Buying a car can be stressful and cause anxiety. It doesn’t have to be so stressful if you understand how to approach it.
Simply Put:
Herein are a handful of tricks that will guarantee that you will pay the best price for your next car.
1. Don’t fall for the “We need to verify you’re not a terrorist” scam.
Simple explanation:
Dealerships love to see any opportunity to get the most from you. This includes running your credit. Do NOT put your social security on anything they hand you before you have decided on officially purchasing the car. They may insist they need it and if they do, threaten to leave and watch the tone change.
Simple warning:
If you already have a had your credit pulled for a loan, DO NOT let them say “oh, it won’t hurt your credit score if you pull within X amount of days” because it will.
2. Do NOT finance through the dealership!
Simple explanation:
No matter if it is a 0% APR or you “feel” like they’re promising a good rate. Do NOT finance through them as they always prioritize the interest over the principle. Go for a credit union even at a higher percentage. Plus the 0% APR is always a higher sticker price factored in. This will typically be at or slightly above sticker price on the car whereas similar if not identical cars will be discounted in comparison.
3. Know what you want and don’t let them tell you different.
Simple explanation:
If you came into buy a new car, get your new car. Though budget is a big deciding factor but expand your horizon. If you want a Honda accord… Look at cheaper, full size sedan alternatives. Hyundai has the Sonata that is a nice ride and has many of the same features. They also offer a 10 year warranty that’s free. Kia has the K5 (Optima rebrand). The only exception is electric vehicles as they differ a lot!
4. Car buying services are a lie… To an extent.
Simple explanation:
I have used many car buying services, but they have been falling flat as of recently. I helped a friend buy a car recently and the car buying service we used (not trying to slander any brands so I am not including the name) had a price that was about $500 more expensive than what we came to by just working numbers at the dealership. The sites do help see the averages around the area, but when buying things, every dollar helps.
5. Ask questions about everything!
Simple explanation:
You should ask about everything you have questions about and do not sign until you are certain. Do not let anyone pressure or rush you. If you feel pressured, leave. They don’t own you and any other place will do for earning business rather than your local car lot.
Extra 6. Get it written because words are not fact.
Simple explanation:
If you find a cracked window or a bad scratch or something looks wrong. Get IT WRITTEN DOWN saying the dealership will make it write. Don’t do a text message, or a hand written note. Either an email, on company paper, or some form of official documents that state the company and that specific car.
Extra 7. Don’t fall for the “This is the last one on the lot so get it now”
Simple explanation:
If they tell you the car is the last one on the lot, then chances are that it is not the last one, except in the case of a year or so old model. Those will absolutely be the last. Often dealers will tell you that they only have one or two of a certain model left and you can buy now to get the best deal. In response, ask them how it’s the best deal and watch them squirm. There’s typically a reason that is the last car of its model on the lot…
Simple conclusion:
There are many more tips, but I figured the 5 plus the bonus is enough for now to tide any new buyers over. There are many more tips and tricks that can help to save on a car. Keep a smile, relax, and don’t be bullied to buy a car.
What are some tips that you can think of off the top of your head?
We’d love to hear.
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