Too many people walk into a dealership with no plan about how to proceed. Do you start by saying, "I can afford a $200 monthly payment. What can you do for me?" No, you don't. You need a proven plan for this operation. Let's call it a battle plan to fight the dark forces trying to lure you in Car Buyer Hell. You can bet the dealership has its own plan, and they'll follow it to victory unless you counter with one of your own.
It's like my old daddy used to say: "Son, you need to plan your work and then work your plan." I hated it when he said corny things like that, mostly because he was right. Anyway, here's your plan.
- Do the Research - The process of buying a car should begin before you leave the house. Do the research I have already recommended. A lot of Boy Scouts and Girl Scouts grew up as successes because they followed the motto: Be prepared!
- Find a Car and Settle on the Price - Get the best price you can for the car you want, including all the options. Don't prematurely agree to offer a trade-in or finalize monthly payment amounts. That information would just be ammunition for the dealership to inflate your final costs.
- Present Your Trade-In - You've already established how much you'll pay for the new car, so now is the time to get the best deal on a trade-in and subtract that amount from the new car cost. If you had acted earlier on the trade-in, they would have probably inflated their "bottom price" for the new car to cover the "high trade-in value" they offered for the old one.
- Arrange for Financing - Now is the time to arrange the financing. You'll already know what is reasonable because you've checked you credit rating and available interest rates; you've investigated your own financing, perhaps have been pre-approved, and have even researched the cost of warranties available from independent vendors.
This excerpt is from Car Dealer Hell. For more car buying tips, order your copy now by clicking HERE.
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