Pursuing Supra this summer

[FLtrackdays]

Lol they have all the other colors here except yellow or red. Insane amount of blues around here

It’s funny how that works. Same thing when I was shopping around for phantom with red interior. I’d grab anyone you find at MSRP and to your liking. I personally paid MSRP and transport to Florida. Did the entire ordeal twice. But I don’t mind buying out of state.

Try this thread if you haven’t’ already. Good info ?

https://www.supramkv.com/threads/u-s-toyota-dealers-without-mark-ups.1599/page-41#post-268866

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[wavy warrior]

I'm not in finance, so my advice and experience are not indicative of where the market is at right now, but that said the amount financed can definitely be a make it or break it point of getting a loan.

You have to ask yourself a few questions before looking for a loan:
- how much can you comfortably finance for the shortest period?
- what percentage of your take home is the payment going to be?
- if this is your one and only vehicle, have you built into your budget an allotment for maintenance / repairs / insurance?
- do you plan to keep the vehicle for a very long time, or do you want a new car every few years?

When I was a teen my grandpa always told me to only get a payment you can comfortably afford, but do not do that at the expense of the length of the loan... in other words if the only way you can get a comfortable payment is by getting an 84 month loan you probably shouldn't be getting that loan. In my personal opinion you should never finance a vehicle longer than its factory warranty period, which typically puts you at a 4 to 5 year cap. Then you should tailor your down payment to get the payment where you need it.

I'm also one of those weirdos who rarely finances cars. I bought my first car cash in the early 90s... admittedly it was a $500 POS, but it ran and I kept it running. Then I basically saved what would have been a car payment each month until I had enough to buy a new car. I've been leapfrogging like that since the 90s. My last few cars I've taken out small loans on usually at 36 month terms just to pad my credit history... but that was back in the glory days of 0% auto loans where it paid you to get the loan rather than today where most rates are in the 5 to 7% range. I looked around and couldn't find a rate low enough to run a loan on my Supra so I just paid cash for it back in January. At that time the best rate Toyota offered me was 7.5%, and my bank offered 5%. And that was for someone who is married, has a 800+ credit score and history with several auto and real estate loans. I'm sure if I dug for a few more weeks I might have found something sub 4%, but even then I didn't like the cost... those good bad old days of 0% car loans spoiled me.

@JTN thanks for providing some insight. I feel comfortable with taking the 4-5 year loan and this will be my first car purchase as I driven the family cat for a nearly 10 years now. Additionally my living expenses are quite low so this will be very doable for me. My credit union offers 5% for my current "Credit range" although that isn't my official offer so I am taking it with a grain of salt. I'm about to graduate with my masters in the next couple of weeks and don't plan on talking with a Toyota dealership until mid July about the vehicle whether it be a '24 or '23. Hoping the odds are in my favor!

 

[wavy warrior]

Eh 20%+ might help get you a better interest rate. I managed to pull off 4.7% thru Southeast Toyota (would be same for you in ATL) when I put down 21k on the car (total 59k). This was 2 months ago. Determining down payment is definitely a personal choice depending on what you can afford to pay in cash up front and what a comfortable monthly is as long as you're getting the best rate. I figured with the high inflation and relatively small depreciation on Supras (especially an MT like mine) that a sizable down payment worked in my situation to soften the monthly.

FYI - everyone should go get a rate from their credit union before buying the car and take it to Toyota. They matched it no problem, despite everyone here saying they couldn't do better than 6%.

Did 59K include taxes as well? Trying to understand what my OTD price will be if I can agree to 58K with the dealer. Also if I do a build sheet or put down a deposit, what's the best way to secure that car so I don't have to worry about markups when the car lands/arrives? I am more than willing to continue saving to provide a heftier down payment too. I'd probably need to set aside cash for insurance and maintenance, but that is definitely doable.

 

[JTN]

Depending on what state you live in and the car will be purchased in, actual sales taxes could be levied at the time of purchase or later during registration. Here in Missouri when you buy a vehicle your transaction is between you and the dealer, the state doesn't come in looking for their pound of flesh until you register the vehicle.

So for example when I picked up my Supra my price was MSRP minus my trade in, plus the doc fee. After the purchase they provided me with the paperwork to take to the state licensing office to get my title and transfer my plates. This included paying the sales tax on the purchase (which was around $4500 plus title and plate transfer fees).

