Tricks/advice for buying a new truck???

mykulmorris

mykulmorris

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Jul 8, 2007
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My beloved F150 is getting old, and I might need to replace her. My wonderful wife tells me I deserve it, and need to get a new truck (ain't she the best?!)
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((This pic was taken a couple years ago))
She's 12 years old, and that might not be old in other places, the salt they put on the roads here in Michigan plays hell on vehicles that spend alot of miles on the winter roads (it's starting to break and rust out in places). I've been told and have read a few times there's a good time to buy (like just before month end the dealership wants to meet a 'quota' so they're more negotiable)... Should someone buy something new (I've been told any new car decreases in value the moment you drive it off the lot), or a couple years old that might still have warranty. What are the best negotiating skills? Best place to buy (private party/dealership/craigslist/ebay)? Have you ever got a smokin deal? and where/how did you do it?
I know the same $12,000 truck from a dealership can be bought for $7,000 from a private person, but how do you get financing on a vehicle if bought from a private party? Your help is appreciated!!!
-Michael
 
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If you have a bank and good credit, they will lend on a used truck with no problem. Getting financed through the dealer is not something I'd do anyway.
 
Try to get as much $ as possible down tell the salesman when he asks you if he can help you "yeah I'm going to buy a car today but it's up to you if I give my $ to you or the guy across the street" in 2008 I followed my dad's and grandpas advice and drove off in a brand new fully loaded toyota fj cruiser for 2000 under the back model saving over $10000 and not having to pay for the sales tax. It took from when they opened to 10 at night every time we got some where he would try and backpettal all it took was for me to pull a wad of cash from my pocket and say maybe I should try over there. I got my first for $21000 out the door about a month later I got a letter telling me they bump my loan interest rate for. 3.5 to 15 % I drove 2000 miles back to the dealer ship just to free out in person and get it fixed
 
We buy lease returns for the family vehicle, and drive them until they die. The depreciation has already been taken by the lease company, and in return, we get a low mile, fairly well taken care of rig.

I highly suggest a lease or rental return. Just make sure you have it checked out by a mechanic before you sign the papers.
 
Michael, the advice from Mike G is a great way to go. It covers most of the bigger concerns people have when buying a vehicle (depreciation). I'll say this again, Consumer Reports provides a buying guide for vehicles for around $50. You have to know what kind of vehcile you want in order to buy the specific guide, but it can help save you money when you do pull the trigger on a specific vehicle. In 2004 when I bought my vehicle, a friend that was also buying a car told me about the CR guide. I checked out what he got for his money and found it useful. Just another option.
 
I am also buying a new/used truck and am going through my insurance company that has a car buying service including financing. Check with your insurance.--KV
 
Like Mike, my current Suburban and previous Explorer were both purchased used and were lease-returned vehicles. You just save so much money buying a 2 year old vehicle with 20,000 miles on the clock that still looks new. Buying new is fun, but not $10,000 worth of fun. At least not to me. We bought a new Honda CR-V for Mrs. Powernoodle in 2008, but those suckers depreciate so little over the first 2 years that it was not worth it to buy a low-mileage CR-V. Spendy vehicles, and trucks and big SUVs that depreciate so quickly are where you can really save some coinage.
 
Set up financing through your bank if possible, don't do it through the dealership. They make money by selling you a higher interest rate. If you are putting money down don't tell them untill you've agreed on a price. If you do they will work the numbers so it looks like you're getting a great deal when in reality they have just tweaked the numbers to make it look that way. Don't be afraid to walk away from a vehicle. There are others out there. Take your time, have fun with it.
Hope this helps. I learned a few things when I failed as a car salesman...
 
Check out your local credit union if you have one. The Credit Union around here offered my step-son a loan for a motorcycle at less than 5% for up to 27K (he's 23) where the bank wanted 15% and would only do 75% of the purchase price on a $4000 bike.
 
Edmunds.com is a great source of consumer reviews and will give you a price to compare with the Kelly Blue Book (also available online). By checking the reviews for the specific year of the truck you're looking for you can see in advance what kind of issues to expect or look out for. (If there hasn't been a model change this will work for new trucks, too.)

Other than that, if you do buy from a dealer, go in knowing what the right price should be (remeber, it will be more than from a private party because they clean it up, warranty, etc.), stick to your guns and let them see that you're willing to walk away. You will almost always get a better price from a private party using the same tactics.
 
  1. Know what you want to spend, both in terms of the total and the monthly payment, before you start shopping.
  2. Go online and figure out what you can get for the money you want to spend. www.autotrader.com, edmunds.com and carmax.com are good places to start.
  3. If you have a Carmax locally, go check out some of the trucks that interest you in your price range. You can test drive and get a baseline of their prices. Carmax is a no haggle place but a little higher than you can get when negotiatiing.
  4. Go to your bank or credit union and get preapprovd for a loan. Shop the rate they give you with other local banks. When you eventually get ready to buy, the local dealership will beat the rate, but only if you are clear with them that you are ready to go with the credit union or bank rate and share that rate with them. Understate it a little if you are so inclined.
  5. Used cars are always a better deal if you know going in what the real value of the car is first. Do your research.
  6. Remember there are many cars out there and don't feel pressured on a deal. All of the month end, year end, tent sale, etc. stuff is designed to make you feel urgency. The reality is there are more F150s out there than they can sell and if you don't like the deal offered you can find a better one.
  7. Never talk trade until every other detail is worked out. Tell them you are selling it on your own, and do sell it yourself if you feel comfortable.
  8. Remembere they do this for a living and you don't. You can negate all their power by being prepared to say "no." Take your time, consider eveything carefully. Don't buy the extended warranty, the undercoating, the service plan, etc. Sometimes, they will put together a good deal in one aspect, say the price of the car and rob you on the finance rate, the trade in, the extended warranty etc.
  9. Don't give up control. Don't give them your trade in keys, wait overly long, or otherwise empower them.
  10. The first guy you talk to is not the negotiator. His offer will be poor and he will profess to have no power to lower the price more. You will need to negotiate with the floor manager, the finance manager, maybe the general manager, and maybe the owner. One or more of these folks has to get irritated with you or you are not getting a good deal.
  11. Don't work about colors or features unless these are really important to you. The goal of the dealership is to get you to focus on the little things and start loving the car.
  12. Buying from a private owner will always get you a better price, but you may not be comfortable with that...
  13. Good luck and have fun.
 
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