Well if your buying a new tractor or combine, even implements there are discount programs that make LIST price really meaningless. Those discounts can be in several forms: straight cash discount, lower interest rate, longer terms with a slightly higher interest rate. So what would you have the dealer advertise???? The lowest price possible and then have to tell the customer that he can NOT get that price PLUS low rate financing???? Very few new big purchase items are going to advertise price. It just varies too much based on what the customer needs/wants.
Even when you set down and show some people the actual numbers they still get stuck focusing on things. Had a customer buying a new mower conditioner. He had a high value trade-in. I ran the numbers. He was better off NOT taking the zero percent financing since he was financing a smaller amount. The cash discount and regular financing made his payment lower. HE blew up and got all kinds of mad, screaming at me that he want the zero percent financing. So that is want I got him. He gave up a 4% cash discount on the entire MDP just to finance 20 percent of the cost at zero percent. In this case he gave up $1200 of discounts. The interest he saved with the zero percent was under $200. Then to make it even worse he paid it off early. BY taking the zero percent and giving up the cash discount he really just front paid the interest, so paying it off early made the value of the zero percent even lower.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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