Many car dealerships and brokers will be honest and up front with their customers, especially online dealers who have less to gain from ‘tricks of the trade’. However, you should still be vigilant so here are some tips to help you avoid being stung:
Always read the contract – If you’re buying a new car online this is particularly advantageous. Print off a copy of the contract and its terms and conditions, and read it thoroughly before you sign anything. In a dealership you might feel pressured to sign before you’ve had a chance to thoroughly understand what’s in front of you. By shopping online you avoid this pressure.
Beware of deceptive advertising – It’s easy to be deceived by a strong advertising slogan on any product. However, look closely to discover what the advertisement really says. Is there an asterisk at the end of a special offer? What stipulations apply?
Think about how the dealer can profit – A dealer can add to their profit in many ways such as by hiking the retail price; offering less than the market value for your trade-in; increasing the rate of your car finance deal; offering unnecessary extras. Be aware of all of these factors going in.
Payment protection insurance and gap insurance – Both payment protection and gap insurance can be very useful to cover you in worst case scenarios. However, that doesn’t mean that the dealer will necessarily offer you the best deal. Remember you can shop around for payment protection and gap insurance just as you would for a regular car insurance policy. There’s no point in paying more than you have to for the same level of coverage.
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