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When is the best time to buy a new car?

In general there are 2 times during the year that are best time to buy a new car.  The last 2 weeks of December is one.

Another good time is the July to October time frame, because that's when dealers clear out last year's models at low prices so they can sell the new model year.

Some people say the end of a month is a good time to buy, but some salespeople will be just as hard to haggle with on the last day of the month as they are on the first. 

Search the Web

Get competitive quotes from sites sites like InvoiceDealers and Autoweb.   The best time to buy is when there is a rebate and you can convince the dealer to give up holdback, drop the dealer prep and ad fees, and give up the factory to dealer incentive.  This wish list can happen at any time during the year, so watch for rebates and incentives, and make it happen.

Too many people walk into a dealership without knowing how much they can buy that car for at Autoweb, InvoiceDealers, CarsDirect, Ford Direct, StoneAge, Vehicles Online, and AutoVantage  If you don't have a consensus quote from all of these sites, and if you don't know in advance what you should be paying, you'll pay thousands too much.  I'm not just talking about looking up dealer cost and MSRP.  You need real purchase quotes. 

Bad credit loans: how to get a car loan for people with bad credit

If your credit score is below 680 and you keep getting rejected, don't submit applications everywhere that keep getting you rejected.  Instead, submit one application to a bad credit auto loan resource like AutoCreditFinders, that specializes in finding bad credit car loans for people with low credit scores.  They take your one application and can find you car financing from underwriters who specialize in high risk car loans. Even if you have previous bankruptcy, tax liens, or bad credit, as long as your credit score is 525 or above, and bankruptcies have been discharged, your chances are pretty good.  You should be working for at least 6 months and have no bad credit in the last 6 months.  You can expect to pay more APR than someone with good credit, but this can help re-establish credit for you. After a few months of paying on time, you may be able to refinance through AutoCreditFinders where they can find you a lower rate through another one of their lenders.   You can always send in extra principle payments to buy down the APR and pay off your car loan faster. Even if you have a great credit score but you get turned down by other lenders because you have no car loan history, AutoCreditFinders can be a way to get started.  If you don't know your Beacon FICO Credit Score, get it now.

GAP Insurance

For Example: you owe $20,000 on your car, but it's only worth $16,000. 

You total the car, or it is stolen.  Your insurance company gives you $16,000. You must still come up with $4000 to pay off the bank, plus your $500 deductible!  

Gap insurance protects you against this. The better ones cover up to $500 of your deductible.

Make A Plan

1. Create a budget, obtain your credit report, get your financing in order.
2. Use free internet sites for dealer cost, car reviews, and price your trade-in.
3. Visit dealers to check base prices and options pricing of your car.
4. Take the info home, continue researching to determine the dealer's cost.
5. Go to the dealer to negotiate your offer.
6. Close the deal, avoid needless extras

Car Selling Gimmicks

You thought it said "I love Paris in the Springtime" right?  Wrong!  See the extra "the"? It really says "I love Paris in the the Springtime".  Your brain tricked you, as I knew it would.  

 It is easy to trick you.   A store cannot sell 30 cases of beans at 25 cents each, so they make an aisle stack with a sign that said 3 for $1 and sold out in 2 days, for 8 cents more per can!  You'll trick yourself into thinking you are paying less, when you are actually paying more. 

Advertisers rely on your brain to trick you so they don't have to lie. When dealer ads say 1.9% APR, look for the "*"  (fine print).  It will say "with approved credit only", or "qualified buyers only". This 1.9% reels you in, and you must have perfect credit to get 1.9% APR.  Most people don't.

"We'll Get You Out Of Your Current Lease No Matter How Much You Still Owe!"
"We'll Payoff Your Loan No Matter How Much You Still Own!"
"We'll Give You $4000 For Any Trade-In!"
"Don't Make A $5000 Mistake!"
"No Reasonable Offer Will Be Refused!"  (Except yours, because it's unreasonable)

     They are not doing anything at all for you, they just want your trade in so they can give you far below market value for it, while selling you a new car at a high profit. Then they resell your trade in for a high price. Here’s how the scam works: If you are upside down on your car loan and you still owe $10,000 for it, the dealer pays off your loan, then you owe that $10,000 to the dealer. This gets financed along with the $15,000 car you are buying, now you are financing 2 cars for $25,000! Did you know that? Your payments are spread out over 60 or 72 months so you don’t notice what just happened. The more months they add to the loan, the lower the payments so you don’t notice. In fact, it's possible that the payments could be less than your current loan, so you think you're saving money when you just got shafted! Their ad made you think that trading in a car relieves you of your obligation to that car. It does not! This gets many, many, many people into trouble. You are actually taking on double your current debt, when you thought you were dropping one debt for another and buying a new car. They lied to you in their ad. Sure they did get you out of the lease or loan, but you are not really out of it. They dipped you out of it and then dipped you right back into it under their umbrella of debt. Very clever trick, but now you're onto them. Next time you hear those ads, you'll know what they're up to.  Trade-in buyers are the world's dumbest people and never pay attention to the back end of the deal, only the front.  Here's how ads should be worded:

Solutions  Solutions are dependent upon facts & circumstances, law and the objectives.  These elements vary from one time to another, from one circumstance to another and from person or entity to another.

Kit to Prepare for Your Adviser

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WARNINGS ABOUT THIS SITE'S CONTENT Bob Parrish CPA, P.C.