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When you see an extra dealer mark up fee, ask the dealer to get rid of it. I wont get paid scam: This is when the dealer tells you that he wont get paid if you dont purchase the options package. They can include all kinds of extra fees in the additional dealer markup. So many people get ripped off after they have already closed the deal.
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In this guide you will learn: How to spot a scam from a dealer or salesman The best time of the year to buy a new car How to get a good purchase price Get tips to financing a new car How to give your opening priceBuying a car doesnt have to be scary and it doesnt have to be the worst experience of your life. All this means is that the rebate that you were offered doesnt exist because it was already calculated in the ad. Every new purchase has a clause in the contract that usually states that the deal is subject to loan approval. This scam is easy to avoid. The trickiest closing cost scam is the extended warranty because the language used is so confusing. See how silly this is.
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Most Common Extras at Closing
Description Your price Dealers costs
Rust proofing 0
Extended warranty 00 0
Scotch guard 0
Car alarm 0 0
Paint sealant 0
Credit/insurance costs 0
Detailing and pin striping 9
Total of extras 99 5
Extra monthly payment total How Much Money Should I Offer the Dealer?
When you go into a dealership, you want to know all of the pricing and costs of the car that you are looking into buying, as mentioned earlier.
You should know the manufacturers cost and the dealers cost.
You need to calculate the cost that the dealer paid for the car and then make a reasonable offer to him if you want to get somewhere.
You should also know that the dealers price is not the invoice price from the factory. You should know that the dealers cost is much lower than the factorys cost.
In order to make a fair offer to a dealership, you need to learn to read a factorys invoice. Here is what you can expect to find on the factory invoice.
Base model of the car on it
All of the options packages
Destination charge
Holdback and dealer flooring help
Quick Tip: DO NOT confuse the invoice with the MRSP window sticker because they are not the same.
Contrary to popular belief, dealers dont have to tell you the invoice on any car. This often gives the dealer leverage over you.
They can offer you one dollar over the invoice. You should know that there are hidden factory incentives in the invoice price that lowers the cost of the car for the dealership. Its no bargain for you.
If a dealership is very quick to show you the invoice, you should be aware that they are fully aware that they will be making money on that car off of you and they can settle at a lower price for the car.
Knowing this before you walk into a dealership can be your best negotiating strategy. See, they will tell you that you can afford to buy the car at MSRP hoping that you will not then wonder what the actual worth of that car is.
Knowing this information can let you make them the same offer.
If you offer a few dollars over the factory invoice (which is the actual worth of the car) then you can open your bid and let them know how much profit they can make off of your offer. Check out these websites if you want to know the factory invoice of a car.
http://www.InvoiceDealers.com
http://www.CarsDirect.com
http://www.Car.com
http://www.Autoweb.com
Dealers are always going to try and tell you that they paid less for the cars than they actually did so that they can make a higher profit off of the sale.
Salesmen often try and make you feel guilty by telling you Im losing my shirt off of this deal.
In truth, you are the one that is losing your shirt off of the deal, so dont buy into it.
To calculate what your offer should be to the dealership, you should get the factory invoice price (dont forget to include the options in this price), and add 5% to that amount. That is how you should calculate your offer the dealership.
When I mention the options, I mean the ones that you cant avoid. Some cars come equipped with a CD, sun roof etc. and these are fees that you cant avoid paying so sure to account for these at the beginning.
You should also be sure to account for any buyer rebates as well in calculating your offer. So in the end your offer should be calculated like this:
Calculating your offer to a dealership is as simple as that. When you are considering how much you can afford for a car, be sure that you dont get sucked into paying more than that.
If you are unwilling to pay more than your opening offer, let the salesman know that your offer stands firm and how they will profit from the offer.
In the end you will get what you want on your own terms. To be certain that you get the drift I will set an example for you.
You are hoping to buy a Toyota Camry. You do your research at DealersInvoice.com, and find that the invoice price is ,922; MSRP is ,385. The dealer may offer you the car for ,000, and shows you the invoice.
You learned by researching that there is a 0 factory to dealer incentive; and a 7 holdback on the MSRP (2%).
Based on the above calculations, the dealers real cost is ,922 (invoice) - 0 (incentive) - 7 (holdback) = ,957. This is far below the factory invoice number.
Now, if you add the 5% for your offer to that price, which will up the car price to ,379 due to the addition of 5 for the destination charge that is always present, you will see that based on the offer that the dealership offered, you just saved yourself 10.
This may seem complicated but if your use a pre-designed spreadsheet from CarsDirect.com or AutoUSA.com, the program does all the calculation for you.
As you can see, these extras will get you in the end. If you can, you should avoid them all together. They are worth far more to the dealer than they are to you.
By now, you should know all of the things that you need to know in order to buy your new car with the least amount of burden, and you have learned to avoid the common scams pulled by dealerships. This is the only guide that you will ever need when you get ready to buy a car.
