Beat the Dealer

BEAT THE DEALER TURNING CAR BUYER BEWARE INTO CAR BUYER PREPARED Buying a new car can be exciting! It can also be nerve-wracking. Car buyers are often in the dark when it comes to knowing how to get the best deal. Instead of playing the guessing game, car buyers can now beat the dealer at their own game. RESEARCH THE CAR Car buying can certainly be a stressful process. Not only do you have to decide the manufacturer and model, you have to spend some time researching your choice. 48% 90% OF PEOPLE SPEND BETWEEN 1-3 MONTHS BROWSING AND CONDUCT AN ONLINE SEARCH BEFORE BUYING A VEHICLE SHOPPING BEFORE MAKINGA PURCHASING DECISION TAKE AN HONEST LOOK AT FINANCING Determining how much you can afford to spend on your new car is a difficult part of the car buying process. If you assume that you can walk into the showroom and get great financing, think again. 79% 79% OF THE AUTO LOANS ARE MADE THROUGH THIRD-PARTY LENDERS THAT PARTNER WITH DEALERSHIPS CUSTOMERS THAT HAVE FINANCED THEIR VEHICLES THROUGH A DEALERSHIP PAY OVER = $1 BILLION %3D $25.8 BILLION IN INTEREST OVER THE LIVES OF THEIR LOANS 2.7% AVERAGE AMOUNT DEALERS MARK UP THE INTEREST RATE HOWEVER, THESE OBSTACLES NEVER STOP US FROM WANTING A SHINY NEW CAR. Buying Tendencies 85% OF CUSTOMERS DECIDE WHETHER OR NOT THEY'RE GOING TO BUY BEFORE THEY LEAVE THE HOUSE 90% OF CUSTOMERS MAKE A PURCHASE WITHIN 1 WEEK OF VISITING THEIR FIRST DEALERSHIP 57% OF CONSUMERS MAKE A PURCHASE WITHIN 3 DAYS 38% OF CONSUMERS MAKE A PURCHASE WITHIN 4 HOoURS 30% OF CUSTOMERS HAVE A FAMILY MEMBER THAT WILL PURCHASE A NEW VEHICLE WITHIN 90 DAYS BUYER BEWARE! Top 5 Car Salesman Scams 1 BAIT AND SWITCH Your local car dealership advertises a vehicle at a great price, and you're looking to buy. If you find yourself thinking "this is too good to be true!", it is. Dealerships use this method to get customers to the lot. Most times you'll find that the dream car has already been sold. BEAT THE DEALER: Call the dealership right before visiting to ensure the car is still available. If it is, insist they prove it with a signed stock inventory sheet. THE 4 SQUARE METHOD 2 The 4 square is a car dealer's dream tool. This tactic combines the price of the new car, down payment, trade-in value and monthly payments into a single transaction. BEAT THE DEALER: Negotiate each transaction separately and over the phone. This tactic doesn't work unless the customer is at the dealership. THE MONTHLY PAYMENT MAMBO 3 When a dealer asks what you would like to pay for monthly payments-beware! A good salesman can guarantee your payments won't exceed your monthly budget. However, it will cost you an extended loan agreement, low-balled trade-in, and hidden add-ons. %24 BEAT THE DEALER: Negotiate based on the actual price of the car, not the monthly payments. Also, be sure to negotiate the trade-in as a separate transaction or sell it privately to get the best deal. FAKE FEES AND ADD-ONS 4 Any line item not listed on the official invoice is typically a dealer add-on that can cost you big time. BEAT THE DEALER: Ask to see the official vehicle invoice before you start negotiations. Dealer Prep Fees or Additional Dealer Markup Fees are terms to look out for if you think you're getting hosed. Ask that these fees be removed. YO-YO FINANCING 5 If your credit isn't the best, watch out for this scam! Yo-Yo financing allows buyers to drive off the lot in their new car, even before the financing has come through. Dealers will then call the buyer to inform them that the financing fell through. Victims of this scam are forced to finance with a different lender at the rate of 5 percent higher than others with the same credit. BEAT THE DEALER: Arrange your financing before heading to the dealership so you know the rates you qualify for. Never leave the lot unless the loan is finalized. THE ULTIMATE WAY TO BEAT THE DEALER: De Your Research 90% OF CAR BUYERS RESEARCH ONLINE BEFORE BUYING ONLINE RESOURCES ONLINE VIDEOS VIRTUAL SHOWROOMS CAR BLOGS ONLINE CONSUMER REVIEWS SOCIAL MEDIA If you're really interested in a specific car model, research it online first. Look for loan comparisons, leases, extended warranties and insurance. From there, research the fair market value of your trade-in; determine your monthly payments and leasing and financing options. CRUNCH THE NUMBERS, DO THE RESEARCH AND YOU'LL BEAT THE DEALER! TM ONLINE MARKETING TRÊNDS REAL CAR TIPS • DEALER REFRESH LIPony Parts SOURCES

Beat the Dealer

shared by SavannahMarie on Oct 28
Turning buyer beware into buyer prepared! Instead of playing the guessing game, car buyers can now beat the dealer at their own game.


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