One of the biggest pain points for most car buyers is the length of time it can take to complete a vehicle purchase at dealerships. A recent study by the Deloitte financial-analysis firm found that a majority of U.S. consumers spend more than 10 hours, mostly at home, researching a purchase before they even get to the shopping part. Clearly, there’s a comfort level to that part of the process, largely because it happens in familiar surroundings within easy reach of the refrigerator. But when it comes to the inevitable visit to the dealership, most consumers change their attitude markedly.
A solid majority of car shoppers have said they want to spend an hour or less in the showroom, according to the Deloitte study. But, sadly, reality hasn’t been living up to their desires. Instead of a quick 45 minutes or so to finalize a deal, research shows the average car buyer spends more than three hours at the dealership—three hours filled with indecision, waiting, and irritation. Shrinks call it cognitive dissonance. We all know it as something that sucks.
So is this something you just have to go through, like childbirth or your daughter’s dance recital? No. The good news is that, with some smart planning, you can cut that three-hour dealership ordeal down to an efficient 45 to 60 minutes. It still won’t be as easy as buying a gallon of milk, but the process doesn’t have to be as time-consuming as binge-watching a season of House of Cards.
To do the deal in less than 60 minutes, here are the things you should know:
Know what your current car is worth. Regardless of whether you’ve settled on a specific car, this is something you can do right away. Several websites can give you a good approximation of your current car’s trade-in or wholesale value—two closely aligned, but not identical numbers that are critical as you negotiate the deal. If you don’t know what your car is worth, you will waste not just minutes but potentially hours getting to a common number with the dealership, and even then you’re likely to get the worst of it.
Know what you want to buy. There are more than 300 new-vehicle models available for purchase in the United States. If you don’t know what you want to buy, you will never sort through even one brand’s offerings in 60 minutes or less. It’s much better to do your research before you go to a dealership so you can narrow your choice from that unmanageable 300-plus to, hopefully, just one car or truck.
Know the market value of the new car you want to buy. Once you’ve decided on the vehicular object of your desires, do some online research to determine what that vehicle will cost. Again, third-party sites are the best places to do this, because you want to gain a close approximation of the price for the make and model you want, equipped as you want, and in your local area. Remember that the quoted value you get is an approximation, not the exact price you should (or will) pay.
Know what dealerships actually have. A real car that you can buy might not have each and every piece of equipment your heart desires. Maybe the factory never builds ’em that way, or, more likely, maybe dealers in your area don’t order them that way. So before you drive yourself nuts with an all-too-detailed approximation of the “perfect” car in the preceding step, we suggest you just get close, and then go hunting online for cars on dealers’ lots that closely match your criteria. When you find one, that’s where you shop.
Know how you are going to pay. Some people buy their cars with cash. They know how much they want to spend, and they write a check. But most people take out a loan to buy their car. If that’s you, here’s your homework assignment: Figure out how much money you can pay as a down payment, including the money you’ll get for your current car as a trade-in, and subtract that from the presumed purchase price of the car. That’s the amount you are going to finance. Now, go to one of scores of online car-buying and finance sites, or your own bank or credit union, and get prequalified for a car loan. This is a straightforward process, and it will give you a good baseline for your dealership negotiation on financing. You’ll be certain you can get a loan, and additionally, you’ll learn the loan’s interest rate, term, and monthly payment. If the dealer can beat the bank’s loan offer, good for you.
Now you’re ready to contact the dealership. But you still shouldn’t just walk in the door. Instead, a phone call or an email to someone with a title such as Internet Sales Manager is the next logical step in the process. Do a data dump on him or her. Tell the salesperson which vehicle you’re interested in, what you think you’d be willing to pay for it, what your current car is, what you think that’s worth, and the details on your prequalified car loan. With any luck, you’ll be able to come to a meeting of the minds right over the phone. If you feel you have a deal, ask the dealership to run a credit check and assemble the paperwork.
While on the phone, set a one-hour appointment to visit the dealership and talk with the sales manager. If you have a trade-in, you can examine and test drive your prospective purchase while the sales manager examines what could soon be your former vehicle. All of this, including the test drive, should take no more than 30 minutes. That means you and the dealership have 30 minutes to finalize any loose ends and complete the paperwork. Remind them you are serious about getting this done in half an hour. Within an hour of walking through that showroom door, you should be in the delivery area ready to take possession of your brand-new car. What you do with the two hours you saved is up to you.
from Car and Driver BlogCar and Driver Blog http://ift.tt/2CTaGd0
via IFTTT
0 comments:
Post a Comment