I actually bought a new car back in Nov. ’02. Mits. Lancer ’03. Well, I regret that. I got totally ripped off. I am still paying for that car plus I have a balloon payment (the interest) coming up in Nov. ’07. I know I’m going to be needing a new car soon. I am giving myself some extra time before I buy so I can make the right decision. I narrowed my choices to 2 cars: MINI Cooper/ Toyota Matrix. I ask: How can I haggle prices down? How can I find out what are the taxes in my area? How can get a great loan with my bank? I think I have excellent or almost excellent credit. What advice can you guys give me? (The reason why I’m getting a new car is because my boyfriend is going to be using my Mits. He had to sell his car when we moved. We are both young and need some wise advice.
I can’t ask my parents for advice because they are dead.
I’m not going to get a used car because I’m going to look stupid driving a shite box.
Yes I can afford two car payments. Otherwise, I wouldn’t be asking for advice.
My boyfriend bought us a condo with both of are names on it. He’s done a lot for me, so the least I can do is let him use his car since he sold his car so the move could be easier.
Broaden your choices to creat competition for your purchase, as great deals are coming this fall due to sell off of 06 models to make room for 07s. Also:
- many auto companies are hurting, thus, look for incentives such as 0% financing for good credit.
- Buy during last couple days of month, Sept. – Nov. 06, and last couple of hours of that day – preferably a rainy, cold Friday evening when no one is at the dealer, as salesmen are motivated to make their monthly sales goals, and they love ending their week/day with a sale, even if its not the best commission.
- Go to Edmonds.com and leverage internet to get dealers competing for you. Send-off an email to 3-4 and see who is hungry and responds.
- Know what your selected vehicle is going for. Edmonds has good data.
- Do not buy car that every one wants, as you will pay too much.
- Keep emotions under control, do not let them know you love it.
- Always ask for more options for less money, and offer much less than sticker w/o insulting them. If you offer a price and they immediately accept, you offered too much. You need to find their lowest price by having them reject your first/second/etc. offer. Have them suggest a number. Counter their answer with facts from your research and with alternative dealers/cars. And, make another offer, typically, no more than 1/2 of the difference between your initial and their reasonable counter.
Bottom line – know the highest price you will pay before you get into the negotiations dance, as emotions and logical thinking may be difficult to control at this stage, given the time investment on both sides. And, you need to be prepared to walk away if they do not accept your reasonable offer. The industry makes 15 – 20 million cars/trucks a year. I am sure there is more than one of those that fits your needs.
If you get within a couple hundred dollars, ask for more, e.g., options, car mats, free oil changes, 5 tanks of gas, etc. Also, leverage the potential of you getting your vehicle serviced at their dealership, as that is a substantial profit center for them. At this point, your time becomes more valuable than the couple hundred $$, so, get what you can, close-the-deal and drive away….
Good Luck,