Do's and Don'ts when buying a New Car?
- Thread starter jelli
- Start date
MsJag4Jag
Moderator
1. Go through the credit union (Ellington Branch or League City) and ask for Gloria Villano.
2. Don't pay over what the credit union states for a new car.
3. The credit union will force the dealer to give you the sheet with the base price that the dealer paid for the car.
4. Generally, the credit union goes to the Fleet Dealer and gets your purchase at a better price.
5. The interest at the credit union is good, but the dealer may offer a better interest rate...but read between the lines here...when the dealer finances...they can play with the numbers to force you to pay what they want.
6. Be frugal and don't take no wood nickles..Hold out on the price you want. They will play games... BE patient and just hold out on the price and features you want.
7. If they don't work with you, just get up walk out and go to another dealer.
8. MOST IMPORTANTLY, do NOT let them run your credit report unless you are 150% certain that you want their car and you want them to finance it. If not, too many inquiries about a car will drive the interest up on you....by every dealer who looks at the report. Run the credit report with the credit union...and try to work the deal. If you don't like the CU...then try the dealer...but ONLY one dealer... and shop around!
This has been my experience.....
2. Don't pay over what the credit union states for a new car.
3. The credit union will force the dealer to give you the sheet with the base price that the dealer paid for the car.
4. Generally, the credit union goes to the Fleet Dealer and gets your purchase at a better price.
5. The interest at the credit union is good, but the dealer may offer a better interest rate...but read between the lines here...when the dealer finances...they can play with the numbers to force you to pay what they want.
6. Be frugal and don't take no wood nickles..Hold out on the price you want. They will play games... BE patient and just hold out on the price and features you want.
7. If they don't work with you, just get up walk out and go to another dealer.
8. MOST IMPORTANTLY, do NOT let them run your credit report unless you are 150% certain that you want their car and you want them to finance it. If not, too many inquiries about a car will drive the interest up on you....by every dealer who looks at the report. Run the credit report with the credit union...and try to work the deal. If you don't like the CU...then try the dealer...but ONLY one dealer... and shop around!
This has been my experience.....
Crazier Jag
LUNATIC
Buy a FORD
cat daddy
Active Member
Adding to what Ms. Jag said..
If you go to the credit union, have them approve your loan for what you can afford. Once you have the loan secured, then it's like shopping with cash. I.E., if your loan is for 20,000 and the dealer wants 21,000 for it, it has been my experience that they'll work a deal with you to get you that car under the loan amount you have been given by the Credit Union.
If you go to the credit union, have them approve your loan for what you can afford. Once you have the loan secured, then it's like shopping with cash. I.E., if your loan is for 20,000 and the dealer wants 21,000 for it, it has been my experience that they'll work a deal with you to get you that car under the loan amount you have been given by the Credit Union.
Buy at the end of the month, because most dealers are in sales contests with other dealers for bonuses with the number of units sold. Also the salesmen are trying to get bonuses also with the number of units sold. The difference between 14 units and no bonus vs 15 units and a $1000 bonus will get you a good price.
Da_Sperm
New Member
For new cars only.
Get your financing straight.
Go to Kelly Blue Book and search for the car you want.
Print off the entire list of what the options cost.
Take the list and a calculator to the car lot.
Add the total price of what the options cost (deal cost) to the price of the car (again, dealer cost).
Offer the dealer a 2% mark-up over his price. Negotiate in $50 increments until you two agree on the price. (Ex. You offer the dealer $20K, he says $25K, you say $20,050). Eventually, he will get tired and you will win.
Sign the papers and drive off.
This approach takes about 4 hours, but you save about $4,000. So look at it as if you are making $1,000/hr.
Get your financing straight.
Go to Kelly Blue Book and search for the car you want.
Print off the entire list of what the options cost.
Take the list and a calculator to the car lot.
Add the total price of what the options cost (deal cost) to the price of the car (again, dealer cost).
Offer the dealer a 2% mark-up over his price. Negotiate in $50 increments until you two agree on the price. (Ex. You offer the dealer $20K, he says $25K, you say $20,050). Eventually, he will get tired and you will win.
Sign the papers and drive off.
This approach takes about 4 hours, but you save about $4,000. So look at it as if you are making $1,000/hr.
Vinita
Let's Go Lions, GO!
Jelli
He is referring to the price that the dealer paid for the vehicle. If I'm not mistaken, the Blue Book lists the actual value of the car BEFORE the vultu ... uh DEALERS mark the price up.
We were at the car dealership ALL DAY, but Park Cities Ford only made about $500 profit on Big Thirsty.
