If you are in the market for a new car, then you have to make sure that you avoid making these 5 mistakes. If you don’t, then you may find that you end up paying for it in the future, and this is the last thing that you need.
Failing to do your Research
You should never walk into a dealership without having the right information. If you do not have the right research to hand, then you may find that it becomes easier for the dealer to take advantage of you. This is the last thing that you want, so make sure that you explore things such as the model you’re after, what makes it good and what you want to pay for it. If you can do this, then you will soon find that it becomes easier for you to have a clearer picture, and it stops you from overspending too. If you want a good dealer, then be sure to check out Edmunds.
Not Lining up Financing
If you take out financing through your dealer before you have had the chance to go through your own credit union, then you run the risk of paying way higher interest rates in the future. You may also find that you become manipulated at the time as well, and this is the last thing you need. If you want to avoid this, then look into the financing options that are available to you before you walk into the dealership.
Using Monthly Payments Only
If the only payment you are thinking about is what you pay monthly, then you may find that the salesperson ends up trying to tie you into a longer repayment period for your loan. This will mean you end up paying way more interest over the long run and this is the last thing you need. The dealer may also take into account the trade-in value, the vehicle price, the leasing terms and more. Ideally, you need to try and negotiate all of these things independently from one another, rather than agreeing to a full price so you can save money.
Only Visiting One Dealer
If you can, you have to take note of the car you want to buy and the deals that are available. If you visit the dealer and they sense that your business only belongs to them, then you may end up forfeiting some of your range to negotiate. If you have your heart set on getting a Buick for example and you know that there is only one dealership in the area that has what you want, then try and look into some of the more competitive brands that are out there. Look out for typical deals on them and give the dealer something to beat. If you can do this, then you will soon see a huge improvement.
Not Going for the Test Drive
Did you know that up to 20% of buyers end up skipping this step? It is absolutely crucial at the end of the day. You may find that there are features that you don’t like, or that you are not happy with the handling. Either way, you have to try and make sure that you take into account things like this.
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