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Lemons Are for Eating, Not Driving: How to Buy Your First Car
Buying your first car can be exciting and a huge step into the role of being a responsible adult. The process, for some, can also be a bit like tug-o-war between the buyer and car salespeople.
Are you getting the best deal? How can you tell if the car on the lot is really as great and reliable as it appears? Is your credit and buying power as solid as it could or should be?
For many first-time buyers, the questions can be overwhelming and the consequences of a poor decision down-right sour.
Fortunately, The Today Show enlisted the help of former car salesman Robert Evans. Mr. Evans shares the down and dirty secrets of the car buying industry to help get the best offer and possibly save car buyers, hundreds, if not thousands of dollars on their new car purchase.
1. Financing
It’s always good to be pre-approved by your bank or credit union, it helps you negotiate a better rate when you get to the dealership. If you qualify, the dealer can sometimes offer a better rate than your bank or credit union.
2. Leasing
Leasing can also be an attractive option by getting more vehicle (equipment) for a smaller payment than financing and less out of pocket cash. But beware of the restrictions with leasing, i.e. mileage constraints, wear & tear costs, higher insurance rates and many have a disposition fee at the termination of the lease from $250 to $400.
3. Know your fico score (credit)
You should know your score before you arrive — it will make a significant difference in your interest rate because most dealers work on a tier system with 1 being the highest and 4 being the lowest. Tier 1 & 2 will qualify you for any special financing such as the low interest rates that are used in advertisements to draw you in the showroom.
4. Look to buy your car on the last three days of the month
Dealers need to make their quotas for the month, which has them pay less on floor plan dollars and allocates more vehicles to the dealer (the more vehicles sold, the more the dealer gets in return from the manufacturer). Dealers must sell their oldest inventory to avoid paying interest on the new cars they have in their inventory. Ask how long the car you’re buying has been in their inventory, you may even get a better deal if it has been in their inventory over 90 days.
For the rest of Robert Evans tips, go to The Today Show article on MSN.
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October 5th at 10:24 am
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October 10th at 8:27 am
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December 6th at 4:10 pm