It’s a Good Time to Buy a New Car

My big brother – the penny pinching ex-airline pilot Uber-Saver and investor, who never bought a newspaper because he could read the used ones left on the airline seats by the passengers, who drove an old used car without a radio for years and lived almost as long with an empty dining room because he was too cheap to buy a table and chairs, and who moved his entire IRA to cash a little over a year ago – just bought a new car.

He paid $7,990.

That’s right – a brand new car for just under $8K.

Here’s the breakdown –

He bought a Chevy Cobalt LS/XFE with air conditioning, OnStar, 80 days of XM radio, 3 yr bumper-to-bumper/5 yr 100,000 mile warranty and 5 yr roadside assistance. But no power windows. (He is my brother, after all…)

MSRP $15,650, Invoice 14,995
Dealer rebates brought the price down to $9,995
Minus $3,000 in points on his GM credit Card
End Price $6,995
Add in tax and Transfer – Final Price $7990

Oh yeah, there’s one more thing – he’s getting 36 MPG.
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Photo from Myride.com