A new vehicle is likely to be the one of the most expensive purchases you'll ever make, so it can really pay to learn a few tricks before heading to the dealership. Here's what you need to know.
Do Your Homework
Savvy car shoppers go to the dealership prepared. You can save big with just a few hours of online research.
Before you set foot in the dealership, know exactly what you are looking for and have a general idea of how much you are willing to spend. You will also want to know the vehicle's Base Price as well as the options (and their costs) that are most important to you. You will also want to know the following:
MSRP
Make sure you know the vehicle's Manufacturer Suggested Retail Price (MSRP), also known as the "sticker price" or "list price." The MSRP is basically the market value of the car. It generally does not include registration, taxes, freight or destination charges, or other fees that the dealer may add to your negotiated price.
The Invoice Price
The invoice price or "factory invoice price" is (in theory) what the dealer paid the vehicle manufacturer. Most cars are sold below MSRP and some even below invoice price.
Why would a dealer sell below the factory invoice price? The stated invoice price often isn't the amount the dealer actually paid. A dealer may get a variety of different discounts and incentives that can make their actual price lower than the "factory invoice price."
While the factory invoice price may not be what a particular dealer paid for the car, the invoice price is the same for all the dealerships, so it's important to know the invoice price so can determine who is giving you the best deal.
Estimated Market Price
A quick Internet search may also provide you with a car's Estimated Market Price (EMP). The EMP is available for a limited number of makes and models and is the estimated price that people are actually paying for the car, based on actual sales made at dealerships.
You need to also pay attention to extra add-ons that may contribute to a higher price tag. Make sure you want or need the extras that you will be paying for. And if the dealership doesn't have a vehicle with the combination of extra features you need, shop around or wait for the vehicle that's right for you.
Shop Around
Don't go to just one dealership and settle. Make sure you have plenty of time to see the prices and available inventory at other dealerships. When you know what other dealerships can currently offer you, you have a great bargaining tool.
Armed with this knowledge, you are ready to negotiate prices. And keep this in mind: Automotive.com reports that a full 25 percent to 45 percent of customers have successfully purchased cars below the factory invoice price (sometimes by thousands of dollars.)
Your down payment is also going to be a big help in your negotiations. If you can use cash as a down payment, it can give you another bargaining chip. If you have a vehicle to trade, you will definitely need to get an idea of its worth before you haggle the trade. And don't settle on this point, either. If the dealer isn't offering you enough for your trade, consider selling that old car yourself and pocketing the cash.
Use everything possible to get the upper hand over the dealer. Remember, as the buyer, you are in control and run the deal. Do not let the salesperson badger you. Know your numbers and stick to your demands.
It's important to not tell the salesperson what you are willing to spend until you get locked into negotiations. Then let them know that you have a certain amount you will spend and if they can't negotiate a deal, you will need to do business elsewhere.
The bottom line: If a dealer wants your business, he'll work very hard to get it. That means you have power. As long as you keep that power, you should be able to save money when buying your new car.
Identity Theft Tips
You can help protect yourself from identity theft if you have the right tools and tips. You need to make sure that you have all the right information so that you are not unknowingly putting yourself at risk for identity theft. You must be attentive, careful, and realize what actions must be taken to protect yourself and your credit score as well.
Here are some important tips to help reduce your identity theft risk. You may not be able to completely protect your good name from some stranger targeting you for identity theft, but you can lessen the chances. Make habits of the following suggestions to help keep yourself safe.
* Shred and destroy all unwanted documents like junk mail and outdated personal information.
* Bring your mail in daily and do not leave it in your mailbox. Even a locked mailbox can be easily broken into. Locks only keep out honest people.
* Report any lost or stolen credit cards or any suspicious activity on your credit cards or lines of credit.
* Review and check your consumer credit reports on a regular basis. You want to watch for anything that is not right on those reports. You can dispute anything to make sure that it is a legitimate charge that you made on the account. Also, make sure all of the accounts are really yours.
* Do not carry your social security card or numbers on you. You should keep this along with your birth certificate and passport in a safe place at home or in a safety deposit box.
