Car Shopping Tips for the Holiday
It’s that time of the year again with black Friday deals and special offers. This can be a great time to go car shopping. Dealers need to move inventory and hit annual sales numbers so they are ready to wheel and deal. Before you get out on the road, I have some tips to consider before walking on the lot.
Tip #1 Do Your Research
In today’s tech world there is so much information available that it is highly recommended that you do your homework first before going car shopping. There are a lot of resources and great websites that will provide you with information on pricing, features, options, availability and trade-in values. Here are some sites to check out: Nadaguides.com, Truecar.com, Edmunds.com, Cars.com
Tip #2 Lease vs Buy
This subject has been debated since leasing a car first became available. There are pros and cons to both and each individual has different needs and wants. You should take the time to look at both options and then you will have a better idea which one works best for you. Some people like leasing because you get more car for less payment while others would rather own especially if they plan to keep the car long term.
Tip #3 Rebate or 0% Financing
Did you know that the lowest rate loan may not always be the best loan for you? Some low dealer rates can be a temporary offer or are only good for short terms. In some cases you may have an option of 0% or a manufacturer rebate. Depending on the amount of the rebate it could costs you less taking the rebate and bank financing.
Tip #4 Insurance Options, Costs & Coverages
Some things to think about when it comes to insurance. You should talk with your agent to discuss any options you might need to add or adjust going from an old car to a new one. Also, you need to know that in most cases it costs more to insure a newer car. Again, you can check with your insurance agent before you purchase to see what the difference in premium could be. Another insurance product to consider is gap insurance to make sure you don’t end up owning more than what the insurance will pay on a total loss.
Tip #5 Items to Negotiate
The last tip is something to consider if you are close but you feel you need just a little more to make you happy with the deal. If it’s not cover, ask the dealer to throw in some oil changes or other maintenance items. Another thing to ask is about extending the warranty. The dealer might not be able to extend all of it but maybe a part. It doesn’t cost you anything and doesn’t hurt to ask.
In the end, remember to try and not buy with emotion. The car sales representative is a professional and is very good at what he does. You can talk to multiple dealers so you can use one dealership to help you negotiate with the other. Also, it’s a good idea to have a family member or friend available by phone just to have someone to talk to when you are at the dealership. Don’t hesitate to ask for a break during the sale process and take a minute to gather yourself. A quick call to that family member or friend can be a lifesaver