Shopping for a car – used or otherwise – can be a stressful ordeal. Buy a car is a major purchase, and you want a good deal on a reliable and safe vehicle that won’t give you trouble in the immediate future and cost you huge sums in repairs Car salespeople don’t make it any easier; they may pressure you into making a purchase you’re not ready for. This is why you need to be armed with all kinds of information. You need to know the type of cars(s) you’re interested in, the value of your trade-in (assuming you have one), and the budget you can afford. Once you have all these details, you’ll be able to negotiate better for your car deal.
Here are some tips that’ll help you get the best quality car, at the lowest price.
Think about financing
Before you visit any dealership, make sure you have an idea of the monthly payment you can afford, and the type of deposit you can put down. You should also carry out some research to see the available auto loans and figure out if you qualify for anyone. There are also sites you can visit that’ll let you pick rates and terms that fit into your budget, then you can obtain offers from lenders.
Know your credit score
If you know your credit score, you’ll be able to negotiate for a better deal. Most people need loans to get a car. Your credit history will determine how much the loan will cost you and if you know your credit history, you’ll have a better idea of what to expect from lenders.
Thanks to the Fair and Accurate Credit Transaction Act of 2003 (FACTA), every customer is entitled to a copy of their credit report annually from every one of the three main credit-reporting agencies (Experian, Equifax, and TransUnion).
Get your credit report and check to see if it’s accurate. Your credit score is also one of the major factors backs use in determining your creditworthiness so don’t hesitate to pay the extra dollars for your credit score.
Shop around
Before going to the dealership, carry out proper research on the cars you have your eye on. That way, you won’t be unprepared. You can search online for new and used cars in your area by model, make, body style, price and more.
Carry out dealer research
Just like you compare different merchants when you want to buy a waterproof car cover for your vehicle; look into different dealers. If you make a purchase from a fair and cooperative dealer, you’ll save yourself a lot of headache and money. Several websites let people posts reviews of dealerships, however, their coverage is incomplete and spotty. If you can’t reviews of the dealer you’re considering online, then ask for reviews from people around. Your neighbors and friends that have purchased cars should be able to give you an honest review and let you know whether they were satisfied with the dealer or car.
Plan your purchase
Dealers run on a monthly basis. They are usually willing to accept lower offers at the end of the month so they’ll be able to qualify for manufacturer bonuses and reach their goals. If you’re not picky and aren’t looking for the greatest and latest, then the end of a model year is the best time to get great deals on the inventory that’s left. December, especially the last week of December is typically a slow time for car sales, so if you can take a break from all the holiday shopping, you can get a great deal for a car.
Additionally, weekends are when dealerships are busiest. Weekdays, however, tend to be slower. Therefore, if you go to a dealership in the middle of the week when the business is slow, the salesperson will more than likely give you a very fair deal. They want to close a sale and look busy so they’ll be motivated to give you a great deal and earn your business.
Never make a purchase on your first visit
Never buy a car on your first visit. Instead, use it to look around and test-drive any car(s) you have an interest in. gather all the information you need and then leave, and be insistent on the fact that you won’t be making a purchase today. This way, the dealer knows you can’t be swayed into buying. Be careful of the information you divulge to the salesperson, especially information like how much you’ll be willing to pay monthly because they’ll use whatever figure you call as a starting point from which to climb up when negotiations finally start.
Updated: 13 April 2019
