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Thread: Financing the base S model

  1. #1
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    Financing the base S model

    Hello all!
    I have been anonymously stalking this forum for the past few weeks while I have been thinking about getting a new car.

    First off I want to say that I have never bought a new car before, I have always bought used and paid cash, in my current situation that is not an option and I am getting tired of my cars needing work done after driving them for only a few of years.

    I heard about the Micra and I think it will suit me perfectly, I am coming from a 2000 VW Golf that is just about at the end of its life, when I heard the Micra was just $10,000 it hooked me. Brand new car for $10,000 with a warrantee? Yes please!

    So I went and test drove it, enjoyed it, and was ready to buy it. The dealer showed me the financing options and for the base S model the financing was 5.99%! Apparently the S model is a new car at a used car price with used car financing. He then showed me the next model up Micra which had 0% financing, and I tried to explain to him that I probably wouldn't even be looking at new cars if it wasn't for the price of the S, which is what I want. I asked him if that rate was non-negotiable since he did not even know my credit yet (I have a good credit score, own a house, willing to pay a down payment on the car), and he told me he could probably get me a 4.8% variable with the bank.
    Anyways long story short. I walked.

    The thing is I still do want the Micra but not at those rates, those rates over 5 years is going to tack on an extra $2000 to the price tag. I am meeting with my bank today to see what they can do for me but I hear banks rates are usually higher than dealership rates.

    Now my question to you guys is what do you guys think the chances are of the Micra S getting a promotion on their financing in the coming months? Or should I just bite the bullet and take what the bank gives me?

    Thanks for the help, and yes, I am a cheap ass, frugal *******.


    Last edited by sirfudg; 04-25-2015 at 12:49 PM.

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    Senior Member dani3d's Avatar
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    I don't know, but why don't you call Nissan Canada and ask them? they should know. Or the dealer might know. Now here in Quebec they have a special going on with 3 years of free maintenance, till the end of April.

    It's nation wide it seem:

    http://www.choosenissan.ca/locale

    I think it's a good time to buy before the end of April.

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra SR automatic: 7.0 L/100 km ... 40.4 mpg (Imp) ... 14.3 km/L ... 33.6 mpg (US) ...


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    Oh really? That's a special? I thought that just came with new cars as part of the warrantee. Like I said I am new to buying new vehicles hah.

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    I got the finance person at the dealership to check with the banks vs Nissan's own financing and managed to get 4.9%. Sounds like they already mentioned that route with you. It's not a huge saving but it's better than nothing, and after doing the math the overall cost was still cheaper than bumping to the SV trim with cheaper interest.

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    Quote Originally Posted by krssctt View Post
    I got the finance person at the dealership to check with the banks vs Nissan's own financing and managed to get 4.9%. Sounds like they already mentioned that route with you. It's not a huge saving but it's better than nothing, and after doing the math the overall cost was still cheaper than bumping to the SV trim with cheaper interest.
    Just got back from the bank, their interest rates are higher so it looks like I am also going to go this route. Would you by any chance know that since its technically a loan from the bank do you have the ability to pay it down faster to save on the interest? or is the interest just built into the price like with the dealer financing? Thanks, and sorry I know this probably isn't the place to talk about loans.

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    Quote Originally Posted by sirfudg View Post
    Would you by any chance know that since its technically a loan from the bank do you have the ability to pay it down faster to save on the interest? or is the interest just built into the price like with the dealer financing?
    I would ask them. I believe most car loans are "open loans", meaning you can make lump payments and if you pay it off sooner they'll refund any extra interest at the end. Even the ones through Nissan financing are probably like that.

    I am not a financial expert and this should not be considered financial advice, blah blah.

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    Thanks, I will definitely ask the dealer when I go in and see him again on Tuesday, since the interest rate isn't exactly excellent I am going to see what he can do for me. Has anybody had any luck haggling on the S? haha, I am hoping I can score a set of winters.

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    Administrator MetroMPG's Avatar
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    One eastern Ontario dealer was offering a great deal on the S, including winter tires:

    See: First discount/freebies I've seen advertised for new Micra S

    But I bet there won't be much haggle room on the base car until the 2016 models start arriving. They just don't make much money on the bare bones cars.

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra S manual: 5.0 L/100 km ... 56.5 mpg (Imp) ... 20.0 km/L ... 47.0 mpg (US) ...


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    Administrator MetroMPG's Avatar
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    PS: welcome to the forum!

        __________________________________________

        click to view fuel log View my fuel log 2015 Micra S manual: 5.0 L/100 km ... 56.5 mpg (Imp) ... 20.0 km/L ... 47.0 mpg (US) ...


  10. #10
    I tried to haggle for free tint, free roof rack, and douvle the warranty.
    They came back with $13.5k +hst..
    So Im going elsewhere for $12.8k on the road. With warranty upped to 7 years.

    Ill get aftermarket rack and tint.

    Theres a $500 discount for full cash sale btw...


        __________________________________________

        click to view fuel log View my fuel log 2015 Micra S manual: 7.7 L/100 km ... 36.8 mpg (Imp) ... 13.0 km/L ... 30.6 mpg (US) ...


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