Common Errors First-Time Car Buyers Make
Buying your first car is a genuine rush! At Richardson Collision Center, we don't want you to get taken at the dealership, so here are some common errors that many first-time car buyers commit that we are sharing with you. Most car dealerships are honest and fair, including here in Lubbock, TX but you can run into a shady one every once in a while. So be wary, do your homework and you will get a great deal on a new vehicle!
Do Your Research!
It can be difficult to know precisely what you want without knowing what's out there, and especially when it comes to new cars. There are so many brands, models and options that are available right now, frankly it can be overwhelming. So always perform your due diligence by checking reviews and comparing prices online. Knowledge is king and if you don't have it, you may end up like a pauper.
Don't Be Afraid to Negotiate
Never settle for what the dealer is offering, because there is usually a good amount of room in there to negotiate. Some people say it's 12-15% while others will claim that if you are not afraid to get in there and play tough--you can save up to 40%, depending on the vehicle and the situation.
Pay it Off as Fast as Possible
"My payment is only $300, I can afford that," many first-time buyers think. But, the problem is you're paying for 60 months, which means you are paying a lot of interest. If you have the budget, pay more every month for fewer months and in the end you will save a considerable amount of interest. Credit costs, so remember that and pay it off as fast as you can.
Avoid Sketchy Extras
Vehicle options and so-called protection plans are a big source of profit for dealerships. It normally goes like this--you agree to purchase the vehicle and then they take you into another room. Then, some other individual (usually not your sales person) tries to sell you things like "wheel protection" or separate insurance on the car's upholstery, for example. Often these are either unnecessary vanity items with prices much higher than you could get on your own.
So, if you stick to these four very simple directives you will come away smiling from ear to ear instead of wondering if you got taken to the cleaners while buying your very first brand new car.
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Sources: Autoblog, Forbes and Google News