Worried about getting ripped off when buying a car ? Car buying advice every consumer should know

Talking to consumers about car buying reveals a continuous concern, worry, consternation, and outright fear that they are getting “ripped off.”  Since the late 1990’s the internet has helped level the playing field by making information about the car buying process, terms, valuations, rates, and mark-ups available to consumers.  Still the fear persists. “How do I know I have gotten a good deal?” asks one troubled car buyer.  “I’m worried that I’m getting screwed” comments another.

This fear has one medicine.  Information.  The more informed the consumer, the less likely they are to feel uneasy.

Before buying a new car, every consumer should:

• Go to the manufacturer’s website and check out the “current offers” to see what customer rebates and special financing is available on the vehicle they are considering.
• Go to www.edmunds.com to see the approximate invoice price of the vehicle they are considering.  Dealers are not obligated to sell a vehicle for the invoice price – but it allows you to have an understanding of how much mark up each vehicle has in its pricing.
• Get pre-approved at a local Credit Union or Bank – so you can negotiate the terms of your financing and/or decide whether to take advantage of the low-interest offerings from the manufacturer or the rebates.  Check out www.acuonline.org for rates as low as 3.75%.
• Request an insurance quote on the vehicle you are considering.

Before buying a used car, every consumer should:

• Request an AutoCheck or Carfax on their vehicle – to ensure that the vehicle history for the vehicle they are considering is clean.
• Look up the value of the vehicle on www.kbb.com or www.nadaguides.org to see the fair market value of the vehicle.
• Compare the vehicle they are considering with other similar vehicles offered in the marketplace.  Go to www.autotrader.com and do a quick search to see all similar vehicles by mileage, age, equipment, etc.
• Get pre-approved at a local Credit Union or Bank so you can negotiate your finance terms with the dealer.  Check out www.acuonline.org for rates as low as 3.75%.
• Request an insurance quote from your insurance company on the vehicle you are considering.

If you know how much a dealer paid for the vehicle you are considering, what your financing terms and insurance premium are – you are making an informed and calculated decision.  It should be stress free – and those comments about the big, bad car dealer should be a thing of the past.