Car Buying Tips And Advice
Purchasing a car is viewed by most as an arduous and trying endeavor. Some have even said they would prefer a root canal to the negotiating process necessary to hopefully get the best price on their purchase. Well, it doesn’t have to be this way. Knowing who to talk to at the dealer and doing a little homework on your end can potentially save you thousands on your next car purchase.
Lets start with your credit history first. Do you know what your credit score is? Surprisingly most people don’t. Knowing your credit score in advance will put you in a much stronger position at the dealership. This may also prevent unnecessary inquiries on your credit report should you fail to come to terms on your vehicle. In most cases a credit score above 710 would qualify you for the best financing rates and also qualify you for “0 percent” financing should that option be available at the time of your purchase. If your score falls below 710 your best option would be to obtain non dealer financing and then give the dealer an opportunity to better the rate. But don’t tell them what your rate is ahead of time. Ask them to quote their best rate.
Now, as to the purchase of your vehicle. The first thing you need to do is decide exactly what kind of vehicle you want to purchase and then do your research. For new vehicles you’ll want to know the “dealer invoice price” and also what factory incentives might be available at the time. For used vehicles you’ll want to know the trade in value of that vehicle. All this information can be found at Kelly Blue Book . Now don’t go trotting down to the dealer once you have this information. Pick up the phone instead and call the dealer.
If you’re planning to purchase a new car ask to speak to the fleet manager. A fleet managers’ goal is to move as many new vehicles out the door as possible. Profit on the vehicles is a secondary consideration. Tell the fleet manager that you are going to buy this particular vehicle and ask him or her for the best price. If you have prearranged financing disclose that as well. Call all the dealers in your area and get quotes from their fleet managers. They should quote you a price right at or near dealer invoice. Next call back the fleet manager you felt most comfortable with and tell him or her you’ll come down right now and buy the vehicle if they take an additional $500.00 off the price. More often then not they will agree. Make sure this price is exclusive of any factory incentives. Any incentives available need be deducted from the agreed upon price.
Purchasing a used car is a bit trickier and requires more work on your part. Again start by using the phone and calling the dealers. Ask for the name of the used car sales manager then ask to be connected to him or her. Knowing the name is important because anyone answering the phone in the used car department will tell you they are the manager. Tell the used car manager the vehicle you are planning to buy and ask if they have any on the lot. Now is the time to visit the dealers and look at the vehicles. Once you have found the vehicle you want make an offer to buy it at Blue Book trade in price. Again if you have prearranged financing make them aware of that. Your offer will most likely be rejected and the negotiations will have begun. Keep raising your offer to a maximum of 10% over trade in value. If the used car manager does not agree thank him for his time and tell him you have other vehicles to look at and then leave. If he doesn’t agree to your price then move on to the next dealer and start the process all over. Eventually you should be able to buy a used vehicle you want at 10% over trade in value.
The most important thing to remember is to make your purchasing decision based on logic and not emotion. Too many people get too exited when the time comes to buy a vehicle. People in this state will usually make bad judgments or not hold out for the best deal because they have fallen in love with the vehicle they want. Be patient, take your time and hold your ground. That’s the way to get the best deal!
