Buying a car is typically one of the biggest purchases that people make. As with any big purchase, you’ll want to make sure you have a strategy in place to get the best possible deal. After all, you are about to shell out a significant amount of cash for a set of wheels. So, is there a best time to buy a car? And, make sure you have an idea on what your car insurance rate will be on your new ride.
Sometimes, getting the most bang for your buck depends on the timing of your visit to the dealership. While your ultimate goal is to walk away with the car of your choice, it’s in your favor to know the ultimate goal of the sales team. Knowing this could save you a lot of money. Here are a few tips to guide you during the car buying process.
Do your homework
• It is recommended that both you and the salesperson know what type of car you are looking to buy before visiting the dealership.
• Whether or not you know what car you are looking to buy, consult a few websites that can provide useful information to guide your decision-making process. For example, Edmunds.com, ConsumerReports.org and kbb.com (Kelley Blue Book) are great resources to get information on the real value of cars and useful car reviews.
• Besides taking advantage of online resources, don’t forget to check with your friends, family and coworkers for recommendations.
• Once you have narrowed down your list of potential new cars, it’s a good idea to get quotes for car insurance for each model. The cost of insuring a new car should also be a key factor in your ultimate decision.
Plan your timing
• Spending a long time at the dealership will drain your energy and pave the road for the possibility of making rushed – and probably uninformed – decisions.
• After doing careful research, plan to arrive at the dealership near closing hours.
• During this time of day, you will have more power to make favorable negotiations since the car salesman will not want to prolong an already long process. The salesperson will be more likely to close the deal.
Understand the salesperson’s goals
• It is every salesperson’s goal to close as many deals as possible. Their job is to persuade you to make a big investment, but you should stand your ground and only make a purchase you are entirely comfortable with.
• As you’re likely aware, salespeople in the industry have monthly or quarterly sales goals. Toward the end of the month is generally the best time to visit, considering they will take as many offers as they can get to meet their monthly or quarterly goals. It is worth trying this strategy, as it can make a big difference in the negotiation process.
Be open to all options
• If you are not looking to purchase the fancy, new car of the year, then there is a period of the year when you have the best chance to buy outgoing models at lower prices.
• Typically, new cars make their debut in the late summer through fall. As there are already many cars in the dealership, and showcasing the new models has higher priority than the older ones, they are likely to offer more attractive deals on the older models to get rid of those.
Purchasing a car will no doubt be an expensive investment – and one that should be well protected with adequate car insurance. Remember to consider these tips that could potentially save you a ton of money. If it means going at an inconvenient time of the day, or late in the month, wouldn’t you want the chance to keep more money in your pocket?
Have you had better luck negotiating a price by following your own strategy? Feel free to share your thoughts in the comments section below.