8 Myths & Misconceptions About Buying a New Car through a Dealer

Buying a brand new car can seem like a stressful ordeal. There are a lot of myths and misconceptions swirling around about how to get the best deal and what to avoid when financing a vehicle. Here we will break down 8 of the biggest myths surrounding buying a new car along with helpful information to guide you when the time comes to head to the dealership for a new ride!

 1) You Can Get a Better Deal on a New Car on the Internet

Many times, buyers think they can find a better deal on a new car on the internet rather than heading into the dealership. Even if you see an attractive price tag for a vehicle online, it is important to remember that the lease or finance rate, trade-in price, extended warranty, and other products still need to be negotiated into the final price. It can be helpful to shop around on the internet to get a better idea about pricing and to learn more about the vehicle, but you are likely to save much more time and money by working with a trusted dealership!

2) You Will Get a Better Price If You Pay Cash

While cash can often be king, this is not necessarily true when buying a new car. Even if you do not currently have a complete cash payment ready to purchase your dream Porsche or Volkswagen, you may be able to find even more helpful incentives for your purchase if you choose to finance through the dealership. Make a financing decision that makes sense for your budget and long-term goals, not one that you think will get you a lower price on the vehicle. Save that lump of cash for a rainy day!

3) You Should Bring Your Own Financing into the Dealership

You may be encouraged to seek your own financing for a new vehicle outside of the dealership. While it can be helpful to look around for good deals, you are unlikely to find many good options outside of the dealership. They often have access to a wider array of banks and highly discounted interest rates from the manufacturer to help sell vehicles. Stay open to the options that the dealership will offer you. Chances are they will bring in the best financing deal whether you have good or bad credit.

4) You Should Buy the Car with the Lowest Price or Payment

Budget is likely a top priority when shopping for your next vehicle. Many buyers make the mistake of focusing too much on a specific number like the price, monthly payment, or interest rate. It is important to look at the complete deal to make sure you aren’t paying more money in the long run. If you select a finance option with the lowest monthly payment, you may end up paying more in interest over a longer period of time. Make sure to thoroughly examine the financing and consult with a finance expert at the dealership if you want help understanding the loan.

5) You Should Wait Until the End of the Month or a Rainy Day to Buy

Most people have heard this myth. Wait until the end of the month when the dealership is trying to hit a sales target. The reality is that the dealership may have already hit their monthly target and are not in any hurry to offer more incentives.

The old idea of hitting the dealership on a rainy day in hopes that the bad weather will keep other buyers away is also untrue. Oftentimes they will be just as busy as any normal day and sometimes you will find even more buyers swarming around than normal.

Don’t wait in hopes of getting a better deal on that car you have your eye on. Buy the vehicle when it makes sense for you and act quickly to make sure you get the specific model you want in your preferred trim and configurations.

6) You Should Hide Your Trade-In Value

You may have heard that you could get an even better deal at the dealership if you hide your trade-in evaluation and spring it on the salesperson after finalizing the price on the car. This can actually add hours to the amount of time you would spend at the dealership and will not likely change the amount you will ultimately receive for your trade. Make sure to do your research on the trade-in value of your current vehicle and the value of the new car beforehand, but save yourself time and effort and present it to the dealership at the start of negotiations.

7) You Can’t Walk Out During Negotiations

A good automotive dealer will focus more on helping their customers and creating a positive buying experience than simply selling cars. It is a misconception that once you start negotiating, you are obliged to stay and finish the deal. You have the power to leave whenever you choose and you are free to take more time to consider your purchase if you are at all unsure about the deal.

8) The Car Buying Process Has to Be Difficult

Making big financing decisions is always bound to come with some stress and worry. Buying a car doesn’t have to be as difficult as most people assume it will be. Gathering the right information from the dealer’s website and other helpful online tools, choosing your budget, and working with a trusted sales team to find the perfect fit can help you get behind the wheel of your next vehicle quickly and easily.

Now that you understand 8 of the biggest myths surrounding buying a new car, you are ready to start the process! If you have any further questions about the process, give our team a call today. We are happy to walk you through the entire process to help you avoid pitfalls and feel more confident in your final decision. Visit our Columbus, Ohio dealership today to see the latest from Porsche, Audi, Subaru, and Volkswagen!

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