New Car Buyer

[_jonny_depth]

Hello,

I just got word that my 4d 2.7l Mid Ox White Black Diamond will be here by the end of the month. Confirmed by my dealer. This is the first brand new car I've ever purchased, I bought a used car back in 2014 that I still have today and will be trading in. For those that have been through this process often, can you please help me out on what to expect, what verbiage to look for, what I need and don't need, all of that!

I don't want to walk about feeling ripped off, with buyer's remorse, or a sense that I could have done something differently and locked into a massive car payment for the next coming years.

This I have:
-I have already contacted my bank and they said they can offer me 2.84% APR on a loan
-I downloaded the checklist from the forums on what to look for when picking up my bronco
-my budget is set up for the car

Any and all advice or tips are extremely welcomed.

Edit: I don't have a parental figure in my life to help me learn these decisions. Thank you to all that come here to help!

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[BrotaryEngine]

One thing you should do if you haven't already is to run your trade in through the online offer tools at Carmax, Vroom, and Carvana a day or two before you head down to buy the Bronco. The dealer you're buying from will almost certainly try to under-value your trade in. If they're not willing to match the best offer from those three then separate it into two deals. One to sell the trade and another to buy the Bronco.

 

[Roger123]

I would expect them to offer you an absolute ton of stuff, paint protection, key fob insurance, wheel and tire insurance, maintenance plan, warranty, tint, fabric protection, etc. The list of add-on's that the finance guy will try to sell you on is crazy. They will try and wear you down to get you to cave on something.

Just smile and decline, they will also probably make you sign or initial for all the great stuff you are NOT buying.

They will probably also try and get you to lease the car or use their financing, they will offer some rebate or such if you go with their financing.

If you are financing, just get a pre-approved check from you bank and write it out once you get the final number.

Be polite and firm, nothing they offer is for your benefit, it's money right in their pocket. If you an "extended warranty person" you can buy a Ford one from somewhere else on-line identical to what the dealer is trying to screw you on.

If you don't want buyers remorse and be locked into a massive car payment (your words) then you may not be buying the correct vehicle or have your finances in order.

Imagine the entire sales price of the car on your kitchen table in 100 dollar bills. If you'd buy the car with that money then you've made the right choice, if you wouldn't, then you may be getting ready to make a mistake.

 

[Wannabe Techie]

This is the first “new” car I have ever owned as well. Congrats. Worth it.
I agree with all comments so far. But one trick I have used is tell them you are only keeping this one until you get a Raptor. So this is a temporary car. No need for extra insurance, PPF, etc. While I think most dealerships are pretty good, they do need to make a profit. So I can‘t blame them, but there will be multiple stops along the way to try to upswell you on something. Tire warranty, paint warranty, financing options, etc. Just tell them you go through your bank for everything because you brother in law works there and he’d kill you if you didn’t go through him. And I always have a hard stop to get to something so you need to get out in 45 min so let you know when a good time to get in there to do that. You hope they can do most of the paperwork online as best they can. Good luck.

 

[Tdub0527]

Congrats on the new ride!

First piece of advice is take it all in and enjoy the process and experience. People don’t buy new cars often so really soak in the excitement and thrill of The big day.

If at all possible ask to see the all the things the finance guy is going to try and sell you. That is the part of the process where things feel like their coming at you fast. If you can study those things and make a more educated decision it could save you some stress.

PPF is cheaper if you find a place on your own. They will undoubtedly tell you your Bronco needs the entire front end done. Find a place on your own it’ll be cheaper.

I bought scotch guard and underside rust protection and am happy with both of those but it was only like $800. That is all I bought.

If you do ended up buying a package and you do have remorse I believe you can “return” it or cancel the warranty and get a prorated check back. Something to look in to.

Lastly, in Minnesota where I live the tax savings you can get from a trade in can make it worth taking less on your trade in than selling it private party or to Carmax, etc… Something to consider.

Good luck and have fun!

 

[AZ_Liberty]

One thing you should do if you haven't already is to run your trade in through the online offer tools at Carmax, Vroom, and Carvana a day or two before you head down to buy the Bronco. The dealer you're buying from will almost certainly try to under-value your trade in. If they're not willing to match the best offer from those three then separate it into two deals. One to sell the trade and another to buy the Bronco.

Note the above, with one caveat: In Texas you pay sales tax on the net transaction. So if you buy a $30k car, and get $10k in trade, you pay sales tax on $20k, not $30. So even if the dealer offers you 6-7% less than one of the other places, you still come out ahead by trading rather than selling to a 3rd party.

However, having print-outs of other offers is definitely to your advantage. Don't expect a lot for a trade on a 10-12 year old vehicle though. Even with the crazy prices of used cars right now, something that old is better sold on Craigslist.

