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Buying a new car can be very intimidating. However, you don't have to leave feeling like you got taken advantage of and paid too much. I'm going to break down some of my unique and proven tips for buying a car to land the best deal.
So you're in the market for a new car? How exciting! With so many different deals, rebates, fees, things to avoid, etc, it's easy to get lost and feel unsure of where to start.
As a woman, I know I always felt intimidated by the process. However, with these tips for buying a car, you can rest assured you'll set yourself up to land the best deal possible.
Tips for Buying a Car to Land the Best New Car Deal
This list goes beyond the obvious tips and tricks (know your budget, don't be persuaded, know your credit score, etc). Let's dive a little bit deeper and discuss some helpful things to keep in mind.
1.) Buy your new car at the end of the month and end of the day
Dealers typically have quotas and often are more likely to give you a great deal at the end of the month or end of the day to increase their revenue for the month to hit their quotas.
2.) Buy your new car when the next year's models come out
When the new models come in, dealers will want to get the old models off the lot. At this time, they are more apt to give you a great deal to get the current year's model off the lot.
3.) Winter months may be best for a deal
This is one of the best tips for buying a car. Dealers get less customers when the weather is cold, which means they're more likely to give you a great deal to hit their quotas.
4.) Beginning of the week is also good
After a busy weekend, Monday and Tuesdays are slow at the dealerships so it's a great time to negotiate a deal with less buyers to compete with.
5.) Wholesale Memberships have good offers
Places like Costco and Sam's Club often offer great deals on new cars. Check out what they have to offer. Believe it or not, I've been able to negotiate beyond these rates. Try it for yourself! You can read about my proven car negotiation strategy here: How to Negotiate the Best New Car Deal.
6.) Don't trade in your car
You typically won't get the best deal with the dealership. It's better to sell your current car on your own. Look up your car's value on Kelley Blue Book. Then, post it on Craigslist.
7.) Aim for Holidays or End of Year good deals
Often, the manufacturer will offer great deals or great financing options during these times. The best ones are:
- New Years
- Black Friday
- Labor Day
- Memorial Day
- 4th of July
8.) Don't EVER Negotiate on Monthly Payment…only on TOTAL COST
Dealers will often give you a monthly payment and negotiate on that number. Do not negotiate this way.
You want to know the TOTAL amount of the car and then YOU can figure out the payments from there.
9.) Know that You Can Always Walk Away
The car will be there tomorrow, and most likely every day after that for the next month. You have the power.
If you don't like what you're hearing or don't feel like you're getting a good deal, walk away.
10.) Don't Go to the Dealership By Yourself
Take your man, a best friend or a parent! I've even taken one of my friends' dads to a dealership before so that they'd take me seriously and not try to take advantage of me. Take anyone with you!
11.) Do NOT Dress Nice!
This one may just be my theory, but hey, I'll do everything it takes to get a great deal. DO NOT go to the dealership dressed up OR even in your Lululemons!
Even your Lululemon yoga pants will hurt you…they're expensive…think about it. If the dealer thinks you have money, he'll price out your car accordingly.
I always go with plain jeans, tennis shoes, and no makeup.
12.) Only Share the Bare Minimum Information
Don't explain why you want the car, that you love it, or any other details. Just communicate numbers and ask questions. Stick to basics. The more information they know about you, the more leverage they have to give you a higher price.
13.) Don't Pay for Phantom Security
Dealerships will sometimes add on “security” fees for coding on the doors. This is not necessary. Do not pay this. No matter what they tell you, this is just another scam.
14.) Don't Finance through the Dealer
You can often get a better loan by being pre-approved by an outside bank instead of going through the dealer.
15.) Make Sure You Have Insurance BEFORE Going In to Buy Your Car
I see this one as a definite money saving tip because if you don't already have car insurance, guess what, they won't let you buy a car! I didn't realize this my first time buying a car. (Silly me!)
I spent time in the dealership calling around for quotes, I was rushed and couldn't crunch numbers they way I would have wanted to.
Don't worry though, you can always revisit your insurance at any time and change insurances so this one can always be fixed if you are rushed into it.
16.) DO NOT Buy The Add Ons at the Dealership
The manufacturer add-ons are SO expensive!!
For example, for the car I reference in this article, the manufacturer cargo cover was $250. I got mine on Amazon for $75. The manufacturer cross bar roof rack was $400. I got mine on Amazon for $125. The manufacturer cargo mat was $175. I got mine at Costco for $10 (and it was WeatherTech which is a great brand!).
All are perfect and look like they came with the car. Don't be fooled into buying the add ons at the dealership. Go shop them out for your car.
17.) Avoid “Document” Fees or “Administration” Fees
These are not necessary and you don't need to pay them. Many dealerships won't charge them and they are negotiable. Stand your ground because I vote that you're not paying them. =) You'll thank me later.
18.) Every dollar COUNTS
I hear way too many people say “it's only $400 more” and on an expensive car, it doesn't sound like much since it's only a few dollars more per month. However, you must NOT think this way. Focus on every dollar saved as a dollar earned. It's actually a larger impact than you may realize!
This is YOUR money that you've worked HARD for. DO NOT just roll on things. $400 is $400. That $400 will be financed so it will cost you even more! In fact, it's actually an after tax $400 which means it's worth more like $600-$700 gross income.
Either way, every dollar counts and your road to financial independence is DEPENDENT on avoiding unnecessary costs.
Now go get em girl!! Channel your inner boss babe and go get yourself a great deal!!
If you'd like to learn how I negotiate my new cars as a female to get myself the best deal, you'd like this post: How to Negotiate the Best New Car Deal (for Women).
Let me know if you have any additional tricks to add for our community of women to reference. I'll be compiling all tips/tricks to add to our Financial Cookbook! =)
Related Articles:
- How to Negotiate the Best New Car Deal (for Women)
- Quality Car Add-Ons for CHEAP
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