Kelley Blue Book and Capital One have compiled a set of tips to help empower women with the knowledge and confidence they need to successfully manage the car-purchase process.
• Learn about vehicle pricing. Use the Internet to research new and used car prices, including dealer invoice pricing, transaction pricing and how much you can expect to get on your trade-in. Know what you can afford and use those target numbers as a reference point for your pricing negotiations.
• Research different financing options. A range of auto financing options is available, including dealer financing, banks, credit unions and online lenders. Researching your options and finding the lowest rate you qualify for before purchasing can help save a substantial amount of money.
• Treat the car-buying process as three separate negotiations. Determining the: 1) vehicle price; 2) trade-in value; and 3) financing are three separate transactions, and you should negotiate each separately. This strategy will simplify your deal.
• Read your contract carefully. Don't sign until you're sure everything is correct and the terms are stated in writing as they were explained to you.
• Stay in control of the process-it's OK to walk away. If it's not the price or deal you want, be ready to walk away. Remember, there are many dealers out there who are eager for your business.