Buying a new car is always an exciting event, but it comes with its share of myths and confusion. This is because there is so much information floating around out in the open, and can become difficult for us to have a clear understanding of what we should believe as reality.
Myth #1: You must make a large down payment.
It is a wrong assumption that when purchasing new cars, the down payment should be large. Still, even though a down payment will reduce your monthly payments by helping you borrow less over the horizon of each loan’s amortization period is not necessarily mandatory. Many types of financing have no or very little down payment. You should always discuss with a dealer at all times because he or she knows how much you can afford so that the person will maintain an excellent deal.
Myth #2: Buying a new vehicle is always more expensive.
In reality, most individuals believe that it is always cheaper to buy a used car than to purchase a new automobile. Nevertheless, this is not always true. Although the price of a new vehicle exceeds in most cases, it usually carries warranties and features advanced safety technology. On the other hand, a used car may have hidden repair costs and is not so reliable.
Myth #3: The dealership always makes more money if you finance through them.
Another common myth is that dealership makes more money when you finance through them. Although they do make a profit from this, it does not necessarily outweigh what else is gained when the vehicle is sold. Dealership financing can often be easier to secure and offers such as reduced interest rates or long-term warranties.
Myth #4: You have to stick with the same make or model.
There are others who state that if you have proposed a make or model, it stays with you for life. This is not true. A car enthusiast’s interest in cars can also vary with changing lifestyles and needs. Be bold and adventurous enough to try out other alternatives, diversify into new brands, or develop improved models.
Myth #5: You can only get a good deal during a big sales event.
No one can find a bargain outside of the big sales events many dealerships offer. These are the dynamics of sales methods in dealerships, which change seasonally; and even these outlets provide competitive prices throughout. It is always advisable to walk around and apply price comparisons on all goods before buying.
Myth #6: The best time to buy a new vehicle is at the end of the month.
Despite specific monthly sales targets that must be accomplished on the part of dealerships, there are incentives and bonuses to accomplish during quarterly periods or on an annual basis. This means that one can always have a great offer at any point in time of the year. The significant point to remember is that one should research while conducting negotiations for a reasonable and just price.
Myth #7: You have to buy all the add-ons and extras the dealership offers.
A dealership offers different add-ons in the form of an extended warranty and paint protection packages, among other products. It is a misunderstanding that you have to buy these add-ons for your car or truck in order not to get a low valuation. Before purchasing any extras, consider the issue if it is actually necessary and what other option you can have for a lower price.
Myth #8: You can’t negotiate the price of a new vehicle.
Many people find it hard to negotiate the price of a new car because they believe that any attempt to reduce or check its value will be in vain. However, that is not the case. Bargaining with him may allow you to save upwards of a thousand dollars. Learn more about the car, concerning its market price, and don’t shy away from bargaining.
To summarize, there are a few myths surrounding the new car purchase. One should do the research and not fall for these myths that contribute to prejudice towards a person based on their opinions. The truths behind these myths will go a long way towards making the right decision should they need to buy a new car. As such, when you feel like buying a car, truck, or SUV be sure that the facts are checked twice and do not avoid asking any question from anywhere at your dealership.
