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How to Save Money When Buying a Car
By Robin Segal Published: 07/08/2010
Where Do Car Dealerships Make the Most Profit on Your Car Sale?
Nope, it’s not in the price negotiation that usually ends up between "dealer invoice" and "sticker price." The Number One profit center in a new car sale is in the financing. If you finance the purchase or lease the car, you will need to be extremely careful. This includes bringing your own financial calculator to the dealership. I’m not kidding. Much of the profit is taken through out-and-out lying about the numbers that make up your loan. Remember in math class when the teacher made you "SHOW YOUR WORK" in order for your answer to be valid? Well that applies to car dealership finance managers too. Give them an F and move on if they seem to be hiding their numbers from you.
Should You Buy a Car at the End of the Month?
Yes, buying at the end of the month is a good idea, but it's not that simple. Never, EVER, make your first dealership visit at the end of the month when the pressure is on. The salesmen will be very hungry to make the sale, and you may not be able to resist. Try this: go to the dealership around the middle of the month, test drive the cars, get some info, then go home and give yourself two weeks to get the best financing, and THEN go back at month's end armed with full information and a buying plan. Give yourself a day or two extra in case the first dealership doesn't work out and you need to go to another one. This is a big purchase, don't try to do it all in an afternoon!
Write Write Write
Write down everything you lean about the car, from the internet, magazines, and ALSO from the salesman. Why? Doing this keeps everybody honest, and literally "on the same page"-YOUR page! Then your salesman can’t change numbers and terms on you later on. Pull out your notebook, start writing, and watch him lose his composure and change gears in a flash. It really works!
Buying a Car Really IS a Big Deal
Realize how big a purchase a car is. And it is complicated. Buying a car is the second-largest purchase most people make after buying a home. When you buy a home, think about all the help you have: you have a broker to help you find the best home for you, and a mortgage broker to help you find the best financing. And an inspector to make sure the house is safe. Sometimes you also have an attorney to make sure the contract is fair, and a title company makes sure the title is clear before you pay for the home. But when you buy a car, there is not one person there to help you. And the dealers want you to THINK you can waltz in to the dealership and buy a car from start to finish in an afternoon- and sure, you can, but you will pay much much more if you do it that way.