LIFE is expensive right now and it’s only getting worse. One of the biggest factors is motoring.
So it’s more important than ever that when buying a new or used car, you’re doing the right things to ensure you get the best price and avoid being ripped off.
The people at Carmoola have got together a list of advice to give you more confidence when negotiating a new or used car.
Aidan Rushby, CEO of Carmoola said: “Whether you’re buying your first car or upgrading to a newer model, purchasing a vehicle can often be confusing and intimidating though.
“Don’t rush into buying one without doing your research first.”
Buying from a dealership
‘Be prepared. A good deal will not just fall into your lap without doing your homework.
‘Avoid walking into a car showroom without checking the dealership’s credibility, security, and pricing information.
‘If possible, get to know the add-ons on the car’s price tag, this way, you’ll know whether the dealer is trying to convince you into buying a car at a higher price.’
Buying from a private seller
‘The first advantage of buying a car from a private seller is that they’re often easier to negotiate with. They are highly motivated to put their car on sale to have available cash to buy a new one.
‘Another is a lower price compared to buying cars from dealers.
‘However, when buying from a car dealer, you’ll have more protection in case your newly bought car turns out to have problems.
‘In addition, warranties and money-back guarantees are standard, which is not the case with private sellers.’
Curb you emotions
‘Notice how the showrooms are filled with emotional triggers – you’re overwhelmed by the smell of new cars and the feel of those leather seats.
‘And by the time you realise it you have agreed to whatever price was thrown at you because you wanted the car so badly – then it’s too late! You’ve now maybe bought something that’s beyond your intended budget.’
Trading in your motor
‘If you’re planning to trade-in your current car, it is preferable to hold that information back until the price of a new car is settled.
‘The reason for withholding this information is that dealers can use it to their advantage by saying that they will be paying more for the trade-in, when in fact, dealers are just using their markup or profit margin to make it look like it.’
Take your time
‘Like any other negotiation, a car transaction is a test of control over one’s impulses and emotions. So be patient and don’t easily cave in.
‘Never settle on the first dream car you see, think about it overnight, and then continue to check out other deals on offer.
‘The longer you make them wait, the more anxious they get that you might have found another deal. At this stage, dealers will be more open to compromise.’
Ten things YOU should know as a car owner
Inspect the car properly
‘Inspecting the car during the day is better as it will be easier to spot water or collision damage if any.
‘Go for a test drive. Try to listen to any unusual sounds. Test every button and mechanism and check essential parts such as the engine and brakes.’
Consider hiring a mechanic
‘If you have no idea about cars, you can ask a car mechanic to check it for you. The AA and RAC both have services offering this.
‘You’ll get an honest and thorough inspection for potential issues, maintenance considerations, and prior damage.