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How Not To Buy a Car

A Few How TO's

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Enough Dont's. This is how TO shop for a car:

• Determine your budget. Find out how much you can borrow from your bank or credit union. Get a commitment from the one that offers you the best rate and terms.
• Get rid of your existing car. You will be able to sell your car to a private party for much more than a dealer will give you. If you are still in a lease or if you owe money on yoru present car, it's probably best to keep it until it's paid off, even if you have to spend money on major repairs.
• Start by cruising the internet, not the auto mall. Talk to your favorite mechanic for recommendations. Check out makes and models, and then do some price research. Don't fall for the prices online, and don't bring your print-out to the dealer. They'll beat the tar out of you.
• Decide which model you want, with what options, and find out the suggested manufacturer's retail cost. Find something that fits your budget. Forget about prestige. Impress your neighbors with your advanced degrees, your black belt or your beautiful children, not with what you spent on your car.
• Call your insurance company and ask for a quote to cover your new car -- if you can't insure it, you can't buy it. The bank requires full coverage; if you can't afford the insurance and miss a payment, the bank will charge you for insurance! And you won't believe what rates they can get away with on coverage. This rate is added to the balance of your loan.

This is some of what I learned working as a car salesperson, and I hope it gives you some insight and guidance into buying a car. Some manufacturers are better than others to deal with. I can tell you when it comes to deals, luxury carmakers don't need to wrangle much -- their buyers are savvy, they have good credit, and they can afford the car. The more popular imported carmakers have a smaller profit margin, due to the volume they sell, so the deals are usually better. If you want a luxury car, you're going to pay luxury prices. If you want a Lexus but have Yugo credit, get real.

Another tip: Ask friends for a referral when buying (and after your research). When you deal with a salesperson who has sold to a friend, you're more likely to get better treatment -- this is how they make their living, and in this economy, they need all the good press a good referral can give.

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