The automotive market in 2024 presents unique challenges and opportunities for car buyers. Marcus Withers, owner of Withers Automotive, shares his top ten tips for navigating today's car-buying landscape.
1. Check Your Credit Score Early Know your credit score before you step foot on a lot. This gives you negotiating power and helps you understand what financing options are available to you.
2. Research Market Prices Use online tools to understand the fair market value of vehicles you're interested in. Knowledge is power when it comes to negotiation.
3. Consider Total Cost of Ownership Look beyond the sticker price. Factor in insurance, fuel costs, maintenance, and depreciation to understand the true cost of ownership.
4. Get Pre-Approved for Financing Having pre-approval from a bank or credit union gives you leverage and can often result in better rates than dealer financing.
5. Don't Overlook Certified Pre-Owned CPO vehicles offer near-new quality with significant savings. Many come with manufacturer-backed warranties that rival new car coverage.
6. Time Your Purchase Strategically End of month, end of quarter, and end of year are often the best times to buy as dealers work to meet sales targets.
7. Be Ready to Walk Away The willingness to walk away is your most powerful negotiating tool. Never feel pressured into a deal you're not comfortable with.
8. Read Reviews and Reliability Reports Consumer Reports, J.D. Power, and owner forums provide valuable insights into long-term reliability and common issues.
9. Test Drive Multiple Vehicles Even if you think you know what you want, test driving competitors helps confirm your choice and may introduce you to better options.
10. Understand the Dealer's Perspective Dealers need to make a profit to stay in business. Finding a fair deal that works for both parties creates a better long-term relationship for service and future purchases.
"The best car buying experience comes when both the customer and dealer feel good about the transaction," Withers concludes. "Preparation and patience are the keys to achieving that outcome."