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Heading off to a dealer with hopes
of returning with a new car soon? First read these helpful
hints aimed at saving you some of your cash and a sizable
dose of stress:
| Here are 7 tips
you "auto know" when buying a car. |
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Dress to un-impress. It's hard to convince someone you can barely afford to pay invoice price wearing diamonds and designer duds. "Never dress up," says David Thomas, editor at Cars.com.
Leave the Lexus at home. Don't arrive in a Mercedes, unless that's all you have or that's what you're trading in, says Thomas. If the salesman surmises you have boatloads of money, he's not going to go for your lowball offer.
Don't rush. You can avoid high-pressure tactics by letting the salesperson know you don't have to buy the car today. "You want them to think you have all the time in the world," says Jeff Ostroff, president and founder of carbuyingtips.com. Then again, don't waste your time. You can always leave your phone number and come back later. Don't sign anything just because you're tired.
Don't hand over your driver's license. Some dealers like to hold you hostage by keeping it while the salesman tries to wear you down and get you to sign a contract or -- if nothing else -- keep you from going elsewhere. Before you go, make a few photocopies you can hand out and write "no credit checks authorized" across the image to protect your credit score from damaging inquiries.
Stay
abreast of new car releases. You can spend hours
haggling over the price on your new car, buy it and
drive it home, only to discover it's outdated the next
month, says Thomas. Read up on upcoming models and decide
whether newer versions would be worth the wait.
Don't
trade in a car you owe money on. Most likely,
the balance of your loan will be rolled into the new
car's loan amount, piling the debt of two cars onto
your plate. Even if that's not the case, you'll have
less bargaining power if the dealer has agreed to pay
off your old car loan. Pay off one car at a time or
refinance the old car loan. If you insist on doing this,
at least get the details in writing, says Ostroff. Give
them no more than 10 days to pay it off.
Read
the contract one last time before you sign. "Nobody
should ever sign their name on the dotted line without
understanding the contract," says Eric Hoffman, spokesman
for AWARE, Americans Well-informed on Automobile Retail
Economics. Read it and check for unapproved add-ons.
Dispute anything you don't agree with, and question
redundant charges. By signing, you legally agree to
everything in the contract.
Above all, remember your right to say no.
"You don't have to be snooty, but it's
your money," says Thomas. If the dealer won't budge
from an unfair deal, you can always leave.
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