When it comes to car dealerships and the car-buying process, there are certainly some practices and information that dealers may not readily disclose to customers. These "secrets" can vary in nature and significance, and it's essential for consumers to be informed and prepared when shopping for a new or used vehicle. So in today’s video, let’s talk about these juicy secrets so you will not be ripped off when consider of the car buying.
First of all, direct to our main course, let’s see the hidden cost you may not notice.
#1 Hidden Fees: Dealers might not immediately disclose all the additional fees associated with the purchase, such as documentation fees, dealer preparation fees, advertising fees, etc. Always ask for a breakdown of all fees before finalizing the deal.
#2 True Car Value: Dealers might inflate the initial price of the car, making it seem like you're getting a better deal when they offer you a discount. Research the true market value of the car using tools like Kelley Blue Book or Edmunds.
Also, notice the history of Used Cars is a must do; you can refer to our last video.
When buying a used car, dealers might not always disclose the full history, including accidents or major repairs. It's a good idea to get a vehicle history report and have an independent mechanic inspect the car.
#3 Extended Warranties: While extended warranties can provide peace of mind, they are often expensive and may not be necessary, especially if the car already comes with a manufacturer's warranty. Dealers might push these aggressively without fully explaining their limitations.
#4 Financing Terms: Car dealers may not provide you with the most competitive financing options available. It's a good idea to shop around for financing before visiting the dealership so you can compare rates and terms.
Moreover, some dealerships may employ high pressure sales tactics, misleading advertised offers and unnecessary add-ons to push you into making a quick decision.
Like the joke we told, when dealer told you that, "With this GPS system, you'll never get lost again. In fact, it might start giving you directions to places you didn't even know existed."
Pay attention on these exaggeration saying, and remember to take your time to research, think, and make an informed choice and be cautious of overly enticing advertisements that promise deals that seem too good to be true. Often, there are strict eligibility requirements or conditions attached.
Good Price? As You Want!
I know you may think, then how can I get the good price to buy the car I want?
Negotiating a better price at a car dealership requires preparation, patience, and effective communication.
Normally we will Highlight Flaws and use the competing offers.
Politely point out any flaws or issues with the car that could affect its value. This can provide you with leverage for a lower price.
Except these, here are some tips to help you negotiate:
- Research: Research the market value of the car you're interested in using resources like Kelley Blue Book, Edmunds, or online classifieds. Having a clear idea of what the car is worth will give you a strong bargaining position.
(ebay-Kelley Blue Book)
- Set a Budget: Determine your budget beforehand and stick to it. This will help you avoid being swayed by offers that are beyond your financial comfort zone.
- Start Low: Begin negotiations with a lower offer than the price you're willing to pay. This provides room for the dealer to counteroffer while still getting to a price that works for you.
- Be Willing to Walk Away: One of the most powerful negotiation tools is your willingness to walk away if the deal doesn't meet your expectations. This shows the dealer that you're serious about getting a fair deal.
- Focus on Out-the-Door Price: Instead of negotiating based on the monthly payment or the price of the car alone, negotiate the total out-the-door price. This includes all fees, taxes, and add-ons.
- Negotiate Extras Separately: If you're interested in add-ons like extended warranties or accessories, negotiate these separately from the car's price. This prevents them from being bundled into the car's cost.
Always Remember to Ask for Reasoning, if the dealer isn't meeting your desired price, politely ask for their reasoning behind the price they're offering. This can give you insights into their perspective and potentially open up further negotiation.
Also, you can get It in Writing.
Once you've agreed on a price, make sure to get all the details in writing. This includes the final price, any negotiated terms, and a breakdown of all fees.
Remember that negotiations should be a win-win situation. The dealer wants to make a sale, and you want a fair deal. By being well-informed, patient, and respectful, you increase your chances of negotiating a better price for the car you want.
Handy Hacks Your Financial Manager Won’t Tell You
As promised earlier, I’m going to reveal 4 more handy hacks when you are to get the better deals:
Before that, have you press thumbs up for me already?
Yes, yes you know which little button I’m talking about, just click that button and that will be the best encouragement to us!
OK, now let’s see the 1st hack,
1. You don’t “have to wait” to pay off a loan, unless there is a pre-payment penalty.
And if you’re told so, have your finance manager to show you where is the contract mentioning it.
Yes, easy, just say “show me”; ask the finance manager show you where tells me that I can’t pay off early.
- Prices on Pre-contract disclosure:
If there are no prices information on the pre-contract, ask the F&I (financial) manager to write down the prices to all products on the menu. In case the prices are marked up during the negotiation process.
Common situation is “Everyone thinks only the monthly payment but ignores the actual prices of each items”.
- Name no one in front of F/I manager.
As a consumer, we tend to think that “Name-dropping” will benefit us more;my friend will give me great deal and look after me.
The reality, very funny part, is the “Name-dropping” will give F/I manager clear opportunity to take advantage of you.
4.Don’t ask F&I manager to cancel a product.
Reasons are F&I manager tends to hold on the cancellation until they get the money in their pocket.
He will wait till they make money before canceling any orders.
On the contrary, go to the sales dept or accounting dept, either one will be much easier for the cancellation process.
Alright my friend, I hope you enjoy today’s video.
Remember to thumb up, subscribe and I’ll see you very soon next week.
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