Yes, some people are still buying cars. It happens! If you are in the market for a new car, keep in mind that car dealers are starving for the sales and could be even more interested in doing business than the shopper. I’m sure most people know this, but even smart shoppers make mistakes. Avoiding the most common mistakes can help shoppers to maintain the upper hand. The effort is well worth the potential savings. We give you the top 5.

Terrible Timing

Timing plays a major role in negotiation. Dealers are required to meet monthly quotas, so the last business day of the month is the time to shop. Then dealers are most likely to compromise their own profits for a quick sale. For those who can wait a little longer, the absolute best time to shop: the last two weeks of December. During the holiday season, most people are searching for gifts, not new cars. It’s the slowest time of year for dealerships. It also happens to be when they have to meet monthly and yearly quotas. This means enormous bargains for buyers.

Forgoing Research

Research protects car shoppers from making mistakes that can easily be prevented. Financing with the wrong companies, getting too little for trade-ins, and overpaying for new cars are all costly mishaps. Avoiding them only takes a little extra effort. Shoppers should visit credit unions and banks to compare rates. Dealerships don’t usually offer the best interest rates, so having plenty of options can save thousands in the long run. Shoppers who do research through Kelly Blue Blook (KBB), NADA, or Edmunds to learn the true value of vehicles are also less likely to get swindled.

Needless Add-Ons

While certain add-ons are valuable, others do nothing besides increase dealership profit. Wasteful extras like paint sealant, rust-proofing, and fabric protection are completely unnecessary. They’re added at the factory! For extra protection, do-it-yourself kits are available for a small fraction of what dealerships charge. Even window etching can be done at home, so when such needless services are offered, refusal to accept or pay for them is sensible. Many buyers don’t realize that other charges, such as document processing fees, are also negotiable.

Rushing In

Choosing a car model too hastily can lead to disaster. Looks do not make a vehicle practical, and function does not make a vehicle affordable. To make sure their vehicles will suit all of their needs, shoppers should take a test drive ranging for 30 minutes to overnight. Then comes the math. Will full coverage be affordable? Will the payments be reasonable? Is the car certified pre-owned, and if not, does it need repairs? Has the car been checked by an independent mechanic? These questions help determine whether shoppers are really ready to become buyers.

Poor Negotiation

The question, “How much do you think your monthly payments should be?” is a trap that lures buyers into paying more than they should. One option is to counter with an extremely lowball figure. The other option is to postpone the “monthly payment discussion” and pay attention to the big picture instead. That involves bargaining, not down from the sticker price, but up from what the dealer paid. There’s typically a wide gap between those two figures. If the price is not right, shoppers should never be afraid to walk away, leaving a phone number and an offer behind them.

Does anyone else have some car buy tips? How about horror stories?

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