Car buying tips?

[pc747]

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Your thoughts on these tips, and what have you learned over the years from buying vehicles that you can share with others?

 

[bkdodger]

When I bought my car the finance guy didn't want to shake my hand lol... Wasn't falling for the crap

Pixel 2 XL

 

[TisMyDroid]

I'm gong through a lot of "lessons learned" due to an accident on thanksgiving that totalled my new 2016 Scion iM and gave me two broken ribs.

Lesson #1: if you lease your vehicle, make sure you get GAP insurance. That will cover any costs that are due to pay off your lease that isn't cover by your auto insurance.

Lesson #2: if you plan on leasing, do not put any money down or use a trade in vehicle for the lease. Sell your trade in so you can keep that money on your own pocket and keep that cash in your pocket. Your lease payments will be higher but at the end of the lease, you will have paid the same exact amount with or without trade in or down payment. In addition, if you total your vehicle like I did and have to pay off your lease, you have lost that money. i.e. Your total payoff amount is $20,000 without any down payment or 17,000 because you had a $3000 down payment. Your auto insurance is only willing to payoff $16,000 for your totalled car. Your GAP insurance, will cover the $4000 that is due on the lease with no down payment. That is $3000 you kept in your pocket. For the lease that you paid $3000 down, the GAP insurance will pay the $1000 difference but you are without the $3000 you paid for a down payment.

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[radon222]

Oh Tis! So sorry to hear of your troubles! While leases are attractive from a monthly payment stand point, unless you can write off the lease to a business expense, or in very few other circumstances are they ever a good deal in the end.

We just went through this car buying process and a lot of what's said in the video is spot on.

 

[me just sayin]

I hate shopping then dealing for cars. that is why I keep them until repair cost gets too high. Usually between 10-15 years.

 

[Sajo]

Sorry to hear about your car accident Tis. Hope you have a speedy recovery.

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[TisMyDroid]

Thanks radon & sajo. This thread came at the right time because I now have to replace my car and navigate the nightmare of dealing with auto dealerships.

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[pc747]

Tis thanks for the info and sorry for your accident.

I personally gravitate to advice and knowledge. The saying that "an ounce of prevention....".

Outside of a house, cars are the most expensive purchases we make. I never knew what went behind the "glass door" when dealing with the finance managers. I have been hip to the game they play trying to act like I won. But the reality is the win they say we have is even larger for them. Because all they are doing is playing shell games.

Unfortunately life never goes they way we hope. Yes we should have a nice down payment or pay cash for a car, but what happens when your car break down and you need and engine or you are in an accident and you are totalled out to at best 3-4 grand.

3 grand will get you a clunker that you have to hope will last you until you can get something else.

I'm not advocating a car payment as I'm working on Dave Ramsey's baby step 2, but I realize life seldom go by the book. And it helps if you have the knowledge of a trustworthy used car lot around or mechanic. So hopefully we can share the knowledge of our experiences with each other to help when crazy stuff happens.

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[TisMyDroid]

Probably the best advice I ever got was from my father. "When you're dealing with buying a used car, you have to be willing to walk out the door." As far as the car salesman is concerned, to you the car he is trying to sell you is a dime a dozen. In other words, there's thousands of other cars out there just as good or better. There is a huge mark up on used cars. They have a lot of room to move on the price.

Before you start dickering back & forth on the price, know the price you are willing to pay for the particular car you are interested in. And don't budge. Walk away!

Don't fall for salesman gimmicks: "how much do you want your monthly payments to be?" As far as you're concerned that doesn't matter. The only thing that matters is how much they are willing to sell you that car.

"But this car has very low miles." As far as you're concerned low miles could mean that the car was stuck in a repair shop all the time.

Never let them think that you are in a hurry to buy a car (even if you are). As far as they are concerned, if you don't get a car this week, you got lots of time before you make your decision.

Even if you fall in love with a car, never let the salesman know. Always have at least three cars from different dealers that are potential buys. And again, treat it like cars are a dime a dozen. There are tons more out there. The only thing that matters is who is willing to give you the best deal.

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[lloydstrans]

Hope you a speedy recovery, both physically and financially Tis.

I tell both the salesman and finance dude they only get 3 strikes to insult my intelligence. Usually strike one occurs within 5 minutes, strike 2 typically occurs with their next question, "what?". I point out their 1st misspeak and their question "what" is strike 2. A lie followed by feigned innocence.

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[me just sayin]

Hope you a speedy recovery, both physically and financially Tis.

