Common Misconceptions At The Dealership
The digital age and the internet in general have been a bit of a double-edged sword for car buyers. On the one hand, it’s made it a lot easier for people to learn information about cars and car prices to help them find the ideal match for them and their budget. However, there’s not necessarily a lot of quality control that goes into the information put out there, which could mean potentially taking a car-buying myth as truth. Here’s some common misinformation cleared up to make things a little simpler next time you shop at a Hyundai dealer in Muncie.
In some cases, myths come out of a bit of truth. For example, if you were working with a private seller and trying to negotiate them down, telling them that you are ready to pay cash you have on hand may help motivate them to sell at a lower price. The reasoning is that they know what you have and can get the process over with, even if it’s a little lower than what they thought. At a car lot, this doesn’t work out as cleanly, though. In the current market, many places get a lot of their money on cars through financing, sometimes more so than the car itself. This applies even if you get a low interest loan.
This doesn’t mean that a salesman won’t sell you a car if you’re ready to pay cash, just that it’s not going to help move the needle the way that you think it would. However, what you can do to try and negotiate things down is come in with a variety of financing options you’ve already looked up from other lenders. Coming with this information may be able to help get additional features or discounts from your original detail if they can’t match the other deals outright. More options always equals a win for you, the buyer.
A lot of people get frustrated at the idea of having to travel far to buy their new Hyundai in Muncie. This isn’t necessarily about the cost of gas or maybe time wasted, but more about what happens after you buy the car. A lot of people think buying a car at one single establishment means that you are bound to have to come back to it every time you get service. In reality, if you have a car under warranty, that warranty works with any dealer anywhere in the country, no matter where you buy the car. For example, if you were to buy a car in California and had to move to Colorado, any local store for that car make would be able to help you. As a result, buyers should be willing to look outside their local area when trying to shop for a new car. You may be surprised what savings you can get.
While traveling can net you a few benefits for a car, there are a few myths revolving around this as well. For example, some people may think that they are able to cut down on their car price by buying a vehicle in an area with a lower sales tax rate. Unfortunately, this doesn’t work that way, as the sales tax is assessed where you registered, not where you buy the car. So, a person living in New York City couldn’t head over to New Jersey to buy a new car and end up saving on their NYC sales tax. So, while it’s not a bad idea to cast a wide net to try and get a discount on a car, that discount won’t come from your sales tax.
The Timing Myth
Perhaps one of the most common myths you hear when it comes to buying a car is the notion that a car buyer may be able to get a dream deal by waiting until the last hour of the last day of the month at their Hyundai dealership in Muncie, then coming in to buy a car. Through this timing and negotiating acumen, some people believe they can get massive, unparalleled discounts.
This is a case of conventional wisdom spiralling out of control. There’s a classic piece of advice that says dealers give more discounts at the end of the month because they want to hit a certain sales quota for the month. There is a truth here that the lots are looking to meet or beat certain numbers in terms of units sold. However, this doesn’t mean that things will work out exactly for you. Going into this, you don’t know how many cars have been sold, and what exactly the sales quota is. If you don’t know whether they need the additional sales, how can you know you’re getting the most discounts?
Along with this, depending on where you go, you may visit somewhere that has the ability to give steeper discounts than their competitors. This is generally the case with a higher volume store that often beats its quota. If you’re looking for a smaller one, they need to make their profits on units, which means that doesn’t work out in practice.
So, a buyer may head into one car lot at that exact timing we mentioned earlier, and the salesman will give them a price and say they can’t go any lower. They’re likely telling the truth in that case. However, the other lot down the street may be able to give them a better discount because they’re selling more cars. The problem is that with their quota beat, there’s little incentive for them to give you a discount that would mean they take a loss on their sale.
As a result, the measured approach is best. You want to have several quotes in writing from different Hyundai stores, or whatever car you want, to figure out what applies. This will generally work at its best when you do it a few weeks before you’re ready to purchase.
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