If it has been a while since your last car purchase, you should be pleased to learn that going to a dealership can serve as a last step in the process, as you can view price comparisons, vehicle information and discounts online. Going to the dealership with an understanding of your pricing and financing options saves you money in the long run; you can rest assured you won't pay too much for your vehicle or finance at too high a rate.
Pricing
Determining vehicle price and affordability should play a major part in your car purchase. If buying new, check manufacturer websites for pricing; use the online tools to build a car with the options you want, and see what it will cost. You can also review leasing and interest rate offers or price discounts. If you're in the market for a previously owned car, you can research values at the Kelley Blue Book and Edmunds websites to ensure the prices you find are fair. You'll be better prepared for the negotiating process when you know real values.
Financing
Unless you're paying cash for the vehicle you want to buy, have your financing in order before setting out to shop. Dealerships profit from marking up interest rates, so it's in your best interest to walk in with preapproval from a lender. Even if you plan to purchase from a private seller, having preapproval helps you set a budget and complete the loan process more quickly. Interest rates affect car loan payments significantly. Knowing your financing rate and term ahead of time allows you to shop within your means.
Test Diving
Once you've pinned down pricing and financing, you can start test driving vehicles that interest you. While a vehicle's price, appearance and specifications may seem attractive online, you'll have to gauge whether or not the car performs to your expectations. From acceleration to seat comfort, all cars feel and drive differently. Some people buy the first car they drive, while others drive many before coming to a decision.
Trading
If you have a vehicle to trade to a dealer, research its trade value on the same websites you used to check purchase values. A dealership will appraise your vehicle and make you an offer, which you can accept or try to negotiate. If you have a loan on the car, the dealer will pay it off upon agreement on the trade. Any value above the payoff amount is deducted from the vehicle sales price, but if you owe more than your car is worth, the debt exceeding the value of the car is added to the purchase price.
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