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First Time Car BuyingFeb 24 '01 Write an essay on this topic.
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The Bottom Line DO YOUR RESEARCH. Reviews, get quotes, make print outs of everything. Take all of this to the dealer and determine a price. Do not be afraid to walk out.
Doing research is important not only for the fact that you know both the positives and negatives about each car your looking at, but also the price of not only the overall car but each option and special feature the dealer as to offer. I’d recommend you start by reading as many reviews as you can about the car your interested in. After you’ve narrowed down your list, start by asking for quotes. Be warned though, once you start asking for quotes, dealers will start calling your home phone number not only to respond with your quote but to “give you more information about your dream car.” Although it’s a pain to have your answering machine filled up to the brim with car dealers messages, it’s very important to get these quotes. Not only will they tell you who to visit, but they will enable you to negotiate a price on the car. It is very very very important that you get a few quotes from online companies. These unorthodox car dealer can normally offer much lower prices than your dealer can, but you can use the information to get a cheaper car from a dealer. Online merchants are excellent, but no matter what you do, you can always expect to receive your car 7 to 14 days after you ordered it. If you want a car now, then you have to go through a dealer. So take the quotes you received from online dealers and use it to your advantage. When at the dealership somehow tell the salesperson that you’ve done your research. This will automatically place you into the “online buyers” program. They know (for the most part) that they can’t trick you. You have already learned all the tricks, you already have received multiple quotes, you are more prepared than the normal buyer who does all their research without the Internet. I cannot stress this enough, the Internet has made it easier to buy a car, especially for first time buyers. Some dealers will even offer an “internet discount”. Go to the dealer with all of this information, even if you are only looking to test drive a car. After you have decided that you want this car, remember to pull out and use your research to your advantage. Although some dealers will claim to have a “no haggle”, “no hassle” pricing creed you can still negotiate a better price. By doing your research you will know exactly what the “invoice” and “MSRP” is of each part of the car, and the overall car itself. Make sure you double check this information with the window sticker that the dealer provides. If the dealer is charging more, then something may be wrong. I noticed one car that was more than $1,000 more, and there wasn’t any apparent reason for it, besides for the fact that the dealer wanted $1,000 more. After you have set a price, the dealer will begin the financing portion. Although you have agreed on a price “for the car”, the dealer will try to add “extras” into the overall price. Be careful because these “extras” can add up and increase your monthly payments. The largest “extra” is the extended warranty. Most cars come with a basic 3 year warranty. The dealer will try to sell you between 2 to 5 years more warranty. This will normally increase your monthly payment by 20 dollars. Although $20 may not seem like much, remember that each month you will pay an extra $20 dollars which can add up. Look closely on your driving habits! If your rough on a car, then you may want to invest on the extended warranty. If your not, then it’s probably no use. BUT, what the dealer doesn’t want you to know, is there are several companies out there that offer extended warranties on your car that you can have put on, AFTER you have purchased the car. The dealer will tell you, “the extended warranty can only be selected now, not later”, this is true of “dealer warranties”. But you can always add on a warranty through a second party. If you want to see for yourself which is best, ask the dealer (or better yet, the finance guy) his opinion about second party warranty dealers. If they give only negative responses, then you know that the dealer is worried about losing some cash. If they give positive and negative responses, then you know that this is a dealer to trust and you will be left to weigh the options (again do your research). If they give just positive responses, then that guy will probably be out of a job soon! If you buy the car, the last thing I’d recommend is that you take the walk-through very seriously. The dealer will normally give you a check-list to help you inspect the car. Suppress your excitement and take this very seriously. Although it may seem silly to inspect a brand new car, it’s important in case anything breaks. If you broke it, then you pay for it. If it broke on it’s own, then the warranty pays for it. Check everything! Knobs, buttons, levers, cushions, lights, blinkers, the truck, the engine, the horn…make sure you are getting what you paid for. Very rarely in your life will you be spending (or financing) so much money for one singular item. There are three big investment that people undertake in their lives. Each needs to be approached with tons of research and insight into exactly what you want. They should not be approached with carelessness or quick decisions. Buying a car is one of them (a house, and having children are other in case your wondering)! If you know what you want then you'll walk away smiling!  |
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