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Buying a car is an extremely joyous occasion. Or, at least, it should be. You should be happy to make that big purchase, whether it's buying your first set of wheels, putting your child in his first ride, getting a new car for that family you're building, or getting the dream car you've always wanted. Putting something new in your driveway should put a smile on your face. Unfortunately, it's a sad reality that it's often a huge source of stress.
Buying a car is an enormous decision and purchase, and with today's society of sketchy Internet sales, weird private sellers, and dealers with high sales goals, you have to constantly watch your back. It's important to be educated and fully aware of your situation. Today, in honor of saving you some serious dough, we highlight 10 sales gimmicks you'll run into with people trying to increase their bottom line. From Curbstoning to bait and switch scams, we're exposing all the tricks car salesmen don't want you to know.
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10. "That car you called about is here! Just come on down."
A bait-and-switch scam is one of the most commons ways salesmen lure customers into the dealership. If you get to the lot and the car you called about has magically "been sold" or is "no longer available," you are probably about to get screwed. Don't do business with bait and switchers. It will always lead to heartache.
9. "I can get you a ton of money for your trade-in. Just come into the dealership."
Make sure not to get lured by attractive, puffed-up numbers for your trade. Salesman can NEVER give accurate trade-in assessments without seeing the car in person. They will tell you anything to get you in to the dealership. Our advice is to structure the deals separately. First, negotiate a price for the new car, then, in person, negotiate a price for your trade.
8. "Trust me, the contract is right. Just sign and drive."
Often times, car salesman will flub or alter the numbers in a sales or lease contract. Make sure to bring a calculator, double check all the numbers, and check and recheck the printed interest rate. Don't let a car salesman manhandle you because you don't want to read a contract!
7. "This is a non-negotiable price"
Some dealerships have been attempting to offer a new way of locking in higher prices. They tell consumers that that the listed price is their best and final price and that no negotiation will take place. This is a lie. Dealerships are always willing to negotiate and never want you to leave without buying a car. Don't let some pushy manager tell you that negotiation is not permitted.
6. "This car has super low miles. Just check the odometer."
Odometer fraud is a huge problem. What most consumers don't realize is that digital odometers can be easily rolled back or switched. The best way to verify actual mileage is to crosscheck with records provided by the DMV prior to purchase. Also, if you notice that the reported mileage seems to increase at an alarmingly low rate, something funky is probably going on.
5. "I am a private citizen, not a car salesman."
This little trick is called curbstoning. It's where slimy car salesmen pose as private owners. Not only is this activity illegal, but it's usually a ploy to gain trust and inspire confidence in potential buyers. Don't fall for this BS. Always ask to see the title and then confirm that the seller, not some shady dealership, is the owner of the car.
4. "This is the lowest interest rate you will get anywhere."
Little known fact: Car salesman make money for every point of interest they can get above the bank's approval rate. For example, a bank may approve your loan at 6 percent interest, but the salesman will tell you the best he can do is 9.5 percent. Not only will you be paying 3.5 percent higher than your approval rate, but the salesman will receive a commission from the bank for achieving a higher rate. Keep in mind: Your rate is fully negotiable. Don't get hosed!
3. "The Carfax is clean. That means this car has never been in an accident."
Just because a vehicle has a clean Carfax does not mean it's never been wrecked. For an accident to appear on a Carfax, the incident has to have been reported by police or run through an insurance policy. If, for example, someone ran into a tree and paid their local mechanic in cash instead of calling their insurance company, the accident would not be reported to Carfax. Make sure to get an independent inspection from a trusted mechanic before buying the used whip of your dreams.
2. "I can get you to your ideal monthly payment without raising the price of the car."
What most consumers don't realize is that almost any monthly payment is attainable depending on the length of the agreement. That means that you could throw down $125 a month for that sweet Infiniti coupe if you extend the payment terms to 48 to 60 months. But remember, the longer the terms, the higher the interest rate, and the more money Slick Rick ends up making. Our advice: make sure you know just how long you are being locked in for before you sign.
1. "The rebate is the deal. I can't do any better."
This is complete hogwash. A rebate comes directly from the manufacturer, not the dealership. It's basically a bonus that doesn't cost the owners of the dealership a dime. Always make sure to push for extra savings beyond a rebate. Just because you get up-front savings doesn't mean you can't negotiate the final sales price.