**Full Disclosure: This is a sponsored post which also contains affiliate links. If you make a purchase, I get a teeny-tiny percentage at no cost to you. All opinions are my own.
When you are in the midst of buying a vehicle, time and money are at stake. While you don’t have to be a pro when it comes to car buying, there are some mistakes you should avoid.
Not doing your homework first – Buying a car is a major purchase, so it is important that you do your homework before you even head to a dealership. Websites like www.edmunds.com, www.truedelta.com, www.kbb.com and www.cargurus.com, can give you a ton of information on makes and models, pricing and reviews.
Shopping at one dealership – In order to find the best deals, you need to shop around. You should check out 2 or 3 car dealerships and compare their deals. Also, when comparing car dealerships, don’t focus on just the money. You want to do business with a dealership you feel comfortable with.
Not have financing in place – If you go into a car dealership, with the intent of buying a car, and you don’t have your own financing lined up, you may be stuck with dealer financing. While dealer financing may be enticing with rates as low as 0%, you may need to read the fine print on this one. Many times 0% financing is only for those with a stellar credit score. The best place to secure auto financing is with your bank or credit union.
Haggling from the MSRP – In case you don’t know, MSRP stands for Manufacturer’s Suggested Retail Price. This basically the sticker price of a vehicle, or recommended selling price of a vehicle. While it may sound great that the salesman is willing to take $2,500 off the sticker price, it may not be so great after all. You want to start negotiations with the invoice price. This is the amount that the car dealer actually paid for the vehicle. Find out what this price is and start negotiating from there.
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