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Lone Star National Bank

Tips to Always Keep in Mind When Considering a Vehicle Purchase

Mar 13, 2017

Buying a new vehicle can be a stressful experience in many cases. Buyers have been known to spend hours and hours at auto dealerships when closing deals. If you’re not prepared for what lies ahead in your search for a new vehicle, then you could end up leaving money on the table, which is why we suggest doing your homework when choosing the right car and loan.

Call or visit our bank in McAllen to learn how a few smart financial behaviors can help in your search for a new car!

Be Patient

One of the most important rules of car buying is having patience. The golden rule is to wait for a fair price that you’re comfortable with, but we’re not suggesting to wait until your current car leaves you stranded on a highway! If a new vehicle purchase is on the horizon, then start looking around for deals now. This way, you’ll have the wiggle room to walk away with a great offer.

The key here is waiting and negotiating. Walking into a dealership with a preapproved loan will also set salespeople off their tracks. Selling loans is a big part of their business and if you’ve done some of the work beforehand, you can settle on a price and stick to it.

Know When to Buy

Dealerships are comprised of seasonal showroom traffic. The best time to start looking is during the Christmas shopping season when traffic is low. Dealers are trying to move as much inventory as possible before they close out their fiscal year, which means good deals for consumers. Why is this so? Many aren’t concerned with buying a new car during this time since they’re more concerned with Christmas shopping. This period for auto dealerships is slow. September is another month to make a round to your local dealership since new models start arriving and inventories pile up.

The Right Period

Stay away from auto dealerships until the third week of the month. Why? At the beginning of the month, many car salespeople play hardball with customers on prices. They know that if they lose two to four leads at the beginning, they can make up for it at the end of the month. Avoiding this “aggressive period” could save you a decent amount of money.

It’s Okay to Walk Away

Be ready to walk away if you aren’t offered the deal you want. It will be tricky since salespeople descend on customers quickly when walking into a dealership. Many times they’ll tell you, “This is our final offer”, or “This offer ends today.” Always keep in mind that when they say this, there is always a better deal or two below it. Don’t be afraid to reject a first offer if you aren’t happy with it. If a dealer refuses to budge on his/her offer, then walk away, otherwise you’ll be playing into their hand.

We’re Here to Help

The process of buying a new car can be tricky and harsh. It can also test your stamina, tire you, panic you and ultimately get you to sign that dotted line at the dealer’s price. If you’re prepared and have patience, then you’ll eventually score that new car you’ve been eyeing. Call or visit our bank in McAllen today to find out what else we can do for you.