ALT-1 Car Buying Tips for Women
It is my sincere hope that this article will help women (and men for that matter) in the art of the "vehicle purchase." I've bought and sold cars for a dealership in my past, and I hope that my experience will help others. Truthfully it is more of an art than a science- haggling price, dealer costs, trade-in value etc. etc. I encourage you to do the following: do your homework, know what you want/need, read stuff before you sign it, ask questions, step back and look, be honest with yourself and don't be afraid to walk. Remember: you buy/sell a car once every (however many years), they buy/sell hundreds of cars a month!
Do your homework: don't walk into a dealership and say "I want a red car." A veteran salesman looks at this like a green light to a big commission. "You must want a red Mercedes with all the gingerbread...." Visit your bank- sit across the desk from someone and find out what kind of financing you can get from them. It's usually more forgiving than a dealership. They should also be able to tell you what your credit score is. This is vital information to have! It puts you in a much better position when the negotiation phase starts. Also, if you're trading-in a car, consult the Kelly Blue book for a trade-in value. Or, have your vehicle appraised by someone (some dealerships or websites will do this).
Know what you want/need: do you have to have that SUV? Does your vehicle have to have power everything? Granted, we all like nice things, but will life still go on without little DVD screens in the headrests. Look for a vehicle that will serve its purpose for you! Sit down and determine what you need versus what you want to have. Don't get seating for 8 if you only need to seat 4. Don't get an off-road vehicle if you'll never go off-road. Look at cars in parking lots, drive friends' cars, look on-line.
For the love of all that is holy, please read stuff before you sign it! You're an adult, and will be given all the benefits and liabilities that come with adulthood. If you sign an agreement, you're agreeing to it! (Mind you, an agreement is a contract- just one of those dealer euphemisms). If you sign a contract for a 21% interest rate, congratulations! You're going to pay 21% interest! Sorry that this seems basic, but you'd be astounded by the number of adults who sign stuff without reading it!
Ask questions: what is that dealer charge? Why do I have to have that option package? What other finance rates are available? Is it necessary to have the chrome or high-performance package? So many salesmen brush over these things, and people unknowingly (and usually unwillingly) go right along with them.
Step back and look: you're pretty much excited by the fact that you could have this new car today! Believe me, they'll want you to take it today. You're breathing the "ether" of the car dealership. You've held the keys (ownership), you've test-driven it (hopefully), maybe a friend or neighbor saw you in it (status), you want this car! Stop! They don't want you to leave without that new car! If you really want that car, chances are excellent that there are more like it out there.
Be honest with yourself: if the salesman can get you approved, he stops caring about you once you leave the lot (no matter how friendly his is, this is true). He doesn't know if this monthly car payment is going to sink your budget. Can you afford it? Check out your monthly income/budget. Can you still afford dog food and gasoline with this added monthly expense? If you can't afford it, don't be afraid to say "no" or just walk out of the dealership (it never ceased to amaze me how many people would just cave-in to the high-pressure dealerships).
Don't be afraid to walk: this is a time-consuming process. A salesman does not want you to "walk away" at the last minute of a 5-hour deal. When you sit down with the finance guy (called "F&I" by most dealerships), ask why you should pay the "dealer prep" fee of $400. Or, what exactly is the "document fee" of $500? You'd be amazed by just how many of those charges can disappear if they're jeopardizing the deal. Basically, they're just more money for the dealership. If you're not satisfied, stand up; say "thank you" and leave! If the deal means enough, they'll sharpen their pencils and get you a better deal.
Also, try to go either at the end of the month (sales quotas are coming due), or at the end of the model year (varies by manufacturer). The dealership wants to get rid of the 2007 models before the 2008s "come out." Once 2008 arrives, 2007s are no longer new cars.
Good luck to you!