This clown can worry people until they are damned near ready to GIVE us stuff!
He is referring to the price that the dealer paid for the vehicle. If I'm not mistaken, the Blue Book lists the actual value of the car BEFORE the vultu ... uh DEALERS mark the price up.
We were at the car dealership ALL DAY, but Park Cities Ford only made about $500 profit on Big Thirsty.
This clown can worry people until they are damned near ready to GIVE us stuff!
Jaguar Diehard
Active Member
One thing is certain...
the power of the internet gives the consumer an advantage. Car dealers know this, but they still try to play you for dumb. What you really have to do is let them know that you did your homework. Use quotes from other dealers and if you can, visit car lots when the dealership is CLOSED. This way you can write down MSRPs, look at the extras, colors, styles, etc., without someone ooglin' the entire time.
If you have a trade-in, don't say anything about it until you've locked down a price close to what you want.
The Credit Union is your best place.
Don't fall into that "How much can you pay a month?" trap.
Try to be on one accord with your spouse. When dealers leave you in the room along to "talk things over", these rooms are bugged. Believe it!
Watch out for "dealer's prep". That stuff is stupid. Cost for undercoating, cleaning out the car, washing the car, filling the fluids, tightening the bolts, etc., is stuff that they do anyway.
The end of the month thing is true, but also the end of the year (as in now) because the volume of the new models handled will depend on the sales volume of the previous year's models.
Check the car you are purchasing out thoroughly. I almost fell into a trap with some spots that I thought were from the rain, but were a result of acid rain. Look for dings, scratches, torn upholstry, stitching, AC problems, heat, etc. Put that sucka through the wringer and request deductions if it is not serious.
Check your gas tank. It will almost always be empty. Tell them you used all of your money to fill your other car, closed your credit cards and that you need a full tank to get home. Tellin' ya! Worked for me EVERY time!
Most of all, PLEASE READ CONSUMER GUIDE concerning the particular model you are interested in. Previous year problems may be a helluva clue as to what you are getting yourself into!
(Took a class on The Art of Negotiations for the job to use for car and home buying. Ya'll won't believe the stuff "those" folks use to negotiate with.)
the power of the internet gives the consumer an advantage. Car dealers know this, but they still try to play you for dumb. What you really have to do is let them know that you did your homework. Use quotes from other dealers and if you can, visit car lots when the dealership is CLOSED. This way you can write down MSRPs, look at the extras, colors, styles, etc., without someone ooglin' the entire time.
If you have a trade-in, don't say anything about it until you've locked down a price close to what you want.
The Credit Union is your best place.
Don't fall into that "How much can you pay a month?" trap.
Try to be on one accord with your spouse. When dealers leave you in the room along to "talk things over", these rooms are bugged. Believe it!
Watch out for "dealer's prep". That stuff is stupid. Cost for undercoating, cleaning out the car, washing the car, filling the fluids, tightening the bolts, etc., is stuff that they do anyway.
The end of the month thing is true, but also the end of the year (as in now) because the volume of the new models handled will depend on the sales volume of the previous year's models.
Check the car you are purchasing out thoroughly. I almost fell into a trap with some spots that I thought were from the rain, but were a result of acid rain. Look for dings, scratches, torn upholstry, stitching, AC problems, heat, etc. Put that sucka through the wringer and request deductions if it is not serious.
Check your gas tank. It will almost always be empty. Tell them you used all of your money to fill your other car, closed your credit cards and that you need a full tank to get home. Tellin' ya! Worked for me EVERY time!
Most of all, PLEASE READ CONSUMER GUIDE concerning the particular model you are interested in. Previous year problems may be a helluva clue as to what you are getting yourself into!
(Took a class on The Art of Negotiations for the job to use for car and home buying. Ya'll won't believe the stuff "those" folks use to negotiate with.)
Jaguar Diehard
Active Member
Ms J4J,
Extra info on its way.
One more thing folks, NEVER let a dealer know how desperate you are for a car. Three weeks after making a ridiculously low offer, I got a call saying "Ok Sir, we can get you your car at that price!"
In other words, start early. Get the word out because when sales are low and they need to move those vehicles, they'll call if you leave them a number. Believe that!!
Extra info on its way.
One more thing folks, NEVER let a dealer know how desperate you are for a car. Three weeks after making a ridiculously low offer, I got a call saying "Ok Sir, we can get you your car at that price!"
In other words, start early. Get the word out because when sales are low and they need to move those vehicles, they'll call if you leave them a number. Believe that!!