Control the New Car Buying Process
Buying a new car is a process that just about everyone goes through for themselves or a family member, but it's important to be able to manage the process to your advantage and avoid being taken advantage of. Buying a new car requires research, knowledge of car values and an understanding of some of the tricks car salesmen use. Know a few tips on how to control the new car buying process.
Steps
- Determine the car you want.
- You will be more able to control a new car purchase if you have a specific car make and model in mind to prevent the salesperson from trying to show you every car on the lot. Narrow down your choices so you know the exact car you want and can ask to see only that car.
- Research the value.
- Determine the actual retail value of the car you want with a resource like Kelley Blue Book before factoring in dealer incentives or trade-in amounts. This will help you control the process of buying a new car by having a clear idea of what the car is worth, so you can tell if a salesperson is asking an inflated amount or trying to sell you a car with features you don't need or want.
- Call around anonymously.
- Call a few dealerships anonymously and get sticker prices for the car you want after you know its market value. You can be in control of the new car buying process by going to the dealerships with the price closest to the market value and the best customer service over the phone.
- Calculate your budget.
- It will be easier to avoid being pressured into a new car package you can't afford if you know how much you can spend. Consider all of your other regular bills, then determine how much you can spend each month for a car payment. Estimate an ideal price and a price you absolutely can't exceed. Write these numbers down and take them with you when you shop for your new car so you stick to those figures.
- Get online price quotes
- This is an easy way to educate yourself on what cars are selling for in your area. Never walk into a negotiation without getting online price quotes. Forewarned is forearmed and this information will help add to your peace of mind when 'sealing the deal'.
- Understand the industry vocabulary.
- It is imperative to understand the automobile terms when negotiating. what is the difference between dealer invoice and dealer cost? What is MSRP? What is Holdback? What is freight? etc..
- Take a friend.
- Bring a trusted friend or family member with you when you shop for a new car. This helps you control the car buying process, because you will have a witness to verify what the salesperson says and be able to get a second opinion before making any final decisions.
- List options by importance.
- Put the features that are most important to you, like fuel economy or safety features, at the top of the list so you focus on these features first when looking at cars. Round out the list with the features you'd like to have, but that aren't deal breakers.
- Walk away.
- The car salesperson you deal with should answer all your questions, pay attention to your concerns and what's most important to you about buying a new car, and take all the time you need to be comfortable and confident with your purchase. Walk away and find another salesperson or another dealership if you have to until you find a sales representative that gives you exactly what you want.