I tell both the salesman and finance dude they only get 3 strikes to insult my intelligence. Usually strike one occurs within 5 minutes, strike 2 typically occurs with their next question, "what?". I point out their 1st misspeak and their question "what" is strike 2. A lie followed by feigned innocence.

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makes me wonder how many sales associates you must go through in order to buy a car

 

[lloydstrans]

A lot. Used to be I bought a new truck every 5 or 6 years. Drop of a business card with what I wanted and the price I was willing to pay. Maybe a third would respond promptly, another third would respond within a week. Now I just can't deal with their crap. And I'm too old to buy 40K to 50K pick-ups any more.

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[redbert31]

I'm gong through a lot of "lessons learned" due to an accident on thanksgiving that totalled my new 2016 Scion iM and gave me two broken ribs.

Lesson #1: if you lease your vehicle, make sure you get GAP insurance. That will cover any costs that are due to pay off your lease that isn't cover by your auto insurance.

Lesson #2: if you plan on leasing, do not put any money down or use a trade in vehicle for the lease. Sell your trade in so you can keep that money on your own pocket and keep that cash in your pocket. Your lease payments will be higher but at the end of the lease, you will have paid the same exact amount with or without trade in or down payment. In addition, if you total your vehicle like I did and have to pay off your lease, you have lost that money. i.e. Your total payoff amount is $20,000 without any down payment or 17,000 because you had a $3000 down payment. Your auto insurance is only willing to payoff $16,000 for your totalled car. Your GAP insurance, will cover the $4000 that is due on the lease with no down payment. That is $3000 you kept in your pocket. For the lease that you paid $3000 down, the GAP insurance will pay the $1000 difference but you are without the $3000 you paid for a down payment.

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Great suggestions... And I hope you are feeling better after your Thanksgiving mishap... May you have a Happy and healthy New Year and be well my friend!

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[redbert31]

Tis thanks for the info and sorry for your accident.

I personally gravitate to advice and knowledge. The saying that "an ounce of prevention....".

Outside of a house, cars are the most expensive purchases we make. I never knew what went behind the "glass door" when dealing with the finance managers. I have been hip to the game they play trying to act like I won. But the reality is the win they say we have is even larger for them. Because all they are doing is playing shell games.

Unfortunately life never goes they way we hope. Yes we should have a nice down payment or pay cash for a car, but what happens when your car break down and you need and engine or you are in an accident and you are totalled out to at best 3-4 grand.

3 grand will get you a clunker that you have to hope will last you until you can get something else.

I'm not advocating a car payment as I'm working on Dave Ramsey's baby step 2, but I realize life seldom go by the book. And it helps if you have the knowledge of a trustworthy used car lot around or mechanic. So hopefully we can share the knowledge of our experiences with each other to help when crazy stuff happens.

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Dave Ramsay's advice is spot on. We've generally been on sound financial ground but I recommended his program to a co-worker who achieved debt free status after 3 years after floundering under a debt load for many years. His program is wonderful!

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[redbert31]

Probably the best advice I ever got was from my father. "When you're dealing with buying a used car, you have to be willing to walk out the door." As far as the car salesman is concerned, to you the car he is trying to sell you is a dime a dozen. In other words, there's thousands of other cars out there just as good or better. There is a huge mark up on used cars. They have a lot of room to move on the price.

Before you start dickering back & forth on the price, know the price you are willing to pay for the particular car you are interested in. And don't budge. Walk away!

Don't fall for salesman gimmicks: "how much do you want your monthly payments to be?" As far as you're concerned that doesn't matter. The only thing that matters is how much they are willing to sell you that car.

"But this car has very low miles." As far as you're concerned low miles could mean that the car was stuck in a repair shop all the time.

Never let them think that you are in a hurry to buy a car (even if you are). As far as they are concerned, if you don't get a car this week, you got lots of time before you make your decision.

Even if you fall in love with a car, never let the salesman know. Always have at least three cars from different dealers that are potential buys. And again, treat it like cars are a dime a dozen. There are tons more out there. The only thing that matters is who is willing to give you the best deal.

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Right on tis! Great advice... Another tidbit from when I last bought a car in '14. I told the salesman I'd only come in and talk if I did not have to see the financial guy about all those aftermarket add ons. And never pay for the VIN# etched in the glass. If you say you will not buy the car if it's etched, they won't take it off but they won't charge you for it either. It costs them next to nothing and they want$144 for something that's virtually useless to you. Happy car shopping!

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