Truck Buying Tips – Taking Advantage of an Economic Slowdown

In light of recent economic events, there’s a good chance that most of the people reading this post are probably waiting to buy a new truck. However, if your financial position is good, there has likely never been a better time to buy a new truck.

Tough economic times make for deep discounts on new trucks and sometimes desperate dealerships. Here’ are some tips you can use to take advantage.

Here’s a short list of suggestions for making sure you get the best price possible on your next new truck:

1. Figure out what you want – do a test drive (or five) and come up with the exact specifications for the truck you want. Know what engine, transmission, and trim level you desire. It’s important to have a little flexibility here – that’s often where the best deal is made – but make sure you get everything you want too.
2. Get lots of price quotes online. It should go without saying, but the number one best way to get a great price is to ask as many dealers as possible for a price quote. While you can spend a day driving around and asking for quotes, it’s much easier to visit Edmunds.com, GreatNewCars.com, and others. Just 5 minutes of effort on your part will get you as many as 10 competing quotes.
3. Contact dealers in large metropolitan areas. People living in rural and/or remote areas often feel forced to buy from their local dealer, and consequently pay too much. However, many dealerships in large metropolitan areas are happy to deliver a new truck to your door free-of-charge. Just make sure you mention that you’re going to need this service up front.
4. Sell your trade-in yourself. If it’s financially feasible, it’s best to sell your trade-in yourself. Cragislist.org is a fantastic method for selling your car – especially if you live in a large metro area.
5. If you must trade, negotiate the trade-in value separately. Dealers will often try and force you to negotiate the trade alongside the new car, in the hope that you will miss something and pay them too much. By keeping the trade-in separate, you increase your chances of getting the best price. Having said that, don’t be fooled by dealers that offer you a much higher price for your trade-in while refusing to discount the new truck. They’re probably just using profit from the new car to cover the extra money on your trade-in.
6. Get financing quotes BEFORE you go to the dealership. Find out what your best interest rate is before you go to the dealership, but don’t commit yourself to anything until AFTER you hear what the dealership has to offer. Make sure to work through the different scenarios (0% financing vs. $2000 rebate and 3.9%, etc.) to make sure you get the best combination of discounts and interest savings.
7. Take your time and always be willing to walk away. Your biggest negotiating advantage in these tough economic times is that you’re one of a handful of buyers in the showroom. Dealers are going to be working extra-hard to make a profit in these tough times, but they also recognize the importance of moving inventory. Always be willing to walk away from a deal. In fact, the best negotiators DO walk away – only to return later satisfied that they received every discount possible.

There are deals to be had when buying a new truck these days – go get em’!