Leveraging the Internet for Your Next Car

Buying or leasing a new car can be one of the most complicated and frustrating drawn out processes we encounter as we go through life. The very nature of the business makes it difficult to sift through the in your face advertising, hidden small print fees, and overly pushy salesman that litter the landscape of just about every car lot out there.

There are also seemingly two very different types of people in the world- those of us who love cars and go out of our way to know every small detail of what they are attempting to buy from engine to interior; and the rest of us who ultimately just want something spacious and reliable that won’t break the bank.

Regardless of if you are a car fanatic or someone just looking to fit the kids comfortably, however, obtaining a vehicle can be an equally expensive endeavor for all of us. That is why it is important to do all you can to approach the situation in an intelligent, prepared manner.

Researching and negotiating online has become a necessity when it comes to intelligent car buying in 2016. Rather than waiting to try and haggle with one salesman at a time across the town, why not make several dealerships work against each other to give you the best deal possible from the comfort of your own home?

First things first, you need to know exactly what you are looking for- a  grey 2008 Ford Escape with under 80,000  miles on it and a sun roof for example. Next, put a few feeler emails out there to different locations asking for best price while letting them know that you are speaking to several other dealerships for the best offer.

Experts suggest that there are three key areas you need to identify at this point- the credit for a trade in of your current vehicle (if that is even needed), the price of the car itself (including any needed financing rates, closing costs, etc.), and of course, the “bells and whistles” that come along with each deal in the form of incentive additions. Once you’ve identified your “winner” through a little comparison and requests for “last chance offers,” you get the luxury of walking into the dealership with everything basically done to the point of signature; hopefully ensuring a quick and painless closing process.

Here are a few more quick tips to remember while conducting your pre-purchase online research:

1. Be sure to check a reputable publication like Edmunds for "true market value,” which reveals what buyers are paying for the same make and model as what you are looking at across the country
2. For important mechanical, warranty, and incentive options, don’t forget to leverage the automaker’s website.
3. Don’t forget to research the most important aspect of any car, its safety rankings. Check out both IIHS.org and SaferCar.gov amongst others.
4. You can save by buy at the end of the” model year” and preferably at the end of the month when quotas may come into play.

Try to limit your financing applications to a 14-day period; all of your loan applications will only count as one inquiry, thus minimizing the impact on your credit, if everything stays within that timeframe.