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Old 01-16-2021, 06:47 PM   #1
fdavisho
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Pay for used car with cash

Hi all, I'm new to car buying and am planning to purchase my first vehicle (used Volvo) in the next couple of months. I have done some research and generally, it seems that paying cash for a new car is a bad idea when buying from a dealership, as it can drive the prices up since you aren't paying the extra from financing. However, I am strictly looking to buy a used vehicle, and wanted to know if offering to pay cash to a dealership (instead of financing) would give me any advantage in the price negotiation? Thanks

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Old 01-17-2021, 07:06 AM   #2
aleekat
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Re: Pay for used car with cash

Yes. There is an "asking price" & a "selling price". Just be careful of the "add ons" that drive the price up. Get the offer in writing. Don't sign anything without reading it.(sounds simple but many do).
Don't know what model Volvo you are looking at. Proud owner of a 1985 740 bought brand new in 1985. If you do get one: Look here.
http://www.brickboard.com/RWD/index.htm?model=700
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Old 01-17-2021, 08:43 AM   #3
fdavisho
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Re: Pay for used car with cash

Thanks, I'm looking at the new line of 2012-2015 S60 T5, and as I'm buying used, options are generally preinstalled, but I'm definitely going for the absolute minimum when it comes to paying for it (no extra frills, planning to do insurance and registration myself).
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Old 09-21-2023, 02:30 AM   #4
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Re: Pay for used car with cash

Financing costs you more money. Dealers make more money off financing.
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Old 09-22-2023, 03:55 PM   #5
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Re: Pay for used car with cash

1. I'd get the internet price, in writing, which is usually less than the in person price.

2. Then, when negotiating the price tell them you have financing (but not that it's cash) and ask what discounts are available if you use their financing.

3. After making sure there is no early payoff penalty, take their financing and drive away in your new car. Then pay off the loan when the first payment is due. You might pay a little interest, but it'll be less than the discount.

I've done this more than once....accept theirs with discount, then use yours.
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