when a dealer gives you a payment "range" you know exactly what the numbers really are. Never take their word for it.. and never do business with family or friends. An experience I've had to learn the hard way.

    -Clovis

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