Buying a used car saves a lot of money. However, the entire process entailed is strenuous because the prices are usually not fixed. This is why consumers should be well-informed in order to get value for their money. Here is how to identify and steer clear of the five biggest selling tricks:
- “Bait and Switch”This is an effective trick that is also practiced in other industries like real estate. Buyers are usually lured by ads for a specific car, but upon arriving, they’re told that the model has been sold out. Then they’re offered a different one.
- “Time to Get a New Car”Plenty of times, car shoppers reveal that something has just happened to their current vehicle and that’s why they’re looking for another. The dealers often use this info against you by placing pressure to make a quick sale.
- “Come in We Talk”Resist the urge of going down the lot to “talk”. It’s advisable to negotiate prices via phone since this will be a neutral platform. This is unlike the dealers place where they have an upper hand over the situation.
- “Yo-yo” FinancingIf you have a poor credit score, you’ll be more vulnerable. They’ll sell you a car even before you complete the financing. Then, a credit provider will call you a few days later with a loan offer, that has high interest rate, but you’ll not be able to refuse.
- The “4-square”The final price is divided into four categories. These are: Trade-in, purchase, down payment and monthly payment. Be attentive throughout the calculation process lest you end up paying more.
These selling tricks are used by some dealers to deceive car shoppers and if you’ve not done your homework, you’ll be more susceptible.