Youve learned:
The various tricks
Advertising tricks and misleading marketing
How to get the best price
How to negotiate your opening offer
How to negotiate
How to calculate your opening offer
What the difference is between the factory invoice and MSRP sticker
If you have read this all the way through, then you need not worry. All of the advice listed here will save you a great deal of time and money.
You are now fully prepared to get your new car.
So what are you waiting for? Go shopping!
Description Your price Dealers costs
Rust proofing 0
Extended warranty 00 0
Scotch guard 0
Car alarm 0 0
Paint sealant 0
Credit/insurance costs 0
Detailing and pin striping 9
Total of extras 99 5
Extra monthly payment total How Much Money Should I Offer the Dealer?
When you go into a dealership, you want to know all of the pricing and costs of the car that you are looking into buying, as mentioned earlier.
You should know the manufacturers cost and the dealers cost.
You need to calculate the cost that the dealer paid for the car and then make a reasonable offer to him if you want to get somewhere.
You should also know that the dealers price is not the invoice price from the factory. You should know that the dealers cost is much lower than the factorys cost.
In order to make a fair offer to a dealership, you need to learn to read a factorys invoice. Here is what you can expect to find on the factory invoice.
Base model of the car on it
All of the options packages
Destination charge
Holdback and dealer flooring help
Quick Tip: DO NOT confuse the invoice with the MRSP window sticker because they are not the same.
Contrary to popular belief, dealers dont have to tell you the invoice on any car. This often gives the dealer leverage over you.
They can offer you one dollar over the invoice. You should know that there are hidden factory incentives in the invoice price that lowers the cost of the car for the dealership. Its no bargain for you.
If a dealership is very quick to show you the invoice, you should be aware that they are fully aware that they will be making money on that car off of you and they can settle at a lower price for the car.
Knowing this before you walk into a dealership can be your best negotiating strategy. See, they will tell you that you can afford to buy the car at MSRP hoping that you will not then wonder what the actual worth of that car is.
Knowing this information can let you make them the same offer.
If you offer a few dollars over the factory invoice (which is the actual worth of the car) then you can open your bid and let them know how much profit they can make off of your offer. Check out these websites if you want to know the factory invoice of a car.
http://www.InvoiceDealers.com
http://www.CarsDirect.com
http://www.Car.com
http://www.Autoweb.com
Dealers are always going to try and tell you that they paid less for the cars than they actually did so that they can make a higher profit off of the sale.
Salesmen often try and make you feel guilty by telling you Im losing my shirt off of this deal.
In truth, you are the one that is losing your shirt off of the deal, so dont buy into it.
To calculate what your offer should be to the dealership, you should get the factory invoice price (dont forget to include the options in this price), and add 5% to that amount. That is how you should calculate your offer the dealership.
When I mention the options, I mean the ones that you cant avoid. Some cars come equipped with a CD, sun roof etc. and these are fees that you cant avoid paying so sure to account for these at the beginning.
You should also be sure to account for any buyer rebates as well in calculating your offer. So in the end your offer should be calculated like this:
Calculating your offer to a dealership is as simple as that. When you are considering how much you can afford for a car, be sure that you dont get sucked into paying more than that.
If you are unwilling to pay more than your opening offer, let the salesman know that your offer stands firm and how they will profit from the offer.
In the end you will get what you want on your own terms. To be certain that you get the drift I will set an example for you.
You are hoping to buy a Toyota Camry. You do your research at DealersInvoice.com, and find that the invoice price is ,922; MSRP is ,385. The dealer may offer you the car for ,000, and shows you the invoice.
You learned by researching that there is a 0 factory to dealer incentive; and a 7 holdback on the MSRP (2%).
Based on the above calculations, the dealers real cost is ,922 (invoice) - 0 (incentive) - 7 (holdback) = ,957. This is far below the factory invoice number.
Now, if you add the 5% for your offer to that price, which will up the car price to ,379 due to the addition of 5 for the destination charge that is always present, you will see that based on the offer that the dealership offered, you just saved yourself 10.
This may seem complicated but if your use a pre-designed spreadsheet from CarsDirect.com or AutoUSA.com, the program does all the calculation for you.
As you can see, these extras will get you in the end. If you can, you should avoid them all together. They are worth far more to the dealer than they are to you.
By now, you should know all of the things that you need to know in order to buy your new car with the least amount of burden, and you have learned to avoid the common scams pulled by dealerships. This is the only guide that you will ever need when you get ready to buy a car.
Youve learned:
The various tricks
Advertising tricks and misleading marketing
How to get the best price
How to negotiate your opening offer
How to negotiate
How to calculate your opening offer
What the difference is between the factory invoice and MSRP sticker
If you have read this all the way through, then you need not worry. All of the advice listed here will save you a great deal of time and money.
You are now fully prepared to get your new car.
So what are you waiting for? Go shopping!