When deciding to check out the market to buy a new car, a lot of people would often give you advice on doing so. Your family, friends and even those you don’t know would gladly pitch in their ideas and opinions. Although most of them may have good intentions, many myths and misconceptions surround the process of car buying which has misinformed a lot of people and drove them away from a good deal.
In order to help you differentiate which ones are real and which ones aren’t, we’ve provided you with the most common car buying myths and misconceptions together with the truth behind them here.
1. You Shouldn’t Disclose Your Car’s Trade-in Value
When visiting a dealership for the first time, many people falsely believe that they shouldn’t tell anyone what their car’s trade-in value is until at a certain time. This idea is however counterproductive. You can in fact possibly get a better deal when you tell a salesman your car’s value right off the bat.
A lot of people want to get a good resale value when trading in, and that’s smart. But you shouldn’t keep this a secret when you’re already on a lot looking to get a new one. You’re not hurting the deal if you tell the salesman early on and you might actually benefit more if you do.
2. You Should Wait Until the End of the Month for a Better Deal
It can be quite common to see more car ads on television or through other channels when the end of the month is closing in. A lot of people also falsely assume that prices may be lower during this time. In reality, there’s no reason why you should wait it out just to get a nice deal.
Most manufacturers often introduce new pricing or promotions at the start of the month, and this can run for its entirety. You may think that it only happens by the end of the month because dealerships want to market them at that time to achieve their sales goals.
3. You Can’t Back Out Once Negotiations Begin
Another common misconception when buying a new car is that you cannot turn down a deal once negotiations have already started. But there’s really no truth to this. People aren’t obligated to stay and finish every deal just because they’ve sat down with the dealership salesman about it. There’s no rule about it, and you can always walk away if you feel that you’re not getting the deal you want.
4. A Good Deal Can’t Be Obtained Right Away
People like window shopping first before they decide to buy a car and that’s a good thing. However, some people may think that they will be getting a good deal the more they look around. In reality, however, it’s relatively possible to walk into a dealership for the first time, find a car you want and secure a deal that’s suitable for you.
There’s really no truth and evidence that shopping around would get you better prices because many of these dealerships would offer the same rates anyway. That is why you shouldn’t feel like it’s impossible to get a good deal right away.
5. Purchasing a Used Car Will Always Save You Money
You will definitely save more upfront when deciding to buy a used car, primarily because of the depreciation of its value. It’s a fact that used models will cost less compared to new ones.
However, the area where a used car won’t be saving you any money is in its financing. There are many more financing options available for new cars compared to used ones. There are cash rebates and various other incentives that dealers offer if you decide to buy new.
These five myths and misconceptions are just some of the many things people can talk about when buying a car. There are many people who have fallen into these false assumptions and have paid the price for doing so – whether they are aware of it or not.
That is why you should be smart and be aware of everything that you’ll be getting yourself into. Dispelling the myths about purchasing a car can assist you in getting a deal that’s ideal for you without getting stressed about it.