When it comes to the actual price you will pay for your Supra (the "out the door price") it typically is going to be MSRP +/- any incentives or markups, and plus any document fees or dealer fees. Beware this last bullet point as a lot of shady dealers will try to hammer you with BS tack-on fees. This is why when making your deal you should ask for everything in writing and get the final, be-all end-all out the door price with a list showing all the various fees and whatnot. A dealer who will take your money for a deposit against preferencing for your allocation should have absolutely no issue with putting your deposit in writing as refundable, and they should have no problem giving you an out the door price on your vehicle as a preference.

That final thing is important though, as until they have an allocation and a VIN all they can price you on is the vehicle you WANT, not the actual vehicle they are allotted. The actual vehicle they get allotted may have other option packages or port installed items you didn't originally want but that will raise the price. The port installed stuff is full-on price padding, and if you actually want any of those things you are better served buying them yourself on the aftermarket and installing them in your garage. Toyota wants like 1k for the carbon fiber mirror caps that you can get for a third of that or less. Also a good dealer who truly wants to give you want you want can have all of those port installed options removed from the build before the car hits the US. My dealer did that for me as my car originally was slated to get drug through the parts catalog front to back, but the dealer cancelled all that junk allowing me to get my car exactly how I preferenced it.

 

[wavy warrior]

Depending on what state you live in and the car will be purchased in, actual sales taxes could be levied at the time of purchase or later during registration. Here in Missouri when you buy a vehicle your transaction is between you and the dealer, the state doesn't come in looking for their pound of flesh until you register the vehicle.

So for example when I picked up my Supra my price was MSRP minus my trade in, plus the doc fee. After the purchase they provided me with the paperwork to take to the state licensing office to get my title and transfer my plates. This included paying the sales tax on the purchase (which was around $4500 plus title and plate transfer fees).

When it comes to the actual price you will pay for your Supra (the "out the door price") it typically is going to be MSRP +/- any incentives or markups, and plus any document fees or dealer fees. Beware this last bullet point as a lot of shady dealers will try to hammer you with BS tack-on fees. This is why when making your deal you should ask for everything in writing and get the final, be-all end-all out the door price with a list showing all the various fees and whatnot. A dealer who will take your money for a deposit against preferencing for your allocation should have absolutely no issue with putting your deposit in writing as refundable, and they should have no problem giving you an out the door price on your vehicle as a preference.

That final thing is important though, as until they have an allocation and a VIN all they can price you on is the vehicle you WANT, not the actual vehicle they are allotted. The actual vehicle they get allotted may have other option packages or port installed items you didn't originally want but that will raise the price. The port installed stuff is full-on price padding, and if you actually want any of those things you are better served buying them yourself on the aftermarket and installing them in your garage. Toyota wants like 1k for the carbon fiber mirror caps that you can get for a third of that or less. Also a good dealer who truly wants to give you want you want can have all of those port installed options removed from the build before the car hits the US. My dealer did that for me as my car originally was slated to get drug through the parts catalog front to back, but the dealer cancelled all that junk allowing me to get my car exactly how I preferenced it.

So if I walk out the door @ $60K I'll have to pay an additional $4500 for title, plates, etc? Thanks for sharing this as I need to incorporate this into the budget.

 

[JTN]

So if I walk out the door @ $60K I'll have to pay an additional $4500 for title, plates, etc? Thanks for sharing this as I need to incorporate this into the budget.

You'd need to do some research on what the sales tax rate is in your state, as well as when it is due. Some states have very low rates while others have higher rates. Some states allow you to pay your sales tax at the point of purchase (and even roll the tax into your loan) while other states change you later on.

Using my state of Missouri as an example, an out the door sales price of an even $60k will be taxed by the state at 4.225% and taxed by my local municipality at 4.513% for a grand total tax rate of 8.738%... which on a documented 60k sales price results in a tax due of $5,242.80

Your state most likely has a website like Missouri does that allows you to calculate your sales tax on a vehicle. Missouri's site makes you enter your address, final sale price of the car, and if it was purchased from a dealer (not sure how that figures into their equation).

 

[ColonelAdama]

Did 59K include taxes as well? Trying to understand what my OTD price will be if I can agree to 58K with the dealer. Also if I do a build sheet or put down a deposit, what's the best way to secure that car so I don't have to worry about markups when the car lands/arrives? I am more than willing to continue saving to provide a heftier down payment too. I'd probably need to set aside cash for insurance and maintenance, but that is definitely doable.