 

[Bad Andy]

i am surprised that nobody has mentioned to get your trade in as presentable as possible. If it is dirty, has lots of old stickers, any warning lights, etc, they will use all of those things to reduce the value they offer for the trade. Spend some time really cleaning your trade in. Wash the exterior, remove anything that didn’t originally come new on the car, vacuum the carpets, wipe down the interior, etc. clean the trunk, under the hood. If you have time, think of polishing the paint.

if they decide to keep the car to sell on the lot, they will need to fully detail it. The more you do, the less they have to do. This means they can flip it for a profit easier. Otherwise, they will sell it at auction and not likely get much money, so they will not offer much.

 

[_jonny_depth]

i am surprised that nobody has mentioned to get your trade in as presentable as possible. If it is dirty, has lots of old stickers, any warning lights, etc, they will use all of those things to reduce the value they offer for the trade. Spend some time really cleaning your trade in. Wash the exterior, remove anything that didn’t originally come new on the car, vacuum the carpets, wipe down the interior, etc. clean the trunk, under the hood. If you have time, think of polishing the paint.

if they decide to keep the car to sell on the lot, they will need to fully detail it. The more you do, the less they have to do. This means they can flip it for a profit easier. Otherwise, they will sell it at auction and not likely get much money, so they will not offer much.

Yes, I have a few things in preparation for improving how it looks. For being 10 years old, it still looks pretty nice except for normal wear and tears.

Im hoping to polish the turd as best I can to get every last penny out of it!

 

[mike8675309]

It's great that the bank already offered you a good rate, but I bet you could get better in this market. It's a good idea that when you start looking for financing you look at multiple places. Your bank, the dealer, a credit union, and possibly another bank. Pit them against each other.
Ford may be offering 0% for some people right now. All of those hits to your credit happening around the same time will get counted as one time. You can generally do that once they tell you your bronco is there. It might take a couple of days to nail down financing before you get to pickup your truck, but at least then you have the best deal.

As to accessories make sure you tell them before it arrives that you don't want any extra crap added on. Or if there are add-ons, make sure you specify exactly what you want. Be aware of any price protection you are owed before you go there so you can settle on the final price. i.e. if you are due price protection but they want ford to pay it and not build that into the deal, make sure they don't have you sign any documents that assign any rebates or price protection to them. Be aware of exactly what each document is for that you put a signature on.

I'm unfamiliar with Texas,but in Minnesota, we have some protection from the games that car finance people will try to do.

Also, Extended Warranties. If you want to get one, and there are reasons to, and not to get one, there are generally cheaper places to get a Ford extended warranty than the finance guy at a dealer. You may want to shop around before you sit down with the finance guy and be prepared to buy your own warranty if they aren't willing to deal.

 

[Drex]

Read the contract you are about to sign. Especially look at any numbers and plug them into an online auto loan calculator of your choice, that will verify you are getting the rate they told you (with down payment), make sure the length of the loan is what they claim. Sneaking in an extra six months of payments is thousands of extra dollars and easy to miss when signing. There is no 'Three day grace period' to back out of the deal, if they tell you that, they are lying.

If they come back three days later and claim there was a mistake with the loan and want you to come in and sign a new deal where they get more money, you tell them you are happy with the good faith deal you and they both signed and always verify the payments and length of loan match your contract, that it wasn't altered after you signed.

 

[22OBX]

It's great that the bank already offered you a good rate, but I bet you could get better in this market. It's a good idea that when you start looking for financing you look at multiple places. Your bank, the dealer, a credit union, and possibly another bank. Pit them against each other.
Ford may be offering 0% for some people right now. All of those hits to your credit happening around the same time will get counted as one time. You can generally do that once they tell you your bronco is there. It might take a couple of days to nail down financing before you get to pickup your truck, but at least then you have the best deal.

As to accessories make sure you tell them before it arrives that you don't want any extra crap added on. Or if there are add-ons, make sure you specify exactly what you want. Be aware of any price protection you are owed before you go there so you can settle on the final price. i.e. if you are due price protection but they want ford to pay it and not build that into the deal, make sure they don't have you sign any documents that assign any rebates or price protection to them. Be aware of exactly what each document is for that you put a signature on.

I'm unfamiliar with Texas,but in Minnesota, we have some protection from the games that car finance people will try to do.

Also, Extended Warranties. If you want to get one, and there are reasons to, and not to get one, there are generally cheaper places to get a Ford extended warranty than the finance guy at a dealer. You may want to shop around before you sit down with the finance guy and be prepared to buy your own warranty if they aren't willing to deal.

That is a GREAT rate with today’s finance rates. 800+ credit score gets the best rate of around 2.49 for 60 through credit unions. Ford isn’t providing great rates on the Bronco - No incentive needed to sell.

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