Hi folks, J.G. Wentworth here. In a previous blog, we listed five tips on buying a great used car – one that both fits into your current budget and should save you money down the road, by making sure the car you buy won’t require numerous repairs in the future.
In today’s blog, we want to turn our attention to buying a new car, and offer you our “top secret” approach to new car-buying. The approach we outline below could save you hundreds, even thousands of dollars on new car purchases. It’s easy to learn, easy to put into practice, and most importantly – it works.
Step One: Decide on the specific car you want to buy
There are generally four factors that go into a person’s car choice: budget, gas mileage, safety, and features. We recommend that you buy a subscription to Consumer Reports or other respected car-buying guides to read unbiased discussions of these four factors. We also recommend that you go into car dealers and test-drive specific makes and models of cars, until you find the exact type of car you want. Just don’t get into any discussions with car dealers at that time. Simply thank them for the opportunity to drive their vehicles, get their business cards, and go home.
Step Two: Get the locations of as many dealerships in your area you can reasonably drive to
Consult the Internet or Yellow Pages for car dealerships in your area that sell your car of choice. Depending on where you live, you may find as few as two, or as many as fifteen dealerships within, say, a ten mile radius. You may even want to widen the range to twenty, thirty, even fifty miles from your home, because the more dealers you can contact, the better. Make a list of these dealers with their phone numbers.
Step Three: Call the car dealership closest to you and find out how much they are selling your car of choice for.
Be specific with this dealer: you want this car, with this make and model. If you have a specific color you want, your range of dealers will be narrower because that car might not be in stock, so consider being open as to your color preference.
Remember, you don’t care about what the car salesman tells you is the reason behind his/her pricing; you don’t have the time or the interest in playing all the games car salesman play. You just want to know their price.
Step Four: Call the next dealer and repeat the process.
You may be leaving messages for these dealers and getting their call backs at a later time. But if/when you talk to one of them directly, and their price is higher than another price you were quoted, now is your opportunity to ask them this simple, honest, yet magical question: “Another car dealer offered me this price. Can you beat it?” If they say yes, get their price, thank them for their time, and tell them you need to think about it more and/or talk it over with your spouse. Then:
Step Five: Continue making these calls until you have found the lowest price.
At some point in your phone calls you will begin to get a sense of the bottom price range car dealers are willing to sell their cars for. And soon you will find the car dealer who offers you a price no one else can match. You can either agree to come into that dealership – or make one last round of calls to those other dealers and play hardball. (“I will come into your dealership right now and buy that car if you give it to me today for x dollars”.)
Step Six: Once you are at the dealership, don’t get talked into making any extra purchases or ‘add-ons’ you don’t want, and don’t pay more than you agreed
Remember, you are in control of this process. You have numerous other car dealers you can turn to if this one tries to convince you that the price offered to you on the phone doesn’t include another ‘fee’ you hadn’t expected. If you are at all dissatisfied with the final offer on the car, simply wish the car dealer a good day and walk out the door.
What’s so great about this approach to buying new cars – apart from how it will almost always lead to the lowest purchase price – is how empowering it is. Here at J.G. Wentworth, we believe in customer empowerment, and take great pride in educating and informing our customers as to who we are, what we do, and how we can help them. We urge you to always make yourself as educated a consumer as you can be.
We hope the above guide will allow you to buy a great car at a great price. And as always, if you are interested in learning about how to sell your structured settlement or annuity payments for cash now, please give us a call at 877-227-4713.