Sales tax depends on the state. South Carolina has a $500 cap at time of sale, but property tax/registration came in around $950 yearly. I definitely was under 60k everything included on day of purchase.

Regarding securing the price on the car before it arrives: I had the sales manager sign my order sheet with an MSRP guarantee. Sale price never even came up on delivery day, they stuck to their word!

 

[XtremeMaC]

I know internet rates are shit now, but usually holding on to your money and investing elsewhere, not in a car makes more sense.
Usually people put money down if they want a certain monthly payment for whatever reason..

Did you play around with calculators

https://www.calculator.net/auto-loa...t=0&ctype=standard&x=Calculate#autoloanresult

60k
0 down
5% int
1130/mo
8k total int

60k
10k down
5% int
945/mo
6.6K total int

185/mo diff
1.4k total int diff

Will you mod the car? Spend the money in mods ???

 

[FLtrackdays]

So if I walk out the door @ $60K I'll have to pay an additional $4500 for title, plates, etc? Thanks for sharing this as I need to incorporate this into the budget.

It really doesn’t need to be this difficult to buy a new car.

To make it easy, ask for MSRP, no “junk fees” and the “out the door price”. You can go over every line item after they’ve agreed verbally to selling a car at MSRP. They will be honest about the junk fees. The “dealer” fee can vary from $300 to $1200. They will charge this same amount for every car on their lot at that particular dealer. Anything beyond tax, title, tag are typically junk fees. So don’t worry about what your state charges for the items you can’t negotiate.

I called around (or used the internet sales person on the website) to a bazillion dealers and did just this. It’s kinda fun to see who the assholes are and who‘s honest about the above questions. This keeps it very basic and gives them the idea you know what you’re talking about and are not budging from a straight deal. I never got into arguments. Just kept it moving along. It really is fun if you do it this way, imo.

So…. keep it at MSRP, get your best loan with no prepayment penalty, and find a dealer with a dealer fee less than $1000 and no junk fees. That would be a good, fair and honest deal in today’s current market. Hope that helps pal and congratulations on your recent graduation!

 

[wavy warrior]

Based on my own search that began last summer, it felt like the 2022 model year was done and gone by July and the 2023's were trickling out by September.

I imagine there are still 2023 allocations to be had right now, but by summer I would expect them to be drawing shallow. If you want one of the yearly limited edition A91's or a manual you might have to wait for a 2024, and the earlier you get in a preference possibly the better for your chances. It's really hard to say though as it appears to me like some of the larger, more popular markets like the coasts are super high demand with longer wait times and higher markups.

Lastly if this is your first car purchase you may need to shop around for the best rate a bank will give you. If the Fed keeps creeping rates like they have been, the longer you wait the higher your rate unless things change.

if I put a deposit down/allocation for a 2024, how long does it take to arrive? Ideally we would agree on the price then and there and sign a contractual agreement, but not sure if that is a reasonable expectation or not. 2024 may suit me better as I’ll be able to save for a down payment that exceeds 20%.

 

[JTN]

if I put a deposit down/allocation for a 2024, how long does it take to arrive? Ideally we would agree on the price then and there and sign a contractual agreement, but not sure if that is a reasonable expectation or not. 2024 may suit me better as I’ll be able to save for a down payment that exceeds 20%.

I'm not sure anyone here can give you an accurate window of that just yet. The 2024 model year isn't even announced yet, so all we can really do is guess based on previous model years.

I put my deposits in in mid June last year expecting to get a 2022. When my preference could not be filled by September I asked the dealer to switch to a 2023 and updated my preference for manual if available. I did not get my 2023 allocation until mid November, and then it took until mid to late January to actually arrive. However that is my personal experience, and some folks have put in preferences and received them much faster while others took much longer. I'd say if your intent is to put in a preference for an allocation expect it to take months to fulfill unless the market changes dramatically.

