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Sunday, May 28, 2023

Car Buying Myths Debunked

Knowledge is power when you’re shopping for a car. The auto sales business is always changing, and our goal is to keep you up to date on the best tactics for getting the biggest discounts. There are many misconceptions out there that can prevent you from scoring a great deal on a new car. Read on to find out the real deal:

Myth: Dressing poorly or pulling up to the dealership in a beat-up car can give you an advantage in negotiating, since the dealer will assume you don’t have much money.

Nowadays, in many places, the guy meandering around the dealership’s lot wearing shorts and a T-shirt at 2:30pm on a Thursday is the one with cash to spare. Someone who comes in at noon in a suit, who needs to get back to the office is working for someone else. In either case, the dealer knows they will be running a credit check.

Myth: It’s easier to negotiate purchase price if you don’t tell the salesman right away that you’ll be leasing.

While may people believe that leases are treated differently, the truth is that the most important thing is the bottom line. While salespeople might try to confuse you with things like monthly payment amounts, the best course of action is just to negotiate the purchase price whether you are leasing or buying.

Myth: When a salesperson says they need to “run it by the boss”, they’re really just talking about what they ate for lunch.

The truth is, dealers have guidelines that determine how much they can discount a car. If the offer is within those numbers, they don’t actually need to talk to the manager. However, if it is outside the guidelines, they truly need to get a manager’s approval

Myth: It’s always better to finance outside the dealer.

Dealers often have many different sources for financing, which include different banks as well as the manufacturer. Some shoppers make the mistake of coming to the dealer saying they have financing at 3-4 percent, without asking if the dealer can get them a better rate.

Myth: By not mentioning that you have trade-in until your new car’s price is set, you can negotiate a lower price.

Many times, this practice just slows down the process. It’s in the dealer’s best interest to give you the best price possible on your trade-in. The quicker they can inspect your car, the sooner you can get the deal done. Don’t get stuck waiting for hours while the dealer determines the trade-in value.

To get the best possible edge in negotiating your new car purchase, request free competing dealer quotes from today!