No, not for me, unfortunately – but fantastic news for the BF! He bought a 2008 Dodge Avenger for $15,500 (almost $7K off the sticker price) this weekend.
Why A New Car
Currently, the BF drives a 13-year-old Jeep Grand Cherokee. There are several unfortunate things about the car, but the most important are: 1) it gets about 8 mpg on the highway, and 2) it has started experiencing mechanical failure because of its age…in addition to the fact that he’s had to get towed about 3 times in the last 6 months or so, the power locks on the front doors don’t work, nor does the retractable antennae, and thus, the radio.
This is an issue that has been on our radar for the last several months, ever since the first time we had to get it towed. He had about $3K set aside for a down payment. Originally he’d been thinking that he would spend $7-9K and get a used car, but it turns out that doesn’t buy you much these days. Neither of us has bought a new car in over 6 years so we were a bit dismayed by how much prices have gone up even for used cars.
So Friday after I went to bed he was watching the local news and there was a story about a Chrystler/Jeep/Dodge dealership that was being liquidated/closed because of the bancruptcy. The reporter had just bought a new car there and said that they had to liquidate their entire inventory of new cars by Tuesday. So the BF decided to go up there…originally he wanted me to go with him but I had a pedicure appointment that I couldn’t cancel, so he drove up on his own on Saturday.
When I got out of my appointment he called and said that he thought he was going to buy a car and really wanted my opinion, so I drove up there too. We had a late lunch while he told me all about the car, then we walked back over to the dealership…it was a madhouse (to be expected) so the salesmen gave him the keys so that I could test drive it, too. I liked it fine - the only complaint I had was minor – the rear window is tinted dark enough that it’s hard to see out - so we decided to see what they could give us. The BF and the salesman went back and forth for awhile and then the BF said that he’d take it if they’d give it to him for $15,500 and to our surprise they agreed!
So he ended up with a 60-month contract and the payments are about $300/mo. The interest rate is about 7% for those of you who find this interesting…I’m sure his credit looks great right now because he recently transferred about $7K to one of my empty credit cards for the better interest rate. This will mean he pays off his credit cards a little slower but he can still easily afford all his monthly expenses. He’s going to sell his Jeep (he thinks he can get $3K for it, we’ll see) and is trying to decide whether he should then put that toward the Avenger too and refinance right away, or just put it back in his savings account. I lean toward the latter.
The one he ended up with actually looks exactly like the one pictured – black (with the sparkles, not matte), with those same rims and spoiler. It had 210 miles on it and gets 21/30 mpg. There is, no kidding, a beverage chiller that holds up to 4 cans, the stereo system plays MP3 CDs and also has a 20g hard drive so you can download all your songs into the car and then not have to have your iPOD player in the car. He also gets SIRIUS radio free for a year. Apparently the speakers are really nice quality, too, but I don’t care enough about those things to remember what he told me about them The front panel of the radio has a touch-screen and slides out to take CDs in and out.
So at least one of us finally was able to cash in on all these fabulous recession deals!
What recession deal would you most like to cash in on? Leave a comment below and then try these excellent posts: