You are so excited that you are about to buy your first new car. All your friends and family want to advice you on how to buy your first car. The most important thing to remember is that although their intentions are good, there are a lot of car buying myth that people have. Car buying misconceptions can end up costing you both your time and money.
Here are some of the most common misconceptions that people have around car buying;
- You will get the best deals on a new car on the internet
Most people assume that the internet will have the best deals. However, the agreed deal with most dealership is just the price of the car. Other prices like the interest rates, the trade in price and other incentives like extending the warranty are not part of the deal. The internet gives you a rough idea of how much money you will be spending but do not assume that the prices are negotiated and that it has the best deal.
- You will get the best price when you pay in cash
When buying a new car, paying cash will not necessarily give you the best price. This is with the exception when manufacturers are offering cash only incentives. The best thing to do when buying a car is choosing a finance option that works well with your budget.
- You should mention your trade-in at the last minute
Most people assume that failing to disclose their trade-in immediately they walk in to a dealership is the wise thing to do. This is just a waste of time since even after the price of the new car has been negotiated, the trade-in evaluation will not begin until after the entire deal has been negotiated. Experts recommend that you research on both the values of the new car and the trade-in so as to ensure you get fair prices for both.
- A low price means that you got a good deal
Many car buyers will focus on just the price of the car. You can pay less for a car but end up paying extra inflated interest or even excess fuel. Before buying a car, it is important to do your calculations well for the whole package rather than just focusing on a single component.
If you are in the market to buy a new car, be smart and aware of what you are getting into. Dispelling all these misconceptions will definitely help you get the best deal when buying a new car.
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