For those who are in the market to purchase a new car the process can be a minefield of touchy subjects, tricky loopholes and clichéd gimmicks that can steer you wrong when you look for a car. Considering that you’ll probably be putting down a big chunk of your money and paying the rest of the car off for several years, it is important to figure out the best ways to save a little money during the buying process.
Take a look at these 5 tips on how to buy a car and get the price down to a more affordable level.
1. Don’t get Caught Up in the “Buy Now Before it’s Too Late” Gimmick
One tried and true way for salesman to make a little extra money on a car is by giving buyers the impression that the great sale price for the car is about to end and that they better snap it up before it’s too late. Doing so keeps the buyer from truly evaluating the overall cost of the car versus long term value and comparing that price to similar cars. Don’t fall for it because there is always a sale about to end or a discount that’s about to expire… focus on the car and ignore the flashy sales pitches.
2. Settle on a Price Before Talking About Financing or Trade-Ins
This may seem like an odd tip, but dealers and salesman can use this information against you when it comes to finalizing the price of the car. Oftentimes they will lower the price of the trade-in to make up for the lowered price of the car; this is a trick that many dealers use to recover lost revenue, so it is best to settle on the price of the car before going any further. This keeps you from getting the best overall price, trade-in value and financing you can to save you money.
3. Never Buy Without a Test Drive and a Car Check
All too often buyers get so caught up in the prospect of buying a new car that they forget about testing the car out and having a mechanic look the vehicle over. Doing these two simple things before signing the papers can keep you from buying a car that is mechanically and structurally problematic or buying a car that is uncomfortable to sit/drive in.
4. Go “Window Shopping” Before Buying
One way to save money and be satisfied with you purchase for years to come is by utilizing the age old traditional of window shopping. Taking a few trips to car dealerships or browsing online beforehand can help you to narrow down the cars you like and help you to get a better idea of what is a reasonable price for the vehicles you are eyeing.
5. Don’t Fall for the Leasing Spiel
9 times out of 10 leasing is a bad idea for buyers because you are basically paying the price of the car during the lease only to hand it over at the end of the contract without having tangible property for the amount that you have paid for. Dealers like to talk up leasing as a great option because they make a great deal of money off of it, so unless you like to get a new car every year or two avoid the leasing black hole.