How to Get a Deal on a Car
Whether you're new to the car market or an old hand, learning how to get a deal on a car can save you hundreds, even thousands, of dollars--allowing you to get a suitable car without going broke in the process. A good deal isn't just a price issue; while its tires might not be in mint condition, the car should be free of serious defects such as engine or transmission problems (unless you're willing to spend time and money on repairs).
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Instructions
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Decide the parameters of your car purchase. You may want a car that gets the best mileage for the money. Or you might need a car that can seat more people than a compact car. Other parameters include a car's reliability track record, appearance and cost. You also must decide if you want a new or used car.
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Look through a newspaper. Most newspapers have sections with automobile advertisements. Find the cars that fit your parameters, and take notes on price and mileage of any that interest you. Look at websites such as CarMax and at free car sales magazines distributed at grocery and convenience stores. Ask friends and family members about used cars for sale; you can find many good deals through word of mouth.
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Whether you find the car that's right for you online, by word of mouth or in the newspaper, look up its value in the "Kelley Blue Book." Its used car values are based on make, model, year, mileage and condition. If the asking price of the car is less than the "Kelley Blue Book" value, you might have found a good deal, providing nothing serious is wrong with the vehicle.
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Visit several automobile dealerships, and bring your notes on car prices and financial records. Try to negotiate a price less than the "Kelley Blue Book" value. Having cash or a trade-in vehicle will help. Start by offering a price that is below what you would expect to pay, and be willing to negotiate upward. You can offer more up-front cash to get a lower overall price.
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Be willing to walk away from the car dealership without a purchase. That way, the car dealer will know that you're serious about getting a good price and may contact you later. This is true for both used and new cars.
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Keep your loan's interest rate low. Even if the price of the car is a deal, high interest rates can end up costing you more than what you've saved in negotiating a lower price.
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Be prepared to look at more dealerships, newspapers and websites. Getting a good deal on a car can require patience as you wait for the right price to come along.
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Tips & Warnings
A used car with only one previous owner who kept up with preventative maintenance probably will have fewer mechanical problems later. For a minimal price, you can perform a background vehicle check online using the car's vehicle identification number at the CARFAX website.
Have a mechanic (or someone mechanically inclined) give a used car a good look before you purchase it, watching especially for any indication of water damage due to flooding.
Resources
- Photo Credit Wikipedia Commons
