Cash purchase tips

syk · June 15, 2021

Hello good folks,

I'm looking to purchase my first NX300h.
Would anyone have any tips they can share when purchasing from dealers with cash? Any negotiation techniques that worked in your experience? I've been attempting to purchase for months, but unfortunately nothing seems to be working out.

Open to advise. Cheers,
Sy

Phil xxkr · June 15, 2021

7 minutes ago, syk said:

Hello good folks,

I'm looking to purchase my first NX300h.
Would anyone have any tips they can share when purchasing from dealers with cash? Any negotiation techniques that worked in your experience? I've been attempting to purchase for months, but unfortunately nothing seems to be working out.

Open to advise. Cheers,
Sy

Money laundering laws make some transactions a little fraught these days🤔

NemesisUK · June 15, 2021

Some dealers will not accept cash, often citing the above reason.

As for deals, they are only interested in finance transactions, where they make most of their profits, when they have more room for negotiation.

Phil xxkr · June 15, 2021

4 minutes ago, NemesisUK said:

Some dealers will not accept cash, often citing the above reason.

As for deals, they are only interested in finance transactions, where they make most of their profits, when they have more room for negotiation.

Very true Peter but I also think Kevin Hunter on YouTube has some great ideas and insights on negotiating with car dealers

syk · June 15, 2021

Thank you for the replies Phil and Peter! I'll have a look at those you mentioned.
I certainly didn't expect dealers to be hesitant with cash transactions given the usual buyer demographic and the amount not be relatively that large (comparable to that of home deposit).

Has any one had any experience negotiating with Inchcape / Steven Eagell etc?

NemesisUK · June 15, 2021

Some dealers will try and match or better Carwow if you present them with offers generated through them.

Phil xxkr · June 15, 2021

3 minutes ago, syk said:

Thank you for the replies Phil and Peter! I'll have a look at those you mentioned.
I certainly didn't expect dealers to be hesitant with cash transactions given the usual buyer demographic and the amount not be relatively that large (comparable to that of home deposit).

Has any one had any experience negotiating with Inchcape / Steven Eagell etc?

What exactly are you trying to achieve Sy? The lowest initial buy cost, the lowest over time cost, I am, of course assuming when you use the term negotiating, you are referring solely to money? In which case it may well be lexus franchises will not be your ideal choice of partner

syk · June 15, 2021

1 minute ago, Phil xxkr said:

What exactly are you trying to achieve Sy? The lowest initial buy cost, the lowest over time cost, I am, of course assuming when you use the term negotiating, you are referring solely to money? In which case it may well be lexus franchises will not be your ideal choice of partner

Great questions Phil — I'm trying to optimise for the lowest initial purchase cost. My rational for looking at dealerships is the associated peace-of-mind knowing that the car would be in good condition and that they'd at least make an effort to not hide any known issues etc.

NemesisUK · June 15, 2021

Just now, syk said:

My rational for looking at dealerships is the associated peace-of-mind knowing that the car would be in good condition and that they'd at least make an effort to not hide any known issues etc.

There have been a few threads recently that throw doubt at that rationale. There really is no cast iron guarantee other than careful due diligence

Moleman · June 15, 2021

37 minutes ago, syk said:

Thank you for the replies Phil and Peter! I'll have a look at those you mentioned.
I certainly didn't expect dealers to be hesitant with cash transactions given the usual buyer demographic and the amount not be relatively that large (comparable to that of home deposit).

Has any one had any experience negotiating with Inchcape / Steven Eagell etc?

I found Steven Eagell will not move even when presented with evidence about their high price compared to other dealers that they were asking. Went elsewhere (Listers) paid cash got a GOOD DEAL.

Phil xxkr · June 15, 2021

28 minutes ago, syk said:

Great questions Phil — I'm trying to optimise for the lowest initial purchase cost. My rational for looking at dealerships is the associated peace-of-mind knowing that the car would be in good condition and that they'd at least make an effort to not hide any known issues etc.

So it's not solely cost? You wish to optimise cost versus risk. On the basis you have to make some sort of a decision then the balance must be in favour of the dealership. The calculation therefore is - how much is the add-on value worth to you? 5% 10% 15 %? Then compare that to your target price. The difference then becomes your target price.

Bounce75 · June 15, 2021

When I purchased my IS300h back in Feb, I waited until near the end of the month on a Sunday & offered them a price for no finance.

They phoned me twice on the same day trying to meet me halfway & then 2/3rds of my offer, I declined & said if they agree to my price I would put a deposit down there & then.

He went off & spoke to his manager who agreed if I bought it there & then, which I duly did.

Phil xxkr · June 15, 2021

4 minutes ago, Bounce75 said:

When I purchased my IS300h back in Feb, I waited until near the end of the month on a Sunday & offered them a price for no finance.

They phoned me twice on the same day trying to meet me halfway & then 2/3rds of my offer, I declined & said if they agree to my price I would put a deposit down there & then.

He went off & spoke to his manager who agreed if I bought it there & then, which I duly did.

Great! Definitely Kevin Hunter stuff 😁

syk · June 15, 2021

5 minutes ago, Bounce75 said:

When I purchased my IS300h back in Feb, I waited until near the end of the month on a Sunday & offered them a price for no finance.

They phoned me twice on the same day trying to meet me halfway & then 2/3rds of my offer, I declined & said if they agree to my price I would put a deposit down there & then.

He went off & spoke to his manager who agreed if I bought it there & then, which I duly did.

Hey Steve — glad you were able to grab a good deal! Would you mind sharing how much you offered compared to their original price? Was it a dealership or a private garage?

Bounce75 · June 15, 2021

Just now, syk said:

Hey Steve — glad you were able to grab a good deal! Would you mind sharing how much you offered compared to their original price? Was it a dealership or a private garage?

Hi Sy, It was a Pre reg IS300h with Comfort & Protection Packs with 6 miles on the clock.

The dealership was Lexus Inchcape Derby & I offered them £1,000 less than the price they had it advertised for, they informed me that is was already reduced by £7,000 from new.

As I said I mentioned to them that if they reduced it by £1,000 I would buy it there & then.

The rest is history & I am very happy.👍

Phil xxkr · June 16, 2021

9 hours ago, Bounce75 said:

Hi Sy, It was a Pre reg IS300h with Comfort & Protection Packs with 6 miles on the clock.

The dealership was Lexus Inchcape Derby & I offered them £1,000 less than the price they had it advertised for, they informed me that is was already reduced by £7,000 from new.

As I said I mentioned to them that if they reduced it by £1,000 I would buy it there & then.

The rest is history & I am very happy.👍

Just confirms as per Kevin Hunter be flexible about travelling - Kent to Derby, I went Derby to Newcastle on Tyne

Al D-Much · June 16, 2021

Carwow

Ordered a new NX300h last year, specced up was circa £43K, local dealer, carwow-ed him, 3 weeks later I drove away with the exact car I wanted for £6K below list.

That was "cash" BT payment.

ManxieG11 · June 16, 2021

I managed to get the Android/Apple upgrade out of Lexus Cheltenham for my NX Takumi for cash - I'm not complaining though as the cream/black interior I was after & v. low mileage is pretty rare. Their list price was also exactly the same as CarWow.