RickBlaine
3/7/2016 14:05 EST
Can anyone tell me if the car dealers (ATL Automotive, etc) negotiate on new car prices the same as they do in the states? Certainly don't want to pay full sticker if I can help it or look like a moron and try to haggle.
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jlynnbarrett
3/7/2016 16:08 EST
I am so glad you asked that question! I am looking forward to some answers. Also, I am seeing that 19-22% is the standard finance rate unless you use ToyotaJamaica finance which is 8% but you have to buy a Toyota. Anyone know anything different than that?
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RickBlaine
3/7/2016 16:27 EST
Have you talked to the banks? I know NCB is 7 1/2 on new cars and they have a deal with Hyundai for 6% the first year. I haven't heard anything about that high of interest on new cars.
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Gardis
3/7/2016 16:51 EST
You are aware, I hope, that the price of new cars in jamaica is approximately double that of a USA bought car? The duties on new cars are astronomical. You might be better off with a used Japanese car. Stick with the Japanese brands, that's what everyone drives, and that's what the mechanics know how to fix. That's the other consideration.
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RickBlaine
3/7/2016 18:23 EST
Yes! I am fully ware of that. My question is only "Do the dealers negotiate on price?"
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jlynnbarrett
3/8/2016 11:38 EST
Rick, thank you for that info. I was going by what is on the websites for the dealers and the listing they have for interest from their "partner" banks.
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RickBlaine
3/8/2016 11:46 EST
you're welcome. Infact I just got off the phone with the Hyundai dealer and the promo with NCB is 7% the first year and 8.8% there after. So not sure where those other rates came from that you got, unless that is for used cars.
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jlynnbarrett
3/8/2016 12:49 EST
It was. That certainly means I am looking at a new one! Please let me know if you are able to haggle down the price with the dealers. Good luck.
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RickBlaine
5/5/2016 10:00 EST
We finally got our car!!! It's been a "process" that required a whole lot of patience though. Totally unlike the states where you can buy and drive away in hours... not days (or in this case a month).
After a lot of looking and research we opted for a used car at a car dealer. I learned that many of the used cars on the lots are imported from Japan and comparably priced with used cars in the states. Most are low mileage and well taken care of.
We found our car on April 1st, and got an invoice to take to the bank. Next step was to get a valuation for the car which the bank requested (J$3000). Then my fiancee had to get the employment letter. Two weeks later the loan was approved. Next step get the car insured. (I had to get my TRN so I could be added as a driver... that was a half a day)
Next had to give the dealer the down payment and take the receipt to the bank. Then had to wait for the bank to send the dealer a Letter of Undertaking.
Then back to the tax office and register the car and get the plates. Once we had the registration back to the bank to provide them a copy. The bank then submitted payment to the dealer. Once the dealer received the payment they could release the car.
We picked it up on May 3rd. A month after we started the process!!!
The dealers here do absolutely nothing, it's all left up to the buyer. New car dealers may be a little different but it sounded like the same process.
The one new car we looked at the dealer did drop the price by J$10,000 because we were looking at a competing vehicle/dealer.
The used car dealer did drop the price J$100,000 but wouldn't budge another dollar. Comparing the same car to other dealers it was fairly priced.
We bought a 2012 Mazda Demio (Mazda 2 in the states) for J$1,350,000. I checked KBB.com (Kelly Blue Book) for the same and a fair price for Good or Better condition is $10,344 (US) plus sales tax, in Florida it's 6% so the total would be $10965 (USD). When you convert the purchase price to USD it's$11,011... a $46 difference. In my opinion I think we got a better car here than we could have found in the states.
Also, the bank gave us 10.5% and 5 years on the car.
I didn't mention the dealers, bank, insurance company to try and keep this post non-commercial. If you'd like more detailed info than just PM me.
Hope this helps someone.
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Mobygirl
5/5/2016 10:35 EST
Boy...thanks for sharing.I went thru the same process.. thought I could drive home my car in one day. You are better than me. I lost patience at week 4 and all the back and forth paper work with my bank.
I went back to the dealer told him I would pay cash.. guess what price was dropped and he did everything including sending a courier to the tax office.. I was happy in the end without the bank.
Found out it wasn't a commercial bank I joined..Now I am switching banks.. cant deal!!!
Lesson learned, before you join a bank make sure you know what they can and cant do..
Have a great day!
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RickBlaine
5/5/2016 10:40 EST
Insurance is J$103,000 a year (after a 15% discount for being a member of a credit union) for full comprehensive. Payable quarterly.
I checked several companies and found ICWI to be the best. Check around as your case may be different but ask them about discounts for banks, credit unions, employers, etc.
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