When the supply of cars available for purchase is low, you must be a savvy shopper to secure a vehicle and avoid overspending. If you`re wondering how long it takes to buy a car and think it will be a lengthy process, you`ll want to read on because we`ll share expert tips to give you the buyer`s edge and help the process go as quickly as possible you need.
Tip #1 – Build a Relationship With a Car Salesperson
Salespeople want to close deals, so they`ll be happy to keep you in the loop when they get a vehicle you might be interested in. So when you find someone you`d like to work with, let them know what you`re looking for so they`ll give you a call when one shows up or is headed in their direction.
With cars selling so fast, you need a heads-up to give you an edge. Unfortunately, you can`t expect to find what you`re looking for as you’re driving past a car lot. While it may happen, you can`t count on it.
Tip #2 – Be Flexible on Car Color to Save
The more flexible you are, the more options you`ll have. So, for example, if you`re looking for a half-ton pickup truck just because you love trucks, you`ll have more choices than if you`re looking for a black crew cab Silverado with LTZ trim.
But, understandably, you`d have preferences. So, give yourself as many options as you’re comfortable with by prioritizing your preferences and being willing to compromise on the ones that don’t matter as much.
Tip #3 – Skip the Extra Options From the Car Dealership
Shoppers almost never paid the manufacturer’s suggested retail price (MSRP) in the past, but with the current short supply of vehicles, you`ll probably have to pay MSRP, or someone else will. So, you have to look for ways to save.
When you buy a car, you should skip all the extra options. The salesperson will probably try to talk you into a scratch and dent warranty and an interior warranty. Unfortunately, these types of protections are moneymakers for the dealerships, and it`s unlikely that you`ll use the warranty.
If you opt for a custom paint job, you might want special coverage, but if your paint is from the factory, you can skip the dealer’s extra warranty.
If you buy a new car, the dealership will likely explain the benefits of guaranteed asset protection (GAP) insurance and sell you this coverage when you purchase your vehicle. While GAP insurance is critical for many buyers, it`s far less expensive to add it to your car insurance policy than from the dealer.
Tip #4 – Research the Cars You`re Interested In
You`ll recognize a good deal, a fair price, and a ripoff when you know the market. So, before you go car shopping, research what you want. A good salesperson will easily persuade you that you`re getting a good deal when you`re not if you haven`t educated yourself.
Tip #5 – Compare Car Insurance Rates
You might think of car insurance as an afterthought when buying a new car, but it`s a monthly cost that you should factor into your new car payment. The type of car you purchase could make a big difference in your car insurance premium, so if you`re on the fence between a couple of different vehicles, the insurance premiums might help you decide.
For example, you might be considering two different makes and models. Both have the features you`re looking for, but the insurance premiums for one option are $100 per month, while the other is $175 per month. Finding out you could save $75 a month with the first car might be the information you need to finalize your decision.
Tip #6 – Be Prepared to Make Quick Decisions About Buying a Car
When a good deal comes around, you must be ready to decide if you want an available car. You need to find a balance between feeling pressured to make a decision and being prepared to choose. With so many more people looking for vehicles than cars available, you need to be prepared to accept a good deal without sitting on it for a week.
You can gain an advantage by following these tips even in a competitive market. So, enjoy the process, and even if new cars cost more than usual, at least you`ll be able to sell your used car or trade it in for more than you would have if you were going through the same process a few years ago.
