Car Loan Tips Car Deal Tips Extended Warranties & Gap Insurance FAQ
Two woman in a convertible
Will you have a co-signer?
YES   NO

5 Tips for Getting the Best Car Deal

Once you've landed the best car loan you should be ready to head over to your local car dealership and just pick out the first thing that catches your eye, right? Not so fast there! If you want to further reduce your chances of waking up the next morning with buyer's remorse or worse, get stuck with a lemon that you end up paying for long after the car salesperson and even the lender have forgotten your name. Buying a car can be an exciting and fun time, but if done right it can also be extremely satisfying when you bring your new vehicle home and park it knowing that you have secured what is for you - perfection. Here are 5 quick tips for shopping for and negotiating for the best car for you in Massachusetts, whether you live in the center of Beantown or way out in rural North Adams.

  1. Become an expert on your car: You should know more about your chosen vehicle than the salesperson does. This used to be a step that required a lot of hard work, time, running around, visiting libraries, and speaking to multiple people in person before you had a chance, but thanks to the Internet, it's a snap and can be accomplished in a single, dedicated afternoon. Do you want to buy American, or are foreign cars more your liking? 2-door or sedan? Perhaps you prefer a Truck, or if you have a family you will want to look at an SUV. Commuting regularly? Maybe a hybrid vehicle is right for you. Whichever you choose, you should visit the manufacturer's website first to learn all about the different models that the car is available in. Choose your coloryou're your options. Do this for at least three cars, then, take your research a step further and Google information about the car. Are there lots of complaints on the Internet from previous owners? Has the car been subject to numerous recalls? What is the J.D. Powers customer satisfaction rating? How well does the car hold its resell value? Don't be ashamed to become a know-it-all when it comes to the car you're going to have to live with (and pay for) for the next four to six years.
  2. Establish the price you will pay: Before you go into the dealership, you should know what your car is worth. Know the MSRP (manufacturer's suggested retail price), research deals that others have made for the vehicle, see what incentives are being offered by the manufacturer and research the dealerships in your area to see which ones are offering great incentives on their own. Make sure none of the incentives are exclusive (meaning they will not allow you to combine them with other offers). Once you've done this research, you can set a price that you are willing to pay for the car the maximum, if you are pre-approved for your car loan should be something slightly less than the MSRP once all of your options are added in, but you should make it a point to attempt to negotiate for far less (or have the dealer throw in other options such as free gas for a month or year, or car washes or extending the warranty, etc.).
  3. Don't settle for one dealer: You didn't settle for one quote you're your car loan preapproval, why settle for one dealership and one salesperson to talk to when deciding to buy your car? You should have at least two dealerships in mind that you absolutely will visit when shopping for your car and furthermore, you should make it a point to tell the salesperson at the first dealership that you intend to go elsewhere to comparison shop; it will drive them nuts trying to lowball you and get you from leaving. Then, when you do leave, tell the salesperson at the second dealership that they are the second you've been to and you want to compare prices - same effect.
  4. Shop at the right time: End of a month, or better yet, end of a fiscal quarter, or best of all, end of the year. Those are the best times to go shopping for a new car as you will be able to take advantage of a dealer's desire to move inventory in order to meet sales goals.
  5. Don't let them sweet-talk you: They'll try to sell you plenty of stuff that you don't need like an undercarriage sealant or their own personal warranty or that alarm system. You should have had everything you wanted to buy in mind when you were researching your car back at home on the Internet. If it's not in your original budget, don't buy it from the dealer. If they suggest something nice that you didn't realize you could have, say no to the dealer and have it installed elsewhere, it will most definitely cost you a lot less.