Shopping for a new auto can be a very trying experience at best. It is usually a dreaded experience for most of us do to the time required and trying to sort out fact from fiction in talking to sales people.
Here are eight mistakes most people make according to some surveys taken.
Consumer Reports outline the following eight mistakes most car buyers make
when shopping for a car.
1. Being pressures to act. It’s alright to take your time in selecting a car.
Don’t be pressures into purchasing before you are really ready. When you
place a down payment, use a credit card in place of writing a check. This will
provide you more protection if something fishy occurs.
2. Taking dealers at their word. Are you being offered any “freebies”? Lifetime oil changes, etc. Get it in writing.
3. Financing for more than four years. If you settle for a long term loan, you’re likely going to pay a higher interest rate.
4. Buying unnecessary extras. This is where the dealer really loads in his profit. He’ll
Offer all kinds of extras, such as VIN etching, fabric protection, extended protection insurance, etc. Think very carefully if you really need these items.
5. Opting for dealer financing without shopping around. Do your research before shopping by shopping banks, credit unions, online services, etc. to see what rates are being offered for the amount, length of loan, etc. you are thinking about. Then you will be in a better position to know if the dealer is offering you a good rate.
6. Not negotiating a lease price. You can bargain for a lease price just as you can do in purchasing a car. If you turn your autos over every two or three years, this might be a better option for you.
7. Leasing because you can’t afford to buy. Leasing will normally mean a lower monthly payment, but you could end up with a higher finance rate. Again doing your homework will help you here also.
8. Talking about trade-ins early in the looking process. Even though the salesman will always ask you right up front if you have a trade-in, you don’t have to let him know until you have done some negotiations on the car you have selected. You can always just say, “I don’t know at this time”, or “I might sell the car myself.” This way, you are being true full.
Some other points to consider that can make your auto shopping experience go smoother, is to do a credit check on yourself be fore shopping. It is much easier to correct a mistake on your report before the dealer or bank runs a credit report, than explain the problem after the fact.
Also, do research on what your auto, if you are changing one, is worth before shopping for a new one. It is usually always better to sell the car yourself and deal in cash with the car dealership. With all the information on the internet now, you have wealth of information at your finger tips.
Tim has fifty years of business experience in various fields in the retail industry. Tim has been the President and CEO of several successful large coporations, as well as starting seven successful companies. Three for other corportations and four for himself. He was a keynote speaker in the industry before retiring. Tim started Home Busines Created to help others enjoy the benefits of having their own business as well as other websites to assist people in shopping online.
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