Buying A New Car? Save Money!
As a smart shopper, you need to know the common strategies that dealerships use to pad their bottom line—from tricky negotiating tactics to trying to sell you unnecessary extras—and how to avoid playing their game. Consumer Reports' auto-test staff, which buys more than 50 vehicles a year, has had hundreds of dealership experiences. Following are some of the most common things you could encounter and Consumer Reports' advice on how to avoid falling prey to them.
- Avoid mixing negotiations—Once you've settled on a price, discuss financing and any trade-in separately. This makes it easier to get the best deal at every step of the transaction.
- Compare Financing Rates—Don't make financing a purchase-time decision. Before visiting the dealership, make sure you know how you'll pay for the vehicle. Call ahead to find out what the dealer's rate is, and compare it with what you could get from banks, credit unions, or other lending institutions. Dealers like to arrange the financing for your vehicle because it gives them another source of profit.
- Watch for Rustproofing & Dealer Prep Fees—Another profit source for dealers is extras such as rustproofing, fabric protection, paint sealant, and etching your Vehicle Identification Number (VIN) on windows to deter thieves. Vehicle bodies are already treated to protect against rust. Upholstery is typically treated at the factory, or you can do it yourself with a can of spray-on fabric protectant. Paint sealants and waxes are available for under $15 at any auto-parts store. Some states do require dealers to offer VIN etching, but none require that you buy it from them. If you want VIN etching, you can do it yourself with a $25 kit. Dealer prep fees—such as checking tire pressure—should be included in the purchase price, not listed as extras. If these items are on your bill of sale, refuse to pay for them.
Read the full article to get even more tips on how to save money when buying a new car.
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Useful Automotive Web Sites:
Autotrader.com - Sell your car or find a new one
Advance Auto Parts - Order the parts you need and avoid high mark-ups at the repair shop
NHTSA - Has your car been recalled?
Valpak.com - Print coupons for oil changes, car washes and more
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