5 TIPS TO SAVE BIG MONEY WHEN SHOPPING FOR A NEW CAR
So that old car is starting to show some age, Its back in the repair shop. Some lights are showing up on the dash and you find yourself searching online for the best reviewed SUV on the market. Well, maybe its time to let go of that old beater and said “get a fresh new shiny vehicle with all the latest gadgets.
The day and age has changed so dramatically the past decade or two and so has the car buying experience, most of my customers literally have no idea what is the latest website, app, buying process let alone where to get the best deal. The days or newspaper Ads for that special holiday deal at your local new car dealer are over and so is the local print classified AD. Now we have Apps that deliver the car right to your door and even a car vending machine, yes I said “car vending machine.”
Well, the best and safest methods might be a topic for another article but i’m going to be sharing how to save some money and a major headache no matter what method you choose.
Here is my top 5 tips to save money when shopping for a new car.
Your first choice is going to be wether you are choosing a used or new car.
Obviously there is no way that I can sway you in either direction because this choice is solely dependent upon the individual. If you are the type of driver that travels 70 miles everyday to and from work then maybe a new car that would be less likely to develop mechanical issues early on and comes with free maintenance might be a better choice.
If you have some credit issues and going to be paying a high APR percentage and mainly rely on public transportation then a used cheaper vehicle might be better.
So my first tip would be to decide what is really necessary for your lifestyle and not so much what you think would be cool and fun. Remember the thrill of a new car only lasts a couple months and whatever you decided to purchase with emotions will be yours for a long time. Try and take an impulse buy or emotion out of your decision making. A lemon car (vehicle with many lingering issues), a vehicle with a high monthly payment or inconvenient vehicle that does not match your daily life can and most certainly will be a headache and will for sure have you regretting your decision.
Other things to keep in mind when deciding used or new.
The Long Term Commitment When Receiving A Loan.
When Leasing typically 36-39 months
Financing Typically 5-6 Years.
Add all those payments up and it may be a big eye opener for you especially when just considering the finance charges alone. Point is it’s a big commitment that is most likely not going to be undone easily.
Only you sign that paperwork you are in it for the long haul.
Used Car Warranties. If you are buying a used car from a private seller I am 99% sure that in most cases there will be no warranty unless the manufacturers warranty is still valid and transferrable.
So what you may save on overall price of the vehicle you may end up spending in repair bills.
I always like to call ahead to my insurance company when I’m thinking about purchasing a car to find out how much is the insurance going to be.
You never truly know how much will it cost to insure that new or used car and there is much that goes in to them deciding how much they will charge you. I would call ahead just to be certain before making your final decision.
This trick will save you thousands when Dealing with new and used car sales people.
Although this will typically work better for new car salesman I have done this with used car dealerships also.
So if you have decided to go to a dealership I will let you in on a cool secret that I was taught and have been doing for years.
Just walk out without buying anything. Yes, just leave without purchasing a car. Go through the process of looking at the colors, playing with the gadgets, test drive, fill out the credit application and when they tell you your payment, just say “that’s a lot more then I was expecting, I can’t afford that,” and leave. I wouldn’t storm out angry or anything I would just try and shave off a few bucks but even if they do shave a bit still walk out and don’t call back. As long as they have your cell number I guarantee you they will be giving you call soon to make the deal happen.
You must be realistic also they’re not gonna cut your payment in half but they will take you down to the lowest they can.
And why is this?
Sales people are not paid a salary most of the time, neither is the finance manager, the floor manager or anyone else working to make the sale. They get paid per deal on commission (at most dealerships) Those are the people that can change a few things around and with the click of a mouse change your payment.
This trick has always worked for me as long as you do not get emotional and feel like you have to walk out now with the car (which they will always tell you, you have to walk out now with the car or someone else will buy it)
It’s always worth a shot at worst case scenario nobody calls you back to come in, they are at their lowest price and you walk away with your car at the their lowest cost a few days later.
I have an entire article written regarding online classified car sales that I receive great feedback from all the time I definitely recommend going there now and reading up on how to protect yourself just click here.
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