Let's Make A Deal On Your Dream Car
4 June 2009
We have all witnessed and experienced the wrath of economic instability with employer cut backs, layoffs, employers filing bankruptcy or even just closing their doors as we all live and struggle together in our own individual economic crises.
But not all is doom and gloom! If we focus on the silver lining of each financial storm cloud! I'm talking about opportunity!
The opportunity to make the best deal possible when you purchase your dream car! Not the opportunity to take advantage of someone, but the advantage to make the best deal possible!
We have all seen the news of major auto manufactures cutting back, closing plants, closing dealerships or even filing bankruptcy, but what is not in the news is that automobile listings are on the rise at major internet sites such as EBay and Craig's list and the same goes for automobile fore sale newspaper adds in cities across America!
We have dealerships slashing new car prices as high as 40% in some areas and the same goes with used cars! This is opportunity knocking for you to buy that dream car at the best possible price.
Now before you jump you should ask yourself one very important question:
Do you really need that car? (Keep in mind that we are in economic bad times and if your purchase is going to place you into a financial strain, if would be best not to make that purchase). You don't want to have to be one who has to sell your dream car because you under estimated your financial situation!
If you answered yes we can now move on to making the best deal possible on your purchase by asking yourself the right questions!
How much can you afford? If you are going to finance your purchase you need to know how much of a down payment you can put down and how much of a monthly payment you can afford. (You must be realistic and honest with your self in this area).
Will your car be used for local or long distance travel? (Keep in mind that gas prices can turn your dream car into a money pit!).
What features are you looking for? You know those little extras such as air conditioning, cruise control, car color, stereo, 4 tires (just kidding), convertible or hard top, Anti-lock brake systems and so on.
Getting this all down (preferably on paper) before you start searching will save you a lot of time and money. Now comes one of the most important steps in any large purchase and that's research!
You will want to check and see what the average selling price is for that dream car in your area by checking websites and dealerships! They do this when you go to purchase a house or to get a home loan to find the value of your property and this same process works on just about any purchase you may make!
Once you have this in hand, you are now ready and prepared to make the best deal possible but you must be willing to walk away from the deal even if you have fallen in love with the car! Keep in mind your goal is to make the best deal possible and if you are willing to walk away your ability to negotiate is increased!
When you make your first offer you should make a low offer allowing yourself and the seller room to negotiate, this process makes everyone comfortable in the deal and at least for me its fun to haggle! But keep in mind that if you go in with a ridiculous offer the seller will most likely walk away leaving you looking like a fool!
Once you have made the deal on your dream car, take three more steps before you lay down your hard earned money!
Step 1: Ask the seller for service records (some will have them and some will not). If a vehicle has been properly serviced during its life time it can turn out to be a little treasure!
Step 2: Be sure to get a vehicle history report! This will identify any major problems such as odometer rollbacks, fire or flood damage and even past accidents.
Step 3: Have it checked out by a trusted mechanic! This will save you from purchasing a money pit!
By just following all three steps your dream car purchase will be one of the wisest purchases you may make!
I purchased a used car with a resale value of $32,000 for $17,900 several years ago by following each step! The car had an outstanding service record and even has a set of 8 manufactured vehicle manuals! So I took the deal to step 2 and ran a vehicle history report that cost around $19 and found out it was totaled because of hale damage even thought it was all repaired! Since I was all good with this I had it checked out by a trusted mechanic that cost me $75 and all was well so I made my purchase and drove this car for 5 years until I sold it for $15,000 making my true purchase less than $3,000!
Be prepared to stand firm and a willingness to walk away and you will find that your dream car purchase can be most exciting!
To your success and financial health,
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