Buying a car can be an overwhelming task. Here are four new car buying myths that will make you better informed during the car buying process.
The best deals are on Saturday. Saturdays are a dealership’s busiest day. You may be rushed and not receive the attention you want. Weekends are a great time to browse and perhaps test drive; however, make your purchasing appointments on slower days – typically Tuesday through Thursday. If Saturday is the only day that is convenient for you, get there when the dealership opens and it is not quite so busy.
The best deals are at the end of the month. Manufacturers do often issue sales incentives for mid-month and end of month; however, you will lose your leverage if you allow yourself to be rushed. By end of the month, the dealership may not have the exact car you want. You may feel compelled to either settle, or wait to get the car you want – possibly causing you to lose the incentive pricing.
The best deals are at the end of the year. The best deals are actually around the model year end, typically August or September. Manufacturers and dealerships offer incentives to make room for next year’s model. Using this philosophy, you won’t drive away with next year’s model, but you’ll still get a brand new car at a bargain price.
Car salesmen are crooks. Car sales representatives have a reputation for being dishonest, pushy – and, well, sleazy. While some sales people fit this description, most are simply people trying to make a living. Generally speaking, they want to give you a good experience so that you’ll do business with again and will refer business to them.
You can, however, get stuck with a bad sales representative. Typically at a dealership, the sales team takes turns with leads or they receive leads on a seniority basis. It is your right to request a different salesperson if you are uncomfortable for any reason. However, the first person who gets your name and phone number is usually “your” sales person and may still get paid for your purchase, no matter who ends up closing the sale. It’s a good idea to refrain from sharing your contact information until you’ve decided you want to work with a particular salesperson.
The key to a successful car buying experience is not to rush or be pressured into a decision. Know what you can afford ahead of time by being pre-approved and informed about car prices, trade-in values, models and features. Use our Member Showroom free car buying service to have all the information you need up front.
With knowledge and patience, you’ll be enjoying that new car smell in no time. Good luck!
by Bob, Vice President, Lending