* Check all monthly financial statements of any kind every time you get one. This includes bank accounts, credit cards, investments, mortgages, and loans. Consider switching to online statements because you can get updates at anytime and can catch discrepancies or fraudulent activities sooner, before the damage becomes devastating.
* Scrutinize your financial statements. Balance your accounts. Make sure all transactions are ones you actually made or authorized. Report any suspicious activity immediately.
* Keep or shred your ATM and debit card receipts. Don't leave them behind in the ATM machine or in the trash.
* Shred every piece of mail you discard that contains any kind of personal or financial information.
Here are some important tips to help reduce your identity theft risk. You may not be able to completely protect your good name from some stranger targeting you for identity theft, but you can lessen the chances. Make habits of the following suggestions to help keep yourself safe.
* Shred and destroy all unwanted documents like junk mail and outdated personal information.
* Bring your mail in daily and do not leave it in your mailbox. Even a locked mailbox can be easily broken into. Locks only keep out honest people.
* Report any lost or stolen credit cards or any suspicious activity on your credit cards or lines of credit.
* Review and check your consumer credit reports on a regular basis. You want to watch for anything that is not right on those reports. You can dispute anything to make sure that it is a legitimate charge that you made on the account. Also, make sure all of the accounts are really yours.
* Do not carry your social security card or numbers on you. You should keep this along with your birth certificate and passport in a safe place at home or in a safety deposit box.
* Check all monthly financial statements of any kind every time you get one. This includes bank accounts, credit cards, investments, mortgages, and loans. Consider switching to online statements because you can get updates at anytime and can catch discrepancies or fraudulent activities sooner, before the damage becomes devastating.
* Scrutinize your financial statements. Balance your accounts. Make sure all transactions are ones you actually made or authorized. Report any suspicious activity immediately.
* Keep or shred your ATM and debit card receipts. Don't leave them behind in the ATM machine or in the trash.
* Shred every piece of mail you discard that contains any kind of personal or financial information.
Put Extra Money In My Account - Make The Best Use Of Your Money
Most of the people prefer to put extra money in a bank account when they start making money. This is the most prudent thing that you can do with the extra money you have. Putting your extra money into a bank account carries a plethora of advantages. The banks not only provides you an easy and secure way to store your money, but you also get increments in your saved money from time to time in the form of interest.
Actually, when you put extra money in the bank, the money goes to a huge pool of funds provided by the thousands of existing customers of the bank. The bank keeps a portion of this money as deposit and invests the rest of the funds in various financial ventures. This way, whenever you require some money, you can withdraw it from your deposit. Also, when you keep your money for a long time with the bank, the bank also shares a certain part of the profit earned by the investment it made with your money. This part of profit is termed as interest. Most of the banks fix a certain percentage of interest.
Again, when you put extra money in the bank, the interest is charged after a fixed period of time. Some banks prefer to offer interest annually, while other banks credit the amount of interest half-yearly, quarterly, or even monthly. However, this period also depends on the type of the account you own. There are various types of accounts you can choose from, such as checking account, savings account, current account, and fixed deposit account. You should put your extra money in the bank, but at the same time, you should choose your options prudently.
Actually, when you put extra money in the bank, the money goes to a huge pool of funds provided by the thousands of existing customers of the bank. The bank keeps a portion of this money as deposit and invests the rest of the funds in various financial ventures. This way, whenever you require some money, you can withdraw it from your deposit. Also, when you keep your money for a long time with the bank, the bank also shares a certain part of the profit earned by the investment it made with your money. This part of profit is termed as interest. Most of the banks fix a certain percentage of interest.
Again, when you put extra money in the bank, the interest is charged after a fixed period of time. Some banks prefer to offer interest annually, while other banks credit the amount of interest half-yearly, quarterly, or even monthly. However, this period also depends on the type of the account you own. There are various types of accounts you can choose from, such as checking account, savings account, current account, and fixed deposit account. You should put your extra money in the bank, but at the same time, you should choose your options prudently.
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