There is a lot of confusing and flat out wrong information about how to get the best deal when buying a new car. This confusing and often contradicting advice has discouraged some people from pursuing their car buying quest, and it has also hindered others from getting the great deal they deserve. It is important to decipher which advice will help you leverage your negotiation position the next time you buy a car from a car dealer. Here are five myths when buying a new car:
Dressing in simple clothes gets you a better deal.
Showing up in a plain shirt, shorts and flip-flops won’t make your car deal any better. Car dealers are on to this tactic. Car dealers understand people are reserved when going to a car dealership. Customers are concerned with displaying their car buying abilities. Therefore, even the wealthiest of customers dress down when they shop for a new car. The tactic of dressing down to show the dealership you don’t have a lot of money to buy a car was debunked a long time ago because everyone does it, even the customer buying an $80,000 car! The best way to get a good deal is to do your research and hone your negotiation skills.
You can get a good car deal during rainy days.
They say that rainy days keep potential car buyers from visiting car dealers and if you come in during that time, they will give you a good deal. But Edmunds.com says otherwise as the truth is, more potential car buyers come into dealerships during rainy days because they simply believe this myth to be true. Customers don’t want to browse a car dealership on a rainy day unless they are a serious buyer. Car dealers know this. Therefore, they love it when people show up on rainy days.
The internet can give a better car deal than any other way.
It is assumed that you can get a better deal and save more time when choosing to buy a new car from a car dealership advertising on a third party website. This isn’t always the case. This may seem like a well-streamlined process when you click to buy using an internet website, but the website still has to process through and refer you to the car dealership. Keep in mind; these third-party sites are lead-generating tools car dealerships use to get customers. Car dealerships pay a premium to get customers from these websites. These websites don’t negotiate all aspects of the car deal such as lease rates, APRs, extended warranties, GAP, etc.. Therefore, the customer often faces the same high-pressure sales tactics when they go to the car dealership to pick up their new car.
Waiting to the end before mentioning you have a trade in.
The strategy of declaring that you have a trade-in after making a deal is a big myth. It will only create more confusion, and it will increase your time spent at the car dealership. The car dealership must now appraise your trade-in before they offer a value for it. This requires additional negotiation and stress for everyone, especially you.
Buy now or you will regret it later.
This is a scheme some car dealerships use to pressure customers into buying now. Car dealerships know most people who leave without buying never return. Because of this, and the fact most employees at car dealerships are paid on commission, is why they pressure customers into buying now. Don’t be pressured to buy if you are not ready. Most offers can still be available a week or a month later. Most manufacturers change their rebates and incentives monthly. Therefore, the deal could be better or worse next month. Make sure you calculate your need to buy the car before allowing yourself to be pressured.