Breaking Financial Myths is a series of blog posts written by top Personal Finance bloggers that aim to challenge the oft repeated yet seldom understood personal finance concepts. So, come on over, join the conversation, and let us know how you are a newer person because of it.
Continuing the series is Sarah at Smile & Conquer, another fierce financecista from Canada who understands that there is an definitely an opportunity to shake the so called “norms” and do it in the most productive and common-sense way. I am so happy to have her guest post on this series.
5 Reasons Why Buying A New Car Is Actually The Best
- – Buy late in the year – dealerships want to clear out the current year’s models to make room for the new ones and so you’ll find the very best prices and best financing offers if you shop in October or November. Don’t leave it right until the end of the year because you won’t have such a good selection. Going near month end can also help because dealerships have quotas they need to hit each month. If they’re running behind then, they’ll likely be even more willing to work with you.
- – Be a tough negotiator – some people are better at this than other, so if it’s not your forte then take someone along with you who is a pro. You don’t have to stop at just the price; you can also negotiate on the value of your trade in, additional options, and maintenance package. For my car, I got free oil changes for life. Usually, I get an oil change twice a year and let’s assume it would cost about $50 each time…that’s $700 I’ve saved, and I’m not planning to get rid of my car anytime soon. If you live in a place that has more than one of the same dealership, then it can often work in your favour to visit both and pit them against each other.
- – Do your research and use the internet to your advantage – it’s so much easier nowadays to find information on specific cars and find out what prices other people are getting. More and more dealerships are also doing business online so you can quickly and easily get quotes online and then negotiate without even stepping foot in a dealership. For people who don’t like negotiating in person, you might find it much easier to do it over email.