You may have done your homework when it comes to picking a vehicle and sorting out your finance, but there’s much more to it as part of the car buying process. After all, the fun is only just beginning. Enter the showroom and the purchase won’t necessarily be smooth sailing. Dealers have a myriad of tricks up their sleeves to persuade you out of your cash, and possibly more cash than you really intended to part with. Here’s just a few of those ploys to be aware of.
Trick #1: Bait and switch. One of the oldest tricks in the book, you might see an ad in a magazine or online for a car that looks like everything you need for a reasonable price. But once you make your way into the showroom, surprise, surprise, you just missed out on the last one. But sure, the dealer has something else that might catch your attention…and increase their commission too.
Trick #2: The rapid-fire finance pitch. If you have found a car that you like, a dealer may try to talk you into a finance agreement that isn’t the best for you. This is usually done by taking you very quickly through a bewildering array of numbers and calculations and keeping your attention fixed on the weekly/fortnightly/monthly repayment amount. However, things like unnecessary extras (e.g. extended warranty periods, income protection insurance schemes) tend to be glossed over, as do loan terms and interest rates. The chances are that this will be presented so quickly that all you can really grasp is the repayment amount. Steer clear and enter negotiations with your own car loan pre-approval. That way you’re not under the pump.
Trick #3: The pseudo-mechanic. Ahhh, the part-time sales rep mechanic. Apparently they are able to judge the condition of your car just by glancing at it. Conveniently, they just so happen to think you’re due for an upgrade as well. Bless them. They must know best, right? Well, even a mechanic wouldn’t go as far as to tell you it’s time for a new car before looking under the hood. Keep your car out of sight so it’s out of mind when it comes to the salesperson.
Trick #4: What brings you in today? This is not a casual, friendly question. They’re trying to find out if you’re desperate for a car or not. If your current car has just blown up and you tell them this, they’ll be rubbing their hands with glee. You’re already under pressure and are likely to agree to something less than stellar as a result. What you want to do is remain in control of the situation. The best way to do that is to politely let the dealer know that you’re “just looking for now”. Keep things on your terms, negotiate when you’re ready.
The Fincar team is here to help you with all your financing needs. Contact us today to help arrange your next car or equipment loan.