Rules for Buying a Car

When you set out to buy a car, you need to have a plan in place that will help you get the best deal and the highest value from the transaction. There are rules for buying a car that every consumer should become familiar with and use during the purchasing process. The sales professionals and lenders all have rules that they follow, so you should even the playing field and have some rules of your own.

Sell Your Old Car

The temptation to use your old car as a trade-in on your next car purchase is high. But to get the best value for your old vehicle, you should sell it yourself, according to consumer expert Des Toups, writing for the MSN Money website. If your old car still runs and is not in need of major repairs, try to sell it for the Kelley Blue Book value, which is more than the dealer would give you for a trade-in. Even if your old car cannot run, it still may be worth more in scrap than the dealer would be willing to give you on a trade-in. Contact a local auto salvage or scrap metal yard and ask what the scrap value is for your vehicle.

Saying No

One of the tools a car buyer has in getting the deal she wants is the right to walk away from a deal, according to car-buying expert Philip Reed on Edmunds.com. Whether you are planning on buying a new or used car, research the prices that other dealerships are offering so you know what price you can expect to pay. Use the Kelley Blue Book value as the maximum amount you would consider paying for any vehicle. Do not let the salesperson talk you into a deal you are uncomfortable with. If you do not feel a deal is fair, say no and walk away.

Watch for Deals

Do not settle for paying full price for any vehicle when there are always terms for negotiating a better deal, according to financial expert Amanda Gengler on the CNN Money website. The financial hardships of auto manufacturers can be your invitation to ask for a lower price from dealerships. Keep a look out for lease vehicles that get returned without being purchased. A dealership will offer an extended warranty on a lease vehicle that may not be available with any other used cars. Take advantage of the deals available on the car lot before you allow a sales professional to talk you into something you may have to special order.