Source: Mike Wilner is the business development manager for Motozuma, a social savings website that allows users to save for a down payment on a vehicle on their own as well as through “social media crowdfunding.”
Have you ever saved up (or attempted to save up) for a new car? If so, you know how long it can take. You also know how frustrating it can be to watch your account slowly grow one dollar at a time. While good things come to those who wait, it is safe to say that you are dreaming of the day when you can finally get behind the wheel and take to the open road.
Thanks to the power of the internet, as well as a little help from your friends, you may find that reaching your savings goal is easier than you ever imagined.
Let’s talk about Motozuma
As you will see from his answers below, Mike Wilner is serious about helping people purchase a car without breaking the bank. Here is our interview:
1. Can you give us a rundown of what Motozuma is all about?
Motozuma is an automotive social savings website where users can set up an account to save for a down payment on a vehicle. They can save on their own, while also using social media to crowdfund their savings through monetary gifts.
Additionally, Motozuma has set up deals for users as a means of receiving dollar-for-dollar matching of up to $500 on any new Hyundai and up to $200 on any used vehicle purchased at one of our preferred used car dealerships.
2. How does Motozuma help people save money in a unique manner?
We are the only website out their that enables users to crowdfund their savings. Our dollar-for-dollar matching also helps people save money, as car-buyers can save or raise $500 and have the equivalent of a $1,000 down payment on a new Hyundai. We hope to have more national partnerships soon.
3. As you know, saving for a new car is not easy. What financial tips can you lend to make this process easier?
We agree. Saving for a car is a very painful process. Here are a few tips we have:
- Regiment your savings. One of Motozuma’s best features is the ability to set up automated savings from your checking account. The idea of putting $500 towards a down payment can be daunting, but $25 a week for 5 months is much more manageable–you’ll be ready for a down payment before you know it.
- Know the invoice price of the vehicle. The invoice price is what the dealer paid the carmaker for the vehicle. This should be your starting point for negotiating. Every dealer knows their invoice price, and whatever they sell the vehicle for above the invoice price is their profit. It can go a long way to ask politely to see the invoice. Showing this level of knowledge about the car industry will help you negotiate a price. You should also remember to ask about incentives or rebates that may allow you to pay less than the invoice or sticker price. Many carmakers provide additional incentives to first-time buyers, college graduates, members of the military, etc.
- Know what others are paying. Check out sites like Edmonds.com or Autotrader to get a good feel for what certain cars are selling for at other dealerships. They will usually include the average amount that other buyers in your area are paying for the same car.
- Financing. Obtain independent auto financing before going to the dealership. This will save you time and the risk of getting a more expensive interest rate and car payment. You can get financing from a bank, credit union, or online lender. Before you sign anything, make sure you carefully check the charges and figures in the documents – you want to make sure there are no hidden fees or mistaken charges.
By now, you may have formulated a different opinion on how to save for and buy a car the next time around.
With the help of Motozuma, you will find it easier to save money for a down payment and eventually purchase your dream vehicle at a more affordable price. With the power of social media, you never know what you can accomplish – even when buying a car.