Car Confessions Episode 010: Top Car Buying Myths Buy on a rainy day: Myth; since it’s raining, snowing, other inclement weather, the salespeople will be more likely to lower the price b/c there’s less foot traffic coming through the lot… Reality: many people are aware of this and in fact this can be a much busier day in many locations. Buy just before closing time: Myth; the idea behind this is the salespeople and managers are eager to get home to their families and are more willing to cut the price and lose money in order to get home quicker… Reality; salespeople and managers are more than willing to stay as long as it takes to put a deal together which is WIN-WIN for both parties. Part of being a professional in this industry is knowing this can and will occur and to keep smiling, be polite, and remain professional to ensure your customers know they’re not dealing with an amateur salesperson. A lower payment is always better: Myth; the lower the payment the better off you are in the long run… Reality; low payments are great (I like them myself) but be aware of the difference making a $300/month payment for 60 months vs a $350/month payment for 72 months. Since the loan is longer there will be more interest paid over the life of the loan. Make sure you are aware of this and willing to pay for longer term and more interest. Don’t let them know you’re trading in your vehicle: Myth; if you don’t tell the dealership you plan on trading your current vehicle, you can negotiate a better deal… Reality; more often than not this will only complicate the deal AND add more time to the deal b/c now the salesperson has to go gather the info from the trade, assess the trade, and test drive the trade. This all leads to retracing the steps of the deal and the customer may get frustrated along the way b/c “it’s taking longer than expected.” A professional will ALWAYS offer to give the customer numbers both ways, without the trade and with the trade. Wait until the end of the month: Myth; the end of the month is the best time to buy b/c you’ll get “the best deal of the month.”… Reality; dealerships and salespeople are ALWAYS motivated and willing to sell. They are just as motivated on the 31st as they are on the 2nd or 5th or 20th! Ultimately people buy when it is best for them and not when it is best for the salespeople and dealers. “Deal of the Century"-This car won’t last!: Myth; the customer must by now or the deal will expire/vehicle will be sold/other buyers looking at the same vehicle and will sell today… Reality; High pressure sales tactics like this one no longer work in modern auto sales. Buyers have learned not to respond to this and know it is unusually rare a tactic such as this is “once in a lifetime.” The car buying process is hard and stressful: Myth; salespeople keep you there so long and spend so much time with you, you feel obligated to purchase b/c you’re beat down… Reality; while this can be difficult and can be a long process, if buyers are prepared with info of a particular vehicle they’re looking for, already know what monthly payment they’re comfortable with, and look for the right help, it’s simple, no hassle, and a great overall experience!