Are you ready to buy a car for the first time and not sure what precautions to know about before making the purchase? Have you already a bought a new or used car before and are just hoping to know everything there is to know about the process before buying your next one? Are you the cautious type that wants to make sure you are the one outsmarting the dealership and not the other way around? What are the absolute best car buying tips I need to know about before making a purchase?
Are you concerned about your pocket book and what kind of hidden fees to look for when approaching a dealership? This list has the best advice to keep in mind when buying a new or used car. You can rest assured these are the best solutions to protect you, your new car and your bank account!
Buying a new car doesn’t have to be intimidating, and with a few simple suggestions you could save much time and money in the end. Knowing a few things about what a dealership is looking for can help you be prepared before making your purchase.
Vote up the best tips for buying a car below and keep this advice in mind next time you're shopping for a new vehicle.
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End of the Month Is Good, But...
The end of the month is not the only time to get a great deal. Dealerships are always motivated to sell cars. If you do want to take advantage of the dealer's urgency to meet their monthly goal or quota, start your negotiation a few days before.
Don't Fall for False Urgency
Nine times out of 10, a deal the salesman quotes you will be available the next day (unless it's the last day of a special program). Prepare yourself to walk out of the dealership if you are being pressured and are uncomfortable.
Find Out What the Dealer Paid for Vehicle
You can't know the dealer's hand in a at the blackjack table, but you can in a car dealership. It's easy to find the invoice price (the dealer's cost) of the car you are interested in on the internet.
Browse With No Intention of Buying
The first time you go to a dealership, you shouldn't be looking to buy. Tell dealers that you're just looking and don't let them talk you into anything. Better yet, drop by on a day when the dealership is closed. You can roam around the lot and inspect the window stickers with no pressure whatsoever. Take notes on what you like, then return home and do some serious research.
Lower Payment Isn't Lower Price
If a salesman offers to lower your monthly payment by changing the terms of a loan or lease, he or she may not be offering much of anything. This is a common way to present a more comfortable payment for you without having to lower the actual price (and profit).
The Early Bird Gets Rolled
If you're the type who has to be the first on your block with the new Mustang, fine, but you probably won't get a good deal. The hype surrounding a new model (or a new version of an existing model) tilts the supply-demand ratio in the dealers' favor, allowing them to charge retail, or even more, when the new car hits the showroom. If you wait a few months for the actual inventory to arrive at the dealer, you'll usually get a better price.
Keep Future Buys in Mind
Set yourself up to be in a good position to get your next car. If you are going to purchase a car with little or no money down and you plan to replace it within 36 months, you will likely end up owing more money on the car than it's worth. This could create a cycle of taking negative equity from one car to another, further burying yourself in a negative trade cycle.
Don't Waste Your Time
Before you start negotiating, make sure the dealer has the particular car you want in stock. If he doesn't, he can usually trade for it with another dealer. This can take a few days, and there is no guarantee that the dealer can get the car for you. If not, you've wasted your time. Moreover, dealers typically offer better deals on cars they have in stock.
A Call Ahead Saves Time
Call the dealership before going there and ask the salesman to have the car you want to drive ready to go. If you don't, it could have a dead battery, be buried behind other cars or even be stored off-site.
Check the Switch
If a dealer proposes to switch you from a new car to a used car, or vice versa, get all the information on the second car. Then go home and research its market value. Take any false urgency such as, "This pre-owned car is a very special, rare, low-mileage car that may be impossible to replace," with a grain of salt.