Do your research.
Check out the Consumer Used Car Rating Guide or Consumer Reports.
Be aware.
Know what to look for to avoid buying a lemon or paying too much. Check out the Kelly Blue Book.
Don’t rush.
Don’t let a salesperson rush you into a car you don’t want. On the other hand, don’t rush into buying a car that isn’t what you really want or need.
Manage your money.
Remember that there are more factors to purchasing a car than just the sale price.
Establish your credit.
You may need a credit history to get the financing to buy a car. You can have your parents cosign the loan with you.
Ask for help.
Ask friends, family, teachers for help in closing the deal. Get the help of a mechanic to evaluate any used car you are considering.
Negotiating Tips for Car Buying
Buying your first car is most likely your first experience negotiating with professionals. While sellers can sometimes make the situation seem overwhelming, you have to keep in mind that you have the upper hand in the deal. The fact is, a professional car salesperson makes his or her living selling cars everyday, so they have a high incentive to sell. If you walk away, so does their commission. To set the stage for the best deal, pre-arrange financing, do research on reasonable price ranges and make a realistic offer on the car you desire.
Here are some tips to make the transaction as successful as possible:
- If you don’t feel comfortable with the salesperson, don’t enter into negotiations.
- Keep your first offer low, but within a reasonable price range.
- Prepare yourself to spend an hour or more negotiating.
- Don’t be thrown off if the salesperson recruits his or her sales manager to close the deal.
- Before you began negotiations, decide how high you’re willing to go. Walk out if the seller isn’t willing to go below this price.
- Don’t be rushed. Walk out if you’re tired or hungry.
- Don’t let pitches for extended warranties or upgraded stereo systems distract you from your set price.
- After a deal is reached, stand your ground in the insurance/finance room. Don’t let them talk you into additional items.
