For many people, buying a new car is a stressful process. It doesn’t help that there are plenty of car-buying myths floating around out there that pass along bad information. Before you head to your dealer to purchase your next vehicle, check out some of these common car buying myths and learn the truth behind each one.
Buy Your Car at the End of the Month
Some buyers think if they wait until the end of the month to buy their car, a dealership that’s looking to reach a sales target will be willing to accept a lower than normal offer. However, that’s assuming it hasn’t already reached its target or there was even a target to begin with. In this case, the deal you get at the end of the month will be same one you get at the beginning of the month.
Don’t Finance at the Dealer
In this myth, car buyers think they can get a better financing deal than what the dealer offers. However, they forget that the dealer has access to a large network of banks. Therefore, while it doesn’t hurt to come to the dealer with a financing offer in your back pocket, you should see what financing the dealer offers, because you might end up getting a better one.
Shop When the Weather is Bad
The idea behind this myth goes like this: if it’s raining or snowing, everyone else will stay home because they don’t want to deal with the bad weather. Then the dealership will be more likely to make a good deal due to low sales. However, if everyone follows this advice, the dealership will actually be crowded on a rainy day. Instead, shop whenever it’s convenient for you.
Don’t Mention Your Trade-in Until the Last Minute
Waiting until the last moment to mention you have a trade-in is so pervasive, dealers actually have a name for it: parachuting the trade. While buyers think they can negotiate a better price for their new car if they don’t tell the dealer they’re trading in their old car, they’re actually just complicating the deal and extending the amount of time they have to spend in the dealership. Instead, research how much your trade-in is worth before you go so you know if you’re getting a good deal. Additionally, tell the dealer right away so someone can inspect your trade-in while you’re negotiating.
Don’t Mention You’re Getting a Lease Until the Last Minute
Similar to parachuting the trade, some people think that waiting until the last minute to tell the dealership that they want to lease a vehicle will get them a better deal. However, just like before, this is another tactic that will only add hours to the time they spend at the dealership. There are so many lease specials available, you might find one that gives you a better deal than just leasing the vehicle based on a low purchase price.
With this information, you now know the truth behind these common car-buying myths and you’re ready to get your next new vehicle.
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