Now is a good time to buy a luxury car. However, buying a new car is not easy especially if you have to go through luxury car dealerships in chicago. If it is your first time buying a luxury car, you should follow some tips before setting foot in a car dealership.
Here are some tips that you can consider:
Look for dealers
Buying from a fair dealer will surely save you a headache and money in the long run. There are many dealers out there but to find the right one, you should do your own research. There are a number of websites that allow people to post reviews of dealers. You can take advantage of this. If that is not enough, you can ask neighbors, co-workers, and friends for recommendations or referrals.
Know the invoice price
Once you identified the right car for you, it is crucial that you look up the invoice price. The invoice price refers to the price that the dealer paid the manufacturer for the car. Many dealers consider MSRP (Manufacturer’s Suggested Retail Price), which includes hundreds if not thousands of profit.
You should get a new car closer to the invoice rather than the MSRP. If you know the invoice price, it can send a message to the dealers that you mean business and you expect a good deal. Do not set foot in a car dealership without any information about the invoice price.
Time your purchase
If you have enough cash, you should time your purchase. Dealers will accept lower offers to reach their targets and qualify for bonuses at the end of the month. Knowing this, the end of the month is the best time to purchase a new car. If you are not picky, the end of the year is a good time to get deals on the remaining inventory.
You can also consider getting financing. Keep in mind that dealers contract with different banks to get the best rates. If you want to get financing on your own, you should approach a local bank or credit union for a better interest rate. Whatever financing you consider, your credit history matters.
Get quotes from several dealers
It is important that you avoid buying a car on your first visit. Instead, use the initial visit to look at and test-drive cars. Do not commit on anything unless you are sure and confident about your decision. The best thing to do is to gather information first and then leave.
You should get quotes from several dealers so you will know the best deals. As much as possible, get quotes from dealers online before you visit any of them. If the dealers know that they are being pitted against many stores, it will be easier for you to get the best deals.
Be ready to walk away
You should be prepared to walk away from what you think is a lousy deal. This will be your leverage. If the salesperson pressures and says that you need to buy the car today, it should serve as a red flag. Creating a sense of urgency is an age-old tactic to negotiate a quick deal. Be wary.