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3 Golden Rules to follow when purchasing a car

Buying a car is an exciting time for everyone involved. However, car salespeople tend to make purchasing a car an emotional experience for their customers. This is because emotional people make more mistakes than people who can remain sensible and organized. Have a look at these 3 golden rules you should follow when purchasing a car.

  1. Don’t sign anything unless you’re 100% committed to buying the car – Remember that you don’t need to sign anything if you’d like a quote. Some dealers tell people that they need to sign contracts in order to hold the price. This is a big red flag. Signing a form means that you’ve agreed to what the form says. In a car showroom, signing a form is usually an indicator of an agreement to buy a car that is legally binding. If you aren't 100% sure of whether your significant other will like the car or have any other reason to not sign the form, don’t sign anything.

  2. Always begin negotiations with the invoice price – The price you see on the car is known as the manufacturer’s suggested retail price (MSRP), which is also known as the sticker price. The price that you should concern yourself with is the invoice price which is what the dealer pays the manufacturer for the car. You can research the invoice price online and use that to begin negotiations. Do your best to get as close to the invoice price as possible before any discounts or rebates are applied.

  3. Try to negotiate three times – Bundling is often used to trick buyers into spending as much money as possible in return for spending less time. Make sure you negotiate the sales price first and then follow up by coming to agreeable terms on the value of your trade-in. Finally, talk to the dealer about financing. Remember to write everything down so that you can compare what is said to what is printed on the sales contract.

Do plenty of research before purchasing a car. There are other golden rules that will make your purchasing experience a lot smoother and cheaper.

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