How to Score the Best Deal When Buying a New Car

Buying a new car is a rite of passage that everyone should experience at least once. The thrill of owning something that is yours alone coupled with the new car smell can be intoxicating! If you are about to take that leap into new car ownership, there are certain steps you can take to help ensure that you get the best deal possible when buying a new car.

Research is the key for buying a new car. Consumer Reports is an excellent resource for getting unbiased reviews regarding car purchasing options as they fully operate independently and have not sponsor relationships with any vendors. Take the time to review the vehicle you are considering in that publication, do a search on the web to see if any other feedback is posted regarding a specific vehicle or ask the owner of a vehicle their opinion on the subject. Feel free to go to the dealer for a test drive, leave without purchasing and then make the final purchasing decision without the pressure of a salesperson.

Do not be caught off guard and fall victim to sticker shock. By visiting the dealer first, you can copy down all the vital stats regarding the vehicle, including their listed price. Then while you are home you can investigate The Blue Book value of the car on the web and also compare sticker prices using the convenience of the Internet.

Make Your Money Work for You

You can also do a search on the web to see if there are any dealer incentives out there for the car you are interested in purchasing so you can save even more money. Take the time to crunch the numbers and decide what offer is better for you. For example, if the choice is between a low interest loan or a cash rebate, take the time to calculate the total costs associated with each and see which one can save you more.

You should also separate all your auto transactions. For example, if you have a car you would like to trade in, make the effort to sell it on your own as you will get more cash as dealers often low-ball trade-ins. Additionally, make the serious effort to secure an auto loan before going to the dealer. All three are completely separate transactions and are areas where the dealer can potentially take more money from you, thus you can mitigate your chance of losing money by taking matters into your own hands.

After conducting all your research, develop a number you feel comfortable paying, visit the dealer and make an offer. There are certain months that are better for car shopping, like September or October as dealers need to clear out the showroom for newer models. Additionally, the end of any month is a good time to buy as dealers tend to have quotas they need to make and are a bit more flexible so they can make their goals.

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GOBankingRates Staff

These articles are written by the in-house GOBankingRates team.

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