Secrets to finding great deals on new car prices
Most people don’t look forward to buying their next new car. As you might have guessed, the back and forth price negotiations can frustrate even the most patient person. Well, we couldn’t agree more. That’s why we’re sharing our buying secrets to help you find great prices on new vehicles.
So here goes:
- Figure out what you really need in a vehicle and write it down. Here are some example considerations
- Determine how much money are you prepared to spend.
- Write down the criteria that the vehicle must meet (e.g. good gas mileage, ability to tow, ability to carry lots of equipment and/or people, etc.).
- Research various types and models of vehicles.
- Visit edmunds.com to sort through vehicle choices.
- Visit consumer reports to research quality.
- Visit safercar.gov and www.iihs.org to research crash test results.
- Research government fuel economy at fueleconomy.gov
- Test Drive Your Vehicle choices
- Visit several dealers to test drive vehicles. Make sure that you let the salesman know that you will not be buying today and stick with that decision . Dealing with a manager will probably be less painful since they are typically not paid on commission.
- Once you narrow down your vehicle choices, you should consider renting the same type of vehicle for a day or two to ensure that the vehicle will really fit you well.
- Locate the dealers in your area.
- Search the news papers and the internet for dealers within an hour of your house (or farther away if you prefer). Write down the contact information for each dealer, then call them to find out who the dealer manager(s) are. Try to obtain a phone number, email address and fax number for these folks.
- Research vehicle financing options.
- Check the rates and conditions at your bank or credit union before you consider a dealer financing offer. Remember, dealers really want you to finance with them because it can increase their profit margin.
- If you can pay cash, they will save you the most in the long run. But if you need to finance, make sure you calculate the complete cost of the vehicle. You may be shocked at the sum of:
the vehicle price, the taxes and add-on fees and the total interest that you will over the years.
- Fax and/email respectable offers before showing up.
- Write a form letter stating that you are ready to purchase a vehicle within the next X number of weeks and that you will be going with the lowest price. Be sure to enumerate all of the options that you do or don’t want (including paint color). Also, be sure that you have your funding in order before contacting the dealer. And lastly, let them know how much time they have to respond to you.
- Read the paperwork carefully at least twice before you sign anything (make sure that you clearly understand everything in the contract.
- Inspect the vehicle carefully.
- Bring someone else with you and literally take your time to inspect every inch of the vehicle before signing the contract. It’s not unusual to find paint defects, body dings, stains on seats upholstery, etc on new vehicles. If you expect the dealer to do right by you, you must point out what you find before driving off the lot.
- Make sure to perform all scheduled maintenance to keep the vehicle in warranty compliance.
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