Car buying is a major investment. As such, when buying a new car, you need to be on top of your game. Have a budget and stick to it and only buy from a recognized dealer.
Additionally, it’s important to steer clear of common myths and misconceptions about car buying. Trend Motors has been in the industry a long time and we’ve heard many myths that could derail the buying process and possibly even cost you more in the long run.
You’ll get a better deal if you’re paying in cash
There is a common belief out there that if you’re paying in cash, then the dealer will take you more seriously and might even give you bigger discount. This couldn’t be further from the truth. Unless a manufacturer is offering cash only incentives, dealers are traditionally more inclined to finance the vehicle because they make more money when you finance or lease.
Things work better if you bring your own financing
Again, this is way off the truth. Bringing your own financing isn’t very different from paying in cash. The dealer’s commission may increase if they arrange the financing giving them more incentives to help you.
A lower price means you’re getting the better deal
It isn’t uncommon for buyers to think that a lower price means they’re getting a great deal. Don’t just focus on the price of the car, instead consider the whole deal (down payment, interest rate, term) when looking at the cost of the car.
You’re likely to get a better deal at the end of the month
This is sometimes true. If you come in at the end of the month when a manufacturer’s agent needs just that one sale to hit a certain target, they are likely to accept a lower offer than normal. The problem is that most agents hit their targets early within the month and some don’t even work with targets. In these two latter cases, no matter the time of the month, the price will remain the same.