Buying a car at a dealership can be a daunting task. You dread the negotiation process but also don’t want to be taken advantage of by the salesperson. And while Coronavirus made Americans rethink how they buy cars, some dealerships still require in-person visits. If you want to get the best car at the best price, you have to be well prepared before walking into the dealership. There are things you should never do if you want to get a good deal. Here are 5.
1. Don’t Be Clueless
According to a study, only 1 in 3 car buyers know the exact vehicle they want to purchase. Although settling on one car can be difficult, you know exactly what you want before going to the dealership.
Know how much money you’re willing to spend or how much financing you need to avoid making an impulse decision. Remember, the bigger the car loan, the more money you’ll pay. If you walk into a dealership without a plan, chances are you might get a car you’ll regret owning later because salespeople are very good at their job.
2. Don’t Talk About Your Financing Options
About85.5% of new vehicles purchased in the U.S. in the second quarter of 2020 were financed. A dealer will be eager to offer you financing if you mention that you need it. But dealership loans are more expensive because dealers add a percentage to your interest rate so they can make money–because they offer loans through lending partners. Even if you can afford to pay cash, avoid mentioning this until you’ve agreed on a price. You are more likely to negotiate a better deal if you keep some information to yourself.
3. Don’t Mention Your Trade-in Too Early
Vehicle trade-ins are very popular. And according to anEdmunds report, the average trade-in value hit an all-time high and rose to $2,920 in March 2021. But if you have a trade-in car, it’s much better to avoid mentioning it until you’ve negotiated a good deal.
If you talk about trading-in too early, the dealer can use this information to their advantage and give you a raw deal. You might get a better offer selling the car privately. So, only mention your trade-in car when the deal is almost done.
4. Don’t Pay for Add-Ons
Most car dealers will try to sell you add-ons for your car. Lone Star Chevrolet, a top Chevy dealership in Houston, advises that you find out the important extras before going to a dealership. Determine what’s really necessary and compare prices on different websites. The add-ons can increase the car’s price, making it very expensive.
5. Don’t Pay for the Car Immediately
While most people just want to be done with car-buying in one day, postponing the process can pay off. The dealer will put pressure on you to commit, but take time to consider all the options available. If you make up your mind too quickly, you might not get the best deal.
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