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Car Buying And Negotiation Tips On Rebates, Incentives, And Trade Ins
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Published: August 28, 2007
The first heartbreak, the first death in the family, the first car buying experience: all of the above are milestones in a person's life. Teenage angst almost inevitably leads to heartbreak of some form or another, and death comes as a natural part of life. Car buying, though, may not have to be such a negative milestone.
Horror stories abound about the buying a new or used vehicle, especially considering the less than complimentary imagery of a "used car salesperson," but armed with the right information, a person can make even the first car buying experience a great one.
Getting a fair deal on a car requires first and foremost a bit of independent research on behalf of the buyer. Going into a dealership with the dealer confident he or she knows more about the car than the buyer does immediately opens the door for inflated pricing. Many have sought out Kelley Blue Book for new and used car pricing, though Edmunds also comes recommended highly as a means of finding out more about different, "hidden" amounts a person can save in a car buying venture. Advertising agencies may confuse the car buying public about the difference between incentives and rebates, but the only difference is that the manufacturer overtly advertises the latter and tries to let only the dealer know about the former. Anyone looking to find the best deal available for their car buying experience, though, would do well to find out about any offering of either on a possible purchase. Manufacturers will even offer special low financing on vehicles slow to move off the lots, but if the customer has no clue about it when out car buying, the dealership will get to keep any of the cash it does not offer to the customer.
One of the basic tenets of successful car buying requires that a customer know the invoice price and msrp (manufacturer's suggested retail price) on a vehicle before purchasing it. Essentially, the invoice amount indicates how much the dealer had to pay for the car him or herself, while the MSRP helps gauge what amount a dealer would like to sell the car, truck, or SUV for to the customer. In fact, an absence of the suggested price constitutes a federal crime, further evidencing its importance in the car buying experience. Still, even without the suggested retail price, a savvy car buyer will begin around the cost price for the dealer and amass multiple quotes online for around that price to level the field between the dealer and buyer. A trade in may affect how the negotiations go, as well, since the dealer may agree to a high price for the used vehicle to only raise the price or financing on the new car, or lowball on the used one to allow a lower price on the new one. At any rate, car buying necessitates knowing the value of both one's existing vehicles (if any) as well as the desired car. With both in mind, the fair bargaining may begin.
A CNN poll suggests around three quarters of the US would rather visit a dentist than a car dealership, and it speaks volumes about how leery the public remains about dealing with salespeople. Car buying does not have to be as negative as people perceive. Using a little research ahead of time, car buying may associate more with happier milestones like a first kiss or a first child than heartbreak or death. But only if one is willing to put forth the effort. Otherwise, the dentist's chair may be a better choice after all.
Sources:
"Car Buying." GotTrouble.Com.1999-2007. 21 Aug. 2007. http://www.gottrouble.com/legal/consumer_law/car_b uying_index.html.
"Final Negotiations." SmartCarGuide. 2003-2004. 21 Aug. 2007. http://www.smartcarguide.com/gui/neg/idx.htm.
"How to Buy New Cars & Avoid Car Dealer Scams." CarBuyingTips.Com. 1996-2007. ConsumerNet, Inc. 21 Aug. 2007 .http://www.carbuyingtips.com/carintro.html.
Getting a fair deal on a car requires first and foremost a bit of independent research on behalf of the buyer. Going into a dealership with the dealer confident he or she knows more about the car than the buyer does immediately opens the door for inflated pricing. Many have sought out Kelley Blue Book for new and used car pricing, though Edmunds also comes recommended highly as a means of finding out more about different, "hidden" amounts a person can save in a car buying venture. Advertising agencies may confuse the car buying public about the difference between incentives and rebates, but the only difference is that the manufacturer overtly advertises the latter and tries to let only the dealer know about the former. Anyone looking to find the best deal available for their car buying experience, though, would do well to find out about any offering of either on a possible purchase. Manufacturers will even offer special low financing on vehicles slow to move off the lots, but if the customer has no clue about it when out car buying, the dealership will get to keep any of the cash it does not offer to the customer.
One of the basic tenets of successful car buying requires that a customer know the invoice price and msrp (manufacturer's suggested retail price) on a vehicle before purchasing it. Essentially, the invoice amount indicates how much the dealer had to pay for the car him or herself, while the MSRP helps gauge what amount a dealer would like to sell the car, truck, or SUV for to the customer. In fact, an absence of the suggested price constitutes a federal crime, further evidencing its importance in the car buying experience. Still, even without the suggested retail price, a savvy car buyer will begin around the cost price for the dealer and amass multiple quotes online for around that price to level the field between the dealer and buyer. A trade in may affect how the negotiations go, as well, since the dealer may agree to a high price for the used vehicle to only raise the price or financing on the new car, or lowball on the used one to allow a lower price on the new one. At any rate, car buying necessitates knowing the value of both one's existing vehicles (if any) as well as the desired car. With both in mind, the fair bargaining may begin.
A CNN poll suggests around three quarters of the US would rather visit a dentist than a car dealership, and it speaks volumes about how leery the public remains about dealing with salespeople. Car buying does not have to be as negative as people perceive. Using a little research ahead of time, car buying may associate more with happier milestones like a first kiss or a first child than heartbreak or death. But only if one is willing to put forth the effort. Otherwise, the dentist's chair may be a better choice after all.
Sources:
"Car Buying." GotTrouble.Com.1999-2007. 21 Aug. 2007. http://www.gottrouble.com/legal/consumer_law/car_b uying_index.html.
"Final Negotiations." SmartCarGuide. 2003-2004. 21 Aug. 2007. http://www.smartcarguide.com/gui/neg/idx.htm.
"How to Buy New Cars & Avoid Car Dealer Scams." CarBuyingTips.Com. 1996-2007. ConsumerNet, Inc. 21 Aug. 2007 .http://www.carbuyingtips.com/carintro.html.
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