The Car Dealership: Myth-busted
There are a few occupations that instantly make us think of skeezy men in cheap suits looking to prey on your good nature. You’ve got lawyers, you’ve got loan sharks, and then you’ve got car salesmen. Even with all the balloons, colorful flags, and waving tube men, stepping foot on a car lot can feel less like a trip to the fair and more like a dip in a shark-infested dunk tank. While we’re sure there are some honest car salesmen out there, there is a reason car dealerships have a less than savory reputation. However, it’s not all bad and you don’t have to leave the dealership feeling like you’ve signed away your life. We’re busting five dealership myths that will make your next dealership visit a little less scary.
Top 5 Myths:
1. Paying Cash Will Get You The Best Deal – Ok, this may have been true at one point, but cash is not the king it once used to be. In many instances, dealerships are incentivized to get you to finance. If you walk in with a wad of cash, they may up their “bottom line” to make up for what they can’t add to your payment or rate. The best thing to do? Choose the option that works best for you, NOT the one you think can get you the “best” deal.
2. The Internet Is The PERFECT Place To Buy A New Car – Sure, the internet does some amazing things for us, that’s a fact. However, it isn’t the place you should look for an incredible deal on a car. Why? Unless you’re buying from an independent person, where do you think the car you’re looking at is coming from? Most likely, a dealership. There’s no doubt that the internet has revolutionized car buying, but the internet is also good at hiding things. There could be hidden fees or stipulations you can’t see behind a computer screen. Plus, there’s no guarantee the car you want is even on the lot. The best bet? Use the internet to educate yourself, but don’t assume anything until you’ve signed on the dotted line.
3. A Lower Price/Payment Means You Got The “Best” Deal – Many car shoppers are laser-focused on two things: the price they are getting and what their payment will be. Just because you got a low price and payment doesn’t mean you got a great deal. You also have to take your interest rate into account. You may have gotten a great deal on the MSRP, but if your interest rate is through the roof, you’ll end up paying way more on that “good deal” than you anticipated. Do the math and focus on the deal as a whole.
4. Demanding A Good Deal Will Get You A Good Deal – “I talked to this other dealership.” “You’re going to get me the best deal.” These seem like a good idea, because you always hear, “Take charge and get what you want.” We can admit that there might be some rare times where this works, but most of the time, you’ll just make yourself look foolish. Dealerships talk to each other, salespeople know their stuff, and chances are they’ve heard everything under the sun. Yes, it is fun to put people on the spot, but it won’t get you far. Instead, treat them like the people they are and come at them in a nonconfrontational way. You’ll get much farther.
5. Go Shopping In The Rain – You’d be surprised how many people have heard this myth. Although it may seem silly, many people believe this to be true. The idea here is that people will be so deterred from visiting a dealership that the salespeople will be foaming at the mouth to make a sale. But really, when has rain really stopped anyone from doing what they want? Many dealerships report that rainy days are some of their busiest. Don’t let the weather dictate when you visit a dealership.
To say buying a car is intimidating is an understatement. However, if you know what you want, how much you’re willing to pay, and you’re ready to look at the deal as a whole, you can get a great deal. If you’re still hesitant, don’t worry Roanoke Valley Community Credit Union has got your back. We can get you the financing you need to make your automotive dreams a reality. Check out our auto loan options today, and don’t forget to ask us how you can get up to 2% off your existing auto loan from another financial institution.
Sources:
https://www.edmunds.com/car-buying/car-buying-myths-and-misconceptions.html
https://cartelligent.com/blog/ten-car-buying-myths-and-misconceptions/