Vehicle Valuation
Posted in Lending
The saying that “knowledge is power” definitely applies when you are shopping for a new or used set of wheels. Before you ever step foot on a lot, use these trusted digital tools to research the value of your existing trade-in or a vehicle you are considering purchasing:
Tips for Negotiating at the Dealership
- Time it right: Try to shop during the last two days of the month when sales teams are scrambling to hit factory quotas.
- Window shop on off-days: Browse the lot on days the dealership is closed. It allows you to check out the vehicles under zero sales pressure so you never impulse buy.
- Isolate the purchase price: Keep your initial negotiations strictly on the vehicle’s retail price. Once you agree on that firm number, then bring up your trade-in.
- Focus on the bottom line: Always negotiate based on the total out-the-door cost of the car, never on a monthly payment target that a dealer can easily manipulate.
- Carry an Auto-Check: Get pre-approved at the credit union first. In addition to a standard pre-approval, Abilene Teachers FCU offers Auto-Checks—an actual, physical check you can write right at the dealership for your final negotiated price, keeping you completely in the driver’s seat.
Pro-Tips for Used Car Buyers
- Check for hidden leaks: Look closely for fresh oil or fluid spots on the pavement underneath the vehicle after taking it for a test drive.
- Examine the rubber: Check the tire tread depth and look for uneven wear, which can signal a costly alignment or suspension issue.
- Look for hidden structural repairs: Make sure all doors, the hood, and trunk opening joints line up perfectly even. Misaligned panels usually indicate a past accident that didn’t make the history report.
- Watch the exhaust: When accelerating safely on your test drive, look for blue or heavy black smoke in the rearview mirror, which can point