Money Saving Car Buying Tips

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The auto broker we recommend to all of our clients has done virtually every job in the car business, from repairs to sales. Many people don’t realize they can employ the services of an automobile broker to purchase a late model or low mileage car, often at tremendous savings over what it would cost to buy a new car.

Here are 3 secrets the auto dealers hope you never find out!

  1. Do Your Homework

Make sure you give yourself ammunition before you buy a new car by doing some homework ahead of time. Check around on the Internet. You can get a good idea which dealers have a good and bad reputation.

Call the Department of Motor Vehicles (DMV) and ask how many complaints a particular dealership has received. Registered complaints are kept on file. This kind of information will help determine if you’re dealing with a reputable company. If you hear any complaints about a particular dealership, simply don’t go there.

  1. Best Time to Buy

There are certain times of the month and specific months where you can get a great deal on a new car. It is always better to negotiate price at the end of the month. That’s when dealers are aggressively trying to close out their month or make their sales quotas. 

You’re always better off strolling into the dealership the last day of the month. Put your poker face on and have some fun in the process. August and September are the best months to buy a new car because that’s when the new models will be arriving.

  1. Leasing

People are often confused about whether leasing is a good deal — in certain circumstances, it can be very advantageous. If you can finance a car and secure “zero” percent financing, your payments may be very close to the same payment as a lease. If that’s the case, always buy the car rather than lease it.

Never lease for more than two years. Don’t buy a car at the end of a lease. For a comparable price, an auto broker can usually find you the same car a year newer with half the miles on it.

For more advice from experts in areas of financial planning, get your free copy of Brian Fricke’s book, Worry Free Retirement.