No Tire Kicking
Tips and Tricks For New Car Buyers
Next to public speaking, new car buying is listed as one of the most stressful moments in a person's life. OK, we lie. But seriously, it can be pretty brutal if you don't know who to trust. Fortunately, we do. So, we had Penske Honda Vice President/General Manager Bryan Kobus breakdown some pointers in the whole car searching/haggling/buying experience.
* Generally, the best time to purchase a vehicle is on a weekday because the dealers will have lighter traffic and therefore, the guest (that's you!) can expect more attention given to them.
* On rainy days dealers have more of an opportunity to answer questions and ensure that the guest drives off in a new car with the best deal possible.
* People who spend alot of time on the road should stay away from leases. People who drive less, but like the new car smell, should lease. If the factory is offering special APRs, it may be better to purchase.
* Selling a used car privately may allow the guest to make a bit more money, but it's time consuming and involves self-marketing. Plus, the buyer may not even have the cash to buy it. Of course, if the transmission blows in a week, expect a call from the purchaser. There are numerous DMV laws that also need to be followed, which most people don't understand (i.e. smog, taxes, registration change, title, and so on). A trade-in will save you the headache.
* Factory banks usually have some sort of "subvention" (lower APR or lease factor) that is better than what traditional banks can offer. Ask the dealer for details, or check the manufacturer's website for current promotions.
* Credit score is not the only factor in determining a purchase or lease. Household income and debt play big factors as well. A guest can have an outstanding FICO score, but if he or she can't make the payment, then that person will not be financed.
* The window sticker (Monroney Label) displays valuable information on the vehicle such as: gas mileage, options to buy and MSRP, among other features. The MSRP represents a figure the manufacturer suggests the vehicle be sold for. Dealers are allowed to negotiate with guests to reach a compromise on the selling price that is acceptable to both parties. Beware of dealerships who have addendums attached to the window stickers that show "additional dealer markup," "market price adjustment," or other colorful terms that put the vehicle price over the MSRP (not including additional items installed on the vehicle which could hike up the total cost over MSRP - i.e. added spoiler, wheels, etc.). Penske does not charge over sticker price.
* Most vehicles have the same MSRP cost, so it depends on the negotiator as to what price is given. Some dealers will quote ridiculously low prices over the phone or via Internet in order to bring the guest into the dealership, only to switch them to a different vehicle, offer another color, or say things like "oh, that quote did not include destination fees, or deliver fees." Beware of these dealers. However, do not expect to pay less than MSRP for the launch of a hot new model.
* But seriously: research, research, research. The more you know, the better. Work only with dealers who have a good reputation and set of ethics. Penske Honda ranks in the upper echelon of customer satisfaction and has won the Presidents Award 9 times. This is the most of any California dealership and is an honor only earned by the best Honda dealerships. It also never hurts to know someone at the dealership (We know you, Bryan. Will you give us a deal? - SS staff ).
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