If you need a new ride, make sure you’re the one getting a deal at the car dealership!
Remembering these 5 tips will be your roadmap to success when you buy a new car.
Take it from industry experts NerdWallet, Money Crashers and U.S. News & World Report spoke with.
Money talks, and you need to know what you’re talking about!
Always do your research ahead of time, and that means bringing in true market pricing for the car from places like Edmunds.com or Kelley Blue Book.
Remember to bring in proof of insurance and a check for your down payment.
NerdWallet says it’s normal for 20% for a new car.
Let the salespeople know you’re ready to negotiate.
That means negotiating the car loan and trying to get the purchase price down.
It’s best to start with a crazy offer and work backwards.
With that in mind, U.S. News & World Report says it’s a bad idea to kick things off by saying you’ll pay cash because a lot of the dealer’s revenue comes through financing.
If they know they won’t make any money on your car loan, forget about getting a deal.
You need to figure out what kind of monthly payments you can afford and how much you can pay up front.
Also think about insurance, filling it up and maintenance costs!
Being on top of your credit score will help you get better financing deals.
Letting a dealer know you’re shopping around can put pressure on them.
It’s also a good idea to cast a wide net.
Look at dealerships where sales have been weaker than others.
U.S. News & World Report says to use common sense with the example of shopping for hybrids out in the country and pickups in the big city.
You’ll be on the road to happiness in no time!