2 More Common Goofs When Purchasing A Car
If you’re joining me for the first time, you’ll have missed my previous column that explained 2 of the most common mistakes that people make when buying a car (or, truck or SUV). We talked about how a lot of prospective buyers seem far more willing to spend money on a new vehicle than our parents were. I also explained the danger of letting the dealership salesperson mix the numbers (i.e. trade-in value, monthly payments, sticker price, etc.) when negotiating the price. Those 2 mistakes alone can end up costing thousands of dollars needlessly.
Today, I’m going to describe 2 more goofs. As I mentioned in my previous article, my goal is to make you aware of things that can drain your bank account unnecessarily. Remember, these are common mistakes. Millions of people make them. Once you learn about them, you’ll be less likely to make them yourself.
#1 – Missing Your Driving Needs
Every dealership is filled with hundreds of great-looking vehicles. The lot can be seductive. In fact, it often is. For example, guys might be attracted to a sleek car that’s low to the ground and offers 400 horsepower. Of course, their pregnant wife at home may feel differently, especially when the baby is born.
Think about your driving routine. If you’re commuting 100 miles to the office each day, consider buying a fuel-efficient model. If you need space for transporting things, think about purchasing a truck or SUV. And of course, if you have small children, they’ll need to actually fit in your car.
#2 – Not Shopping Around
I have friends who will spend a month before choosing a DVD player, yet will only visit one dealer before buying a car. Vehicles are not like bars of soap. A Toyota Corolla at one dealer can carry a far different price than the same Corolla at another dealer. The reason is partially economic. A lot of prospective buyers don’t realize this, but MSRPs usually reflect the income level of the surrounding community. For example, a Ford Expedition at a dealership in Beverly Hills will usually carry a higher sticker price than the same Expedition in lower-scale cities. Shop around.
The Salesperson Is Not Your Friend
It’s important to remember that the folks who want to sell you a car are more than willing to overlook the fact that a particular model won’t meet your driving needs. They’re also very unlikely to say, “You know, you can buy this exact model in the next town over for less.” They may be friendly, but they’re not your friend. Ultimately, avoiding the 2 mistakes above is solely in your hands.
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