Micra/Mirage price comparison - with fincancing

[Canoehead]

I just used the "build" option on the Nissan site to determine the payment for a new Micra. Because the Nissan financing rate is 5.9%, it is actually exactly the same bi-weekly payment as the Mirage if you elect to pay over 72 months. So much for < $10,000!

Of course, paying cash the Micra is cheaper up front.

I thought I might get a Mirage this week, but the dealer took a few days to respond to my e-mail, and then only said they were working on it (I had just asked what their price would be with all the current promotions like "1% above invoice"). I expect they like to do things in person, and go through the process, but if the 1% above invoice is a great price I would have gone to the dealer. If it is the usual price, why waste my time? Anyway, I was busy on my days off and will be back at work for a while now - I suppose I will miss whatever promotion this was and will wait until fall which was my initial plan anyway.

[adrew]

Not sure how things work up there, but I got mine for invoice (ended up getting the window tint thrown in for free and the $300 or whatever charge for the anti-theft window etching taken off) and took the 0.9%/5-year financing instead of the rebate. They hemmed and hawed a lot at that but I just pulled up Edmunds on my phone and told them I would pay the invoice price and they could take it or leave it.

It ended up being about the same as buying it at invoice minus $1000, especially because they were only willing to go to 3.9% if I took the rebate. I have 780+ credit so I was expecting better than that (low 2% range) but it was easier to just forego the rebate and take the cheap financing instead fighting for a lower rate (I think the financing ended up being something negligible, like $400).

Can you get financing through your own bank or through Capital One or something? If you are interested in the Micra I would definitely wait six months or so until the "shiny new" wears off and some incentives start flowing in. They are counting on the early adopters to want it more and suck up the higher financing.

[MetroMPG]

I'll be surprised if they ever put cash on the hood of the base ($9998) Micra -- it's already $2k less than its closest competitor. Also, some (most?) dealers may not even stock the car - so few will be sold, you'll have to special order it. One dealer employee has said only 4% of production will be the base car. The interest rate is also higher on the base Micra than the mid- and upper-trim ones.

Too bad the Mitsu dealer didn't reply to your email in a timely fashion!

Agreed on the interest rate: if you're going to finance, you can get a better rate if you shop around at banks/credit unions. More hassle, sure. You pay for the convenience of in-house financing a the dealership. You know all this of course!

[Ares]

Funny you talk about interest rate: apparently dealerships get the money back that they lost (from you haggling) using interest rate and other insurance/warranty packages.

[grsupercity]

Usually a dealer will mark up an interest rate a quarter percent. lets say from 2.5% to 2.75%. That gives the dealer back a little money