How to Get the Best Bang for Your Buck When Purchasing a New Car

With the average person spending $30, 000 on a new car, the purchase is second only to the family home when it comes to expense. When you’re laying so much money down, you want to get bang for your buck. Read on discover te best way to get a bargain when purchasing your next vehicle.

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Do Your Research and Be Informe

The best way to avoid feeling bamboozled at the dealership is to be informed. You should have an idea of the kind of cars you like, and the features that are important to you, before you ever set foot on a lot. Car magazines and manufacturers’ websites are great places to start.

Researching how much that dream car costs, and the extras that other dealerships are throwing in, can help you get the best deal. It’s ideal to get quotes over e-mail and print these out. Salespeople find it difficult to argue with figures presented in black and white.

It’s also smart to research your financing options. While it’s easy to finance through a car company, this is often the most expensive solution. Decide how much you’re willing to spend, and get quotes from a range of banks and credit unions. Consider not just the monthly payment, but also the annual percentage interest rate and length of the loan. Having this information before you buy will help you make a more informed financing choice when you choose your car.

Choose the Right Time to Buy

From mid-February to early June, Americans receive their tax refund checks and are keen to spend. This creates a bubble of activity in the used car market which pushes up prices. You can expect to pay as much as $1,500 more for a used car bought during these high demand months. To get the most bang for your buck, put that return in the bank and take it to the dealer in late October or early November, with the interest you’ve accumulated.

While some Americans invest their tax refunds in new cars, this industry doesn’t seem as sensitive to the tax-refund bubble. In fact, March and July are statistically the best times to buy a new car, with good discounts also available in April and May.

Buy the Car No One Else Wants

We’re not suggesting that you buy a bomb, but you can make your dollar go further if you make an unpopular choice. Unpopular cars pile up at the factories, forcing manufacturers to offer significant discounts to clear stocks. Follow the news to see what everyone else is buying, and seek out a less appreciated vehicle to save a packet.

Invest in the Old Model

Manufacturers will often do whatever they can to clear out their old stock as they make way for new models. If you invest in an earlier model of your dream car you can often enjoy hefty discounts, extended warranties, and a host of other extras. The body shape and extras might differ, but you’ll essentially be enjoying a vehicle that’s just as reliable and stylish.

On some occasions the brand new model may be the cheaper option. You might see this if a manufacturer is attempting to break into a new market or generate buzz for its latest addition. For example, in 1990 Toyota sold its new Lexus LS 400 luxury sedan for $35,000, around $10,000 less than similar cars from prestige brands BMW and Mercedes.

Remember to Haggle

No one ever accepts a car’s sticker price. When you haggle, you can stand to save between 10 and 20 per cent on your new car, but the process can be daunting. You might practice roleplaying at home if you’re feeling nervous about making a deal. Taking a car-savvy friend or family member to the dealership can also provide extra confidence.

Remember to never show your hand too early. Even if you’ve fallen in love with a vehicle, it’s important to keep a poker face. If the salespeople know how keen you are, you’ll never get their best price.

Car manufacturers also offer discounts to savvy shoppers. If you’re buying your second vehicle of the same make, you could score a loyalty discount. If you’re a new customer to the brand, then you’ll be eligible for the conquest discount. These savings can amount to between $500 and $2,000, and if you don’t ask for them they’ll simply line the dealership’s pockets.

Be firm during your negotiations, but don’t be confrontational. It’s important to keep a cool head to get your point across and arrive at the fairest price. No salesperson will help you out if you’re unpleasant. If you can’t reach an agreement, don’t be afraid to walk.

Don’t Be Suckered in By Extras

You’ve made the deal, but the negotiations don’t end there. You’re likely to be offered a host of extras that you may not want or need. These products and services might not add a lot to your monthly repayments, but they’re often sold at inflated prices.

To ensure you’re not taken advantage of, research any aftermarket accessories and services you’re interested in before you buy. This extra study will help you recognize a decent deal. If you’re unsure about the value of what’s offered, it’s best to pass. You can always add these options once you take your car home.

Forget About the Fees

Your dealership paperwork is likely littered with acronyms and mysterious charges that many customers don’t question. You should. Ask to see the factory invoice sheet, and query any charges not listed there. Any extra amounts are added by the dealership, which generally has the power to remove them. The only exception is the documentation fee, which is enforced in some states. The Department of Motor Vehicles’ website can tell you what to expect in your location.

Carefully Consider the Trade In

Trading in your old vehicle is a hassle-free way to do business, but it’s not always the most economical. It’s not uncommon for salespeople to offset a great deal by lowering the trade-in value. Visit used car websites such as Sport Durst Hyundai Used Cars to discover how much your current car’s worth before you trade it in. If you’re offered much less, consider selling your vehicle privately once the deal is done.

Armed with the right information, you can feel confident you’ll secure a great deal on your new set of wheels.

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