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How
to Buy a Used Car and Not Get Taken
And
then leave and go visit the other dealerships and deliver
the same speech. If the car or truck you are intending to
lease is in abundant supply, if you've timed your shopping
to the end of the month, when dealers are more likely to
need sales to make their monthly numbers, you're going to
get competitive bids. You will, however, want to look at
each lease agreement very carefully to make sure that they
haven't tried to slip in a lower number of free miles or
quoted you a payment with a high money factor or, worse,
a payment which is based on a cap cost that is actually
higher than the MSRP. Yes, it does happen.
Getting
the Lowest Payment
If you're interested in doing a little homework, you can use
the lease formula to calculate what the very lowest lease
payment would be were the dealer to actually figure it on
the true invoice price of the car. Keep in mind, however,
that while a dealer might be anxious to move some vehicles
off his lot, the lease company may reject the lease because
there is not enough profit in the deal. Possibly the key benefit
of knowing the bottom is that it provides you with the information
necessary to develop an aggressive negotiation strategy.
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Buying
ls Negotiating
Unless you plan to walk into a dealership and pay the
asking price for a vehicle, every buying situation is
a negotiation. And, as with most negotiations, there
are different phases or steps.We can help you with the
first two, but the third you're going to have to supply.
Hopefully, once you've read this book, your knowledge
of the car business will give you the confidence to
take charge of and remain in control of virtually any
car, van, or pickup truck buying situation.
How
to Calculate the Bottom
This exercise will reveal what your payment would be
if you were able to negotiate the price of the car down
to the invoice cost. The point of this exercise is to
give you an idea of the point at which the dealer would
begin to lose money and would refuse to negotiate.
Facts
you need to know
-
The suggested retail price and the invoice cost
of the car. including options
-
The
money factor (call several different dealerships
that sell the car you want to lease to see if they
all quote the same money factor. Factors may differ
if the dealers are using different lease companies
or if they are adding a few points to the factor
as another source of profit)
-
The
number of months you plan to lease
-
The
residual value
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How
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