Car buying can be a daunting task. You will be spending a large amount of money on something that will only depreciate. With that in mind you will want to use these 10 tips to get the most for you money!
1. Price Comparison Between Dealers
Be sure to do a little research before you go. Look up the types of cars you are in the market for and know what the local dealerships are offering. Pick the one that comes close to your budget and go in with a good understanding of what you know the car you want is worth. You can use apps like AAA, Bankrate and Ebay, to compare prices and look up interest rates on the spot. This way when your dealer gives you their price you can make sure that it is the lowest possible. Other Great sites include: Cars.com, Edmonds.com, Truecar.com and Carsdirect.com.
2. Get your Own Pre-approval & Credit Score
You do not have to use the financing that the dealership offers you! Get Pre Approval from multiple banks or credit unions to enhance your purchasing ability. It is also important to know your credit score because this will effect your interest rate. Use CreditReport.com Or FreeCreditReport.com to get your scores for free.
3. Decide if Monthly or Total Price is More Important
Of course the bigger picture of what you will be paying overall is more important BUT if your monthly budget is super tight and you absolutely need a car, try a 36 month loan to stretch out your payments. You will end up paying more in the long run, but it will be cheaper monthly. Be sure to weigh the pros and cons for your family’s budget.
4. If Possible, Pay Cash
It is rare but some can pay for their new ride in cash! If you are paying in cash this is a great incentive to request a lower price! Do not let them know how much you are willing to pay off the bat, go in low and know it’s true value when making an offer.
5. Know Your Trade In Value
Are you trading in your old car for a new one? Hop on Kelly Blue Book and know your trade in value before the dealership makes you an offer.
6. Look Over Any Dealer Fees Or Add Ons
Before signing the dotted line, be sure to look over all of the fees. There may be some extras tacked on throughout the contract that you may be able to take off.
7. Look For Lifetime Perks
I love it when you buy a car that comes with Free Oil Changes for life and Free Car Washes for life. These are a great incentives and save you a lot of money and time down the line.
8. Consider Buying “Certified Used”
We can’t all buy brand new, so if you are looking for a used car, look through “Certified Used”. These deals will come with many of the added benefits or warranty’s that new cars come with, without the hefty price tag.
9. Can You Transfer Your Tags?
If you are trading in and your current car’s “class size” is the same as the new one, ask if the tags can transfer. You will save a handling fee there.
10. Pick the Best Time to Buy!
Have you heard that there are certain times of the week, month or even year that will get you a better deal on a car!? There is!! Even the weather will help! Try going in at the end of the day, they will not close on you but will be more eager to wrap up a good deal before their day is over. Is it rainy or snowy out? Grab an umbrella because they will be more willing to drop the price since you will not have much competition with other customers. The idea here is that the demand will be low so their prices will too.
End of summer, early fall is also a great time to buy because they are trying to get rid of the previous season of cars to make room for new inventory. Other great times are Early in the week, End of the month and End of the year! So if it’s raining on a Monday at the end of December, head to the dealership around 3pm! lol
On the flip-side, the worst time to buy is spring and early summer because there are more people out looking to buy.