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Car Buying Tips – Part Two Of Two

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June 4, 2014


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Car Buying Tips – Part Two Of Two

Car Buying Tips

Some more ideas to keep in mind when buying a new car, and to help avoid buyer’s remorse.

Once you’ve narrowed down your choices, don’t get your hopes up too high. You need to be prepared to walk away, whether over price, service, or if the vehicle itself just doesn’t meet your needs. Don’t let hope get in the way of a wise decision. Smart salespeople know that if you leave to think about your decision, that you might not return, so they work extra hard to get your commitment on the spot.

While most dealers under the same brand will have access to similar inventory, they really do compete on price and service. Don’t be afraid to price check in neighbouring towns, you can still get the vehicle serviced close to home. On the service front, some dealers will through in incentives such as free weekly hand car washing if you purchase from them instead of a competitor. See what freebies a dealer is willing to throw in to keep you there.

Along with your budgeting, you’ll want to figure out if leasing is right for you. For many, it’s not the best investment, however it can make monthly payments more manageable. If you own a business, you may be able to write off the lease payments too. There are negatives with leasing to watch out for though- they’re next to impossible to get out of, and sometimes dealers will try to get you to upgrade your vehicle before the end of the lease. There can be some tricky math involved in doing this, so stay aware and crunch numbers hard. Don’t forget that there can be hefty penalties for exceeding mileage limits or minor damage to a leased car.

By shopping for price, you’re more likely to negotiate than you are if you’re shopping for payment plan. Sometimes a tricky salesperson will ask what you can afford and then edge that amount up, explaining that the extra $20/month is less than the cost of a cup of coffee per day and therefore affordable. It can also add up to an extra couple of thousand dollars in the long run.

Don’t be fooled by the “dealer’s invoice price”. This is just a gimmick designed to create a negotiation starting point. Be firm about what you want to pay, and get the best price you can. It’s not your problem what the dealer pays or makes on the vehicle.

Ask about rebates, but pay close attention to the numbers. Sometimes rebates are discretionary tools used by dealers to seal a deal. Other times they are used as part of a dealer financing scheme. It just might be better to take the rebate, and finance through a bank, than to forego a rebate and accept a dealer’s “free” financing.

Have a vehicle to trade in? You’ll get a lot more for it selling it privately, although that can be a bit of a pain and take some time. Focus on what you’re paying for the new car, and forget about what you might get for the old one on a trade in. That number is likely to be built into the price of the new car anyway.

Shopping for the hottest car on the market right now? Forget about negotiating. Dealers don’t need to negotiate on these cars, so expect to pay full price and maybe sit on a waiting list.

By Linda

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