There are so many things you can do to check out a car before you buy. This not only protects you from purchasing a vehicle you're not totally satisfied with, but saves you time! I asked Jody Victor to give us some more common mistakes to avoid.
Jody Victor: While purchasing a new vehicle is exciting and fun, you need to do a little homework to make sure you don't end up with an unhappy ending. Here are some more mistakes to avoid.
Focusing only on the monthly payment when negotiating. Salespeople like to focus on a monthly-payment figure while negotiating a deal. Indeed, "How much were you thinking of paying each month?" might be one of the first questions to greet you when you meet a salesperson. Don't take the bait. It's the first step down a slippery slope of being manipulated with numbers and overpaying for your vehicle. Using the monthly payment as the focus, the slaesperson can lump the new-vehicle price, trade-in value, and financing or leasing terms together, giving him or her too much latitude to give you a "good price" in one area while making up for it in another. Instead, insist on negotiating one thing at a time. Settle on the vehicle's price first, then discuss a trade-in, financing, or leasing separately, as necessary. A leasing tip: Don't bring up your desire to lease until after you've agreed on the vehicle's price.
Buying the "deal" instead of the vehicle. Automakers have been offering a variety of attractive sales incentives in recent years, from 0% financing and hefty cash rebates to employee-discount pricing programs. These can save you money, but it's important to remember that any deal is only as good as the car that's attached to it. Just because you can get a good discount doesn't mean you should buy the vehicle. After all, you'll be living with the vehicle for years, so make sure it's the right one for you. Thoroughly research any model you're considering and check our Ratings and reviews of competitive models. You may find you can get a much better vehicle for not much more money. Also, check the reliability of the model. Despite an attractive discount, a vehicle with subpar reliability - and the possibility of hefty depreciation - might not be much of a bargain in the long run. A related tip: Don't let a special incentive keep you from negotiating. Rebates and special financing are subsidized by the automaker, not the dealership. You should still negotiate the vehicle's price as if there were no incentive. There's no reason you shouldn't get the best price and the incentive, too.
Thanks, Jody! We'll be sure to keep these in mind when looking to buy.