As for price the dealer who handled my order gave me the expected out the door price for a 2022 the day I put in my deposit. As said earlier this was not the actual price of my actual car, it was a simple "we expect it to be this much" guesstimate that included their doc fees which gave me a good ballpark of what the final price would be. When my preference switched to a 2023 that estimate updated as there was a slight price bump between model years (something like $600 if I remember right). It wasn't until my actual allocation was set in late November and the dealer had the VIN number and build sheet / window sticker for the car that the actual true out the door price was more or less set in stone. At no time did I actually "sign" any paperwork. Everything the dealer provided was put in writing for my benefit, and at any time I could have walked away from the deal and had my deposit refunded. I wanted a specific car, they wanted to sell me a specific car, but if I walked away my guess is they could have sold my car to someone else inside of a week.

Up to this point we'd done everything by email and phone, I never set foot in the dealership until the week my car came in. Then on the day of delivery the price was what I was expecting, the only x factors then were the laundry list of add-ons and warranty stuff the financing guy tried to sell me, none of which were contingent on the price of the car or vice versa. The only thing that changed was I chose not to finance the car, which caused a $6 lien origination fee to be removed from the doc fees.

Long story short until your dealer has the allocation and the actual VIN / build sheet for the car anything you agree on with them is an estimate. A good dealer will try to stick to that estimate the best they can. They also shouldn't try to lock you into the sale by making you sign anything committal like financing documents or sales documents until the actual car is on the lot and you are there to take it home. Because literally anything can happen in the interim, and this website is rife with horror stories of cars damaged or lost in transit.

 

[ShakaDaKine]

Looking to pursue a new Supra 3.0 Premium AT this summer. Going to try and have a little over 20% down payment for the car. I texted a local dealer and asked if he’ll let me know when 2024 allocations open up. Should I wait for the 2024 or go for a 2023 if they are available new. Drop any recommendations or concerns below! This will be my first car purchase. Going thru a local credit union with 733 credit

I'm in the Southeast near Atlanta, GA so I don't imagine my area being as crazy as SoCal. I am here for the AT 3.0 Premium, not interested in the MT so hoping my search is a bit easier. I would take an A91 if it made sense, but otherwise, I'm not terribly picky. If I hop on CarGurus.com I see some 3.0 Premium ATs for around MSRP (58k) so I am hopeful that I'll have decent time obtaining one. Should I strive for as big of a down payment as possible? Or after 20% does it not really matter?

Well, as others have stated, it's a matter of preference, whether or not to place a large down payment. Typically, having excellent credit equates to a lower interest rate. I shop for the best rate and put the least amount down, for I prefer to keep my cash in the bank. I can always make extra payments to pay off the loan at a quicker rate, or spend my cash elsewhere. I do the same with real estate. For me, it's all about debt management. Having said that, my advice would be to get the lowest interest rate that you can find, coupled with a down payment that you feel comfortable with.

 

[wavy warrior]

I know internet rates are shit now, but usually holding on to your money and investing elsewhere, not in a car makes more sense.
Usually people put money down if they want a certain monthly payment for whatever reason..

Did you play around with calculators

https://www.calculator.net/auto-loan-calculator.html?csaleprice=60,000&cmonthlypay=0&cloanterm=60&cinterestrate=5&cincentive=0&cdownpayment=0&ctradeinvalue=0&ctradeinowned=0&cstate=MI&csaletax=0&ctitlereg=0&printit=0&ctype=standard&x=Calculate#autoloanresult

60k
0 down
5% int
1130/mo
8k total int

60k
10k down
5% int
945/mo
6.6K total int

185/mo diff
1.4k total int diff

Will you mod the car? Spend the money in mods ???

I've dabbled with calculations a bit. Since this will be my first car purchase, I'm a bit on the fence. Pay off a significant portion of the car and have my monthly payment below $1K a month or like you said invest money into S&P500 and finance the car for 60months are my option. Although first option seems nicer, I think it may be wiser to finance and invest my money in an asset.

 

[VA90]

- if this is your one and only vehicle, have you built into your budget an allotment for maintenance / repairs / insurance?

OP, make sure you consider this. Definitely get an insurance quote(s) before you go too far down this road.

Also, not sure about your employment situation, but make sure your income is sufficient to contribute yearly maximum to 401k, etc. plus at least another 10% of income to taxable savings before thinking about car payment. Maybe you're already doing this but wanted to call this out.

 

[zrk]

like you said invest money into S&P500 and finance the car for 60months are my option.

This is always what I suggest. Keep cash and invest in QQQ or SPY or whatever. But what do I know.

Also, the market has been fucking wild the last couple years. You'd probably still come out on top over the next 60 months, but this is not financial advice.

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