New Car Buying Secrets that Can Save You Money
Have you been considering purchasing a new vehicle but feel somewhat anxious about being “scammed?” Purchasing a new car is usually the second largest investment most people make after the purchase of a home. Wouldn’t it be nice to have a peek inside the dealer’s play book? There are a few simple new cars buying secrets that you can take advantage of before you get to the sales lot and go for that first test drive.
While the average number of homes viewed before buying is around 151, most car sales are much more spontaneous. Probably the single most important new car buying secret is to have a plan before you go to the dealership. There are plenty of wonderful tools online to help the new car buyer such as edmunds.com. Whether you are looking for high-performance, luxury, or lowest true cost to own vehicles, the research tools at Edmunds are plentiful. You will be able to narrow down your selections and get an idea of the price range before going into the dealership. The more concrete your plan is, the less likely you will feel swayed into an impulse purchase that you may regret later.
The plan you have going into negotiations should also include a clear picture of your finances and credit score, as well as your budget for a new car purchase. If you don’t know your credit score, you can find this information online for free or very low cost – www.freecreditreport.com combines all of the leading credit reporting agencies for a small fee along with other services they offer, or www.annualcreditreport.com is the official site to obtain your annual credit report in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). The “secret” when you go to negotiate shouldn’t be that the dealer knows more about your credit than you do!
Another new car buying secret that you should keep in mind is to look for financing for your anticipated purchase before visiting the dealer. What most people don’t realize is that the financing offered by the dealer is actually an additional product that is sold to you. Most of the time, unless you have very poor credit, you will be better off locating financing beforehand.
A final new car buying secret to consider before purchasing you next vehicle is the timing of your purchase. There are better days, weeks, and months when you will have a better negotiating position. Most people shop for new cars on the weekend. If you consider supply and demand, a salesman is much more likely to be willing to negotiate a better deal for you when he doesn’t have a dozen people waiting behind you to buy a new car. Buying during the middle of the week and towards the end of the month when sales quotas are due will put you in a better position to get a deal you might not otherwise find.
Remember that salesmen make their living off of making the best deals that they can for themselves – they are not your allies. You can leverage these new car buying secrets, however, to negotiate the deal that works for you. Be prepared by having a plan, knowing the facts about what you want and what its worth, have your financing arranged ahead of time, and be patient for the right time. Lastly, remember that if you feel uncomfortable dealing with your salesperson, you can always walk away. Take some tips from home buyers, shop around before you make that final decision; you will be living with your new vehicle for a long time to come.