Now and then, the thought of buying a car may cross your mind. It may be your first car or an upgrade. Nonetheless, you would not want to get ripped off just because you are not familiar with the automobile industry. Since buying a car is a massive investment, it is important to know the tricks and tactics that some sales people use. Below are vital secrets to know before buying a car.
1Research is Vital
As with any investment or venture, buying a car requires research before you write that check or make a wire transfer. Do a thorough research on the car that you desire. Make sure the car fall within your budget and visit numerous car dealer websites for comparison. Some pointers are the pricing, information about the model, engine features, mileage, and servicing. Most car sellers do not expect buyers to know this kind of information. Also, look for coupons and printable promotions on car dealers’ websites or social media pages as they will save you a few hundreds. Just remember to print the coupons and bring them when negotiating for your car to get credit.
2Patience in Buying
Commissions for dealers characterize the automobile industry. Car dealers have targets to meet before the end of the month to get handsome commissions. Biding your time and buying your car at the end of the month can make a huge difference regarding saving. As months come to a close, a dealer will be eager to sell, hence you may end up getting discounts and incentives. A car dealer will be pulling all the stops to get you to buy a car to meet his monthly quota. Timely purchase of a car is a secret that you can use get yourself a good deal.
3You are in the Driver’s Seat
One thing that many people forget when they are in a negotiation to buy a car is that they are in control and not the car dealer. As noted earlier, being informed and showing confidence will unsettle even experienced dealers. When you are well informed and have the right kind of attitude, you will be in the driver’s seat. Listen and ask questions where you feel the car dealer is trying to trick you.
4Know Your Credit Score
Another secret that car sellers use to your disadvantage is your credit score. The auto dealers bank on the fact that you are not aware of your credit score. Some of them misinterpret your credit history to get their finance officer to raise your interest rates, especially if you are paying for the car in installments. To avoid this, know your credit score and take it with you during the negotiation. You can also try and buy the car in cash, cheque or wire the money to their account to avoid extra charges. If you have to pay for it using a loan, then involve your lender or bank to negotiate better interest rates for you.
5Become a Master of Negotiation
Now that you are aware of car dealership secrets, you have learned the art of negotiation. Never let car salespeople stray you away from the price you want to pay for a car. Maintain your composure and don’t get emotional. Car dealers make you sensitive, and they tap into your emotions to go deeper into your pockets. First time buyers, moms and those starting a family regularly fall prey to such emotional persuasion.
To close, you are now empowered, and you can go ahead and buy that car that you wanted without worry of getting ripped off. Remember, you control your chequebook, and therefore you control the negotiation.