Let’s talk about the 5 Car Buying Mistakes people make.
It’s a complicated transaction; buying a car.
You have got to come in with the knowledge and confidence to make yourself a fair and even better good deal.
Car Buying Mistakes
1: Not being prepared.
Car buyers shouldn’t shop without knowing their credit score, having a set budget and knowing the kind of vehicle they want. I understand your desire to test drive vehicles to see which fits your needs but at least narrow it down. As a salesman, I spent hours with clients interested in specific vehicles only to find they couldn’t get financed for something way out of their budget. That should be addressed before stepping foot in a dealership. Additionally, stopping at a dealership and talking numbers when you haven’t done any research is a recipe for a lot of car buying mistakes and bad financial decisions. This is the most dangerous car buying mistake I see.
2: Giving too much information to the car salesperson.
Hands-down one of the biggest car buying mistakes for rookies.
A good salesperson will ask a lot of questions to the car buyer. However, the information you give is for their own benefit. Normally, the person who speaks the least in a negotiation wins most often! So, be nice but guarded in order not to reveal what can be used to your disadvantage. I talk about what not to say to a car salesman here.
3: Being impatient
Car Buying Mistakes are bound to happen if you’re an impulse buyer.
Buying a vehicle is for most people the second biggest purchase they make. I know the car buying process is stressful but it doesn’t have to be. Remember, you are in control. Don’t let anyone pressure you. I advise my clients never to buy a vehicle immediately after test driving. Instead, setup a test drive and when done, go home. If the vehicle is still the one you want, call the salesman and have him submit a proposal via text or email. Make sure you contact other dealerships that have a similarly equipped vehicle and get a proposal from them as well, to assure you are getting a great deal.
4: Focusing only on the price of the vehicle
The price of the vehicle is only one part of the deal. There is negotiating to do on other things like financing, warranties and adding accessories like remote start bed liners or tonneau covers. You need to get the overall best deal so focus on the whole picture not just one part of the deal. One of the biggest car buying mistakes you can make is thinking sale price is the end-all-be-all. One example of this is getting a great offer on your trade-in but the sale price is more than you think it should be. The question is, what is the bottom line number. If a dealership gives you a strong number on your trade-in, it’s not likely they are going to discount their vehicle as much. Or visa versa. You need to see the transaction for the whole deal and not one line item.
5: Having limited car buying knowledge
One could research extensively methods for achieving a great deal but they still wouldn’t know the pieces they were missing. Consider hiring a professional to do it for you. Car Buying Concierge Services, know the missing pieces; all of the ways dealerships profit. You can also get schooled up by joining our car buying secrets community.