Buying a car may not be a very pleasant experience for many people. You may imagine yourself driving a brand new set of wheels, but in reality there is the haggle you must face in the process. In the end, many buyers end up with the wrong car that may be too expensive, too small, or too big for their needs. Here are five tips on how you can get yourself the best deal when buying a car.
- Do your research
Before buying a car, understand that knowledge is power. Don’t head to the car lot before researching your prospective car. You can find most of the information about cars from online sources such as Consumer Reports, Kelley Blue Book, Yahoo! Autos, or Auto Trader.
Also, if you are thinking about buying a new car, aim to find the invoice price of the car and not the MSRP. The invoice price is what the dealer pays the manufacturer. This information will come in handy when negotiating the price of the car. Again, if you intend to trade in a car in the deal, find out the market value of your car also because this will be a great bargaining tool in the buying process.
- Consider pre-financing options
Many people get financing from the car dealership. However, this may not be fiscally responsible because dealership loans are much more expensive. A good option is to obtain financing from an auto loan provider. You can research the best auto loan providers online, and one recommended lender is Newroadsautoloans.com.
- Shop around for the best deal
You need to shop around before buying a car. One good rule to apply is to walk out of at least one dealership before making your decision. This will help you to know their rock bottom price which they will give you before leaving the dealership. You may also need to check out-of-town car dealerships because prices often vary depending on the dealership location.
- Narrow your choices
Begin by researching the cars that you have always admired to determine if they are within your budget. Visit independent automotive information and automaker websites to assess the features that are suitable for your needs. Also, check local listings to determine what is available near you. Go for cars that will cost less than five percent of your monthly budget to allow you have some money to cover for your operating costs including repairs and maintenance, insurance, and gasoline.
- Use smart negotiation strategies
When you are ready to purchase and start discussing the price, remember all the discounts that you have researched, and don’t include your trade-in as part of the deal. Negotiate the selling price of the car and the trade-in separately. Ensure you have good information about the current market price of your current car so that you know if you are getting a good deal when discussing the trade-in. once you have reached a purchase agreement, make sure you say no to all other extras you may be offered. And when you receive the sales contract, read it carefully to ensure you will not be paying any unnecessary fees.
Buying a car may be a bit intimidating, especially when you are a first-timer. However, this advice will help you get a great car deal. So, do your research, find financing options, shop around for the best deal, and use smart negotiation strategies.