Car Buying Myths and Misconceptions Revealed
MYTH - Wait for a rainy day to buy your car.
Don't do this. Think about this one for a minute, when it's raining outside are people less likely to indulge in their normal outdoor activities. One might think a rainy day equals a slow day, this is a misconception. Rainy days create boredom and people go shopping.
MYTH - Hide your trade-in!
Don't do this either. Dropping your trade-in on the sales associate last minute isn't going to help you get a better deal, or a better trade. It may even create a confrontational sales situation, what else are you hiding? Keep in mind these three main ideas when you are buying a new car. Price. Interest Rate. The price of your trade.
We suggest checking out Edmunds.com before going in.
MYTH - Don't reveal that your leasing until after you have negotiated the final price on the vehicle!
No no no. Leasing isn't about the total price of the vehicle, it's about the specials and incentives the manufacturer is offering at that specific time. Instead of loans you have money factors and residuals to look at. It's a completely different process.
This one is to be used wisely. Threatening to leave does not frighten the dealership. Especially if they are offering a great deal on the car. Someone else usually does come and get it. But ... if you are not comfortable with the price, don't buy the car, nobody likes the feeling of buyer's remorse.
MYTH - Read every single word on the contract.
You don't need to do this. Most states, especially California and Utah regulate these contracts and they are all the same. The dealer isn't going to change it for you either. HOWEVER... DO pay attention to the printed sections, double check interest rates, final overall price, terms of the lease or loan.
This isn't going to change a deal for you. There is one big word that has changed the auto industry, the Internet. Dealerships know that they need to be competitive on pricing, especially when they are online. Calling one dealership while you are at another dealership may save you $50-100.00 tops. That's about 90 cents a month you'll be saving over 63 months.
Here's the deal; If you feel like you have to pull off all these tricks just to get a good deal on a car, then you are going to the wrong dealership.
Cars.com and Edmunds.com. Study their pricing guides and pay close attention to reviews given on that dealership. This isn't the 90's anymore. All the information you need to know is literally at the tip of your fingers.