1. Work at your finances and find out what you need to spend every month on transportation. A car shouldn’t be more than 10% of your net pay per month. If it’s more, then consider leasing a car rather than buying one.
2. Before you settle anything, determine what the target price is. Four figure deductions are available with virtually every make.
3. Never sign an arbitration clause or dummy financial forms. Try and get finance from a different source, a bank or financial institution.
4. Haggling should get you a good deal aside from browsing around for finance. The market is highly competitive and be sure to check dealer finance, internet lenders, as well as other options.
5. Try and secure a big down payment to reduce the loan to be paid. Calculate your finances and choice of car such that the term of loan is for the short period.
6. Check what buying bonuses are on offer. These diverge from sound system to cash back offers, and 0% financing. Inquire what extras and add ons will be in addition to the price of the car.
7. Make sure to appraise your old car independently if you are looking for a trade in. Look closely to the ‘cost to change’, the difference in value between what the new car costs and what the old one is worth.
8. Learn about warranties, taxes, and insurance. These can consume your budget.
9. Examine the contract well. Understand the fine print. Be sure that paying off the loan ahead of time won’t have any penalty.
10. Check into at least 3-4 dealers to approximate what the best offer is.
Test drive the car prior to finalizing the deal and work through the car booklet page by page to understand everything that the manufacturer needs to tell you. Clarify what is under warranty and what is not.
Never choose a car based on a picture or dream. It is not how you appear in the car that’s important but how well the car will live up to your needs. Be practical and wise; don’t buy a model because the dealership is offering up a holiday for two or a low interest scheme. Distinguish a vehicle that suits your needs before putting yourself to a barrage of marketing.
Or you could check these lil cars out, *giggles* 8)
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I have to pic Jim's van up next week, *Sighs* Only cuz of what happened on Friday, were just waiting for him to feel a lil better! And now he is debating on the Black chevy or White Chevy? ughhh I LOVE the black one it's soooo nice! HOPE he gets that one, we will see........soon♥! (HOPE Lori get's a CAR SOON-DAMN I have one I am using she has none, that sucks! ) #JustSaying
ReplyDeleteA few things to add --
ReplyDeleteA car dealer expects salesmen to sell 10 cars a month, minimum. Never buy a car before the last week of the month. A new or used car dealer will be more apt to make a deal depending on that months sales. If you can find a dealer AND a salesperson that has not met that quota, you have struck gold.
Don't get your heart set on a particular brand and especially not a particular model. Be willing to shop around even if not for the same model you want. If the dealer realizes you are in love with a particular car, the more they will pressure you to get the car they think you want.
Be ready to walk away if you do not see the numbers you want. 99 out of 100 times, you will not get to the door before being stopped by somebody.
Never EVER tell the salesperson how much you want have to spend whether it be total price, monthly payments or even down payment. You are setting yourself up to get screwed this way. If approached in the sales lot, tell the salesperson you will find them if you have questions. Don't let the salesman lead you around. If he/she finds out any money info, they will lead you to a particular car. This car will NOT completely fit your budget, but is $100 or more a month, or a few thousand higher than you wanted to pay. It is also most likely a car that has a higher "spiff" or bonus to the salesperson for selling it.
Tell the dealer you want to see the "real" invoice. Most people do not know there are two, one with and one without showing the dealer holdbacks. If a dealer is having an "invoice" sale, most likely they are getting large holdbacks and that is where their money is made.
Keep in mind that everyone needs to make money, both the salesperson and the dealer. The most important thing is they do not need to make that money from YOU.
Every 1000 you put down on a car changes your payment by less than $17.00 per month BEFORE any financing charge or warranty is added. Once the salesman has got you committed on a price, they send you to financing where they will try to "bump" you higher to include what they call a "better" warranty.
Get your best deal BEFORE letting the dealership check your credit. They will of course say that any dollar amounts is predicated on your having "perfect" credit. Ask what the monthly payment is BEFORE finance charge. Once they check your credit, you have a second number. This gives you an opportunity to go to YOUR bank and find out what interest rate they will give you. Most often, your own bank will give you a better rate, therefore lower payments.
Never go longer than a 5 year loan on a car. Yes, on a 6 year loan your payments are less, but two things happen: 1) You pay much more than a years worth of interest and 2) you are so far upside down in the car, it will be much harder to trade it in the future if you try before it is paid off.
If you lease a car, NEVER get less than 15K miles a year. Most leases are 3 years, this will give you 45K miles to put on the car in those years. This sounds like a lot, but is often not enough. Look at it this way. If you commute 20 miles one way to work, 5 days a week, you are putting 200 miles a week, 800 miles a month, 9600 miles a year MINIMUM on the car. This is not including going shopping, going to Grandma's, going to see your fav sports team play or whatever. If you go over your allotted miles, you are charged for each mile when you turn the car in which the dealership will do their best to use against you, keeping you at that dealership, buying a particular car from them so they can roll that extra money into another car.
I could continue, but this is already far longer than I thought it would be........
Lol, THANK you so much for adding on to this Brad!!! I sincerely appreciate each word you typed! Do you happen to have a blog, I may follow you at? It would be an honor to follow you, ♥!
ReplyDelete& again thanks soo much for this comment, it's totally appreciated considering I have yet to grab Jim's van since his accident and will by NEXT Friday, so I guess I am at perfect timing, middle of the month! NO wonder around the 1st they tried to CHANGE the down payment too, NO WAY was I having that! Its back to 1000 and my old trade in which is valued at 18000! So you see it was needed and every piece of advice I have taken right to heart and plan on putting it ALL into action! Thank you again , I bet you just saved me an extra grand, WILL let you know next Friday, *Giggles* !
Take care & stay reading! (Also I have some polls asking about content people would like to read here, if you could take a moment and click on the polls letting me know what you'd like to see more on this blog, Id appreciate it, thanks and you may vote for multiple topics as well! *winks* ((;
If you do most everything I said, I bet I saved you much more than an extra grand.
ReplyDeleteMiddle of the month is too early, especially this month. You will see after X-Mas sales that will most likely be less than any amount you have been given so far.
I also bet you can get another 2K on your trade, but it also depends on mileage, money owed and such.
You can get invoice (before holdback) pricing on the internet. A good place to start is Edmunds.com
Thank you Brad, I am discussing this and allowing my husband to read this tomorrow!
ReplyDelete