Shopping for a new car can be a pain. If this is your first time buying a car, the
whole process can be a little intimidating.
From haggling with the dreaded salesman to the hours of paperwork,
buying a car is often far from being a walk in the park.
During your search, it can be tempting to jump on the first
deal that looks good, but in the end, you’ll feel much better about your
purchase if you do your homework first. Some
people spend hours online searching for cars sold by owners while others head
straight for the dealership. However you
choose to car shop, it’s important to be prepared.
Here are tips for making sure you get a good deal:
Decide what you want:
Are you looking for a family car or economy car? Are you free to spend what you want or are
you on a budget? It’s important to know
exactly what you’re looking for and what your budget is before heading to the
dealership to avoid impulse and pressured purchases.
Always shop around
(especially online): Many buyers head straight to one dealership and choose
from the cars on display without checking prices at other area dealerships. If
you have time, don’t be afraid to shop around. You can also use visit our Auto Loan Resource Center for tools,
resources and information you can use in the bargaining process.
Find the invoice
price: It helps to know what the dealer paid for the car in question to see
whether or not you’re getting a good deal. Obtaining the invoice price (what
the dealer paid for the car) has long been difficult, but it can be found on Edmunds.
Avoid the monthly
payment trick: Discuss the total amount you want to pay for the car, not
your preferred monthly payment. Dealers prefer to deal with the monthly payment
because they can manipulate the interest rate to give you the monthly payment
you want, but you end up paying more for the car in the long run.
Be careful with the
upsell: Many salespeople will try to get you to add on plans such as
roadside assistance and warranties at the end of the buying process that may
not be worth what you’re paying. If you ever feel pressured to buy, relax, and take
some more time before making a decision. The salesperson may be disappointed that they didn’t
get you to sign right away but that shouldn’t be your concern. Remember, at this point, you don’t owe them
anything. You are choosing to give them your business.
Take advantage of low
loan rates: Get pre-approved before going to the dealership. Dealers want
you to finance with them and many times will offer you a rate that is much
higher than you need to pay. Auto loan
rates are lower than ever, as low as 1.24% APR, at Community Financial but they
won’t stay that way for long. These special rates expire on June 29. Visit our website for more
information about the current auto loan special.
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