Car buying on Long Island (insurance, income, taxes)

[Coney]

We just bought an SUV, our first. It was not a lease. They added extra $$$ to the price and gave it some fancy name. The dealer threw in some silly thing about the tires as if this was going to make us feel as if we got some sort of "deal."

This was a replacement for a 28 year old Corolla that had essentially died. We put a lot of money into it and just didn't think it was worth it to pay for more repairs.

[mathjak107]

We want to get a bmw x5 but the premium is over 10k right now .

So we will wait …my son has a car leasing business in Long Island and New Jersey and they also do new car sales and work with many dealers .

He would kill us if we bought at these levels

[rocafeller05]

I agree the prices are crazy. Feel bad for the kids just starting out driving.
It’s hard to find a decent beginner car under $7k right now.

[suzook]

If the idiots paying over msrp would just stop, what do you think would happen? Dealers would pile up on cars, and need to discount them.

[rocafeller05]

That’s why I’m playing the waiting game as long as I can. Two idiot coworkers of mine paid over $12k book value for new trucks.

[suzook]

Originally Posted by rocafeller05

That’s why I’m playing the waiting game as long as I can. Two idiot coworkers of mine paid over $12k book value for new trucks.

That's just beyond stupid.

[mathjak107]

Trade ins are worth thousands more , so it isn’t as bad a premium as it looks .

But the premium is still greater than what you get on a trade in .

My car is worth only about 12k less then I paid 5 years later .

But it won’t cover the premium of 10-15k on the bmw I want

[mathjak107]

Good article on what dealers are going through .

My buddy owned major world , one of the largest car dealers in America ..

He was interviewed on the current car situation

https://www.nytimes.com/2022/04/02/b...s-profits.html

[suzook]

I love people linking articles you need to subscribe to. And MajorWorld? Biggest scumbags around.

[mathjak107]

I didn’t have to subscribe to read it

Bruce the former ceo has been divorced from the business ever since it went to being a public company years ago .

They have certainly been found to have sales people using poor sales practices to say the least …

But the interview spoke about the car shortages.

Dealers are getting one fifth the cars with expenses of running the dealerships only going higher and higher .

Used Cars are not even making it to auctions anymore and they are sold.

The ones the dealers get go for very high prices to the dealers.

A shame that the company did get such a reputation…that was not the company Bruce and his brother cultivated . But it is one they have to live with as it got so big it took on a life of its own and they didn’t stop some of the goings on that they should have

But that is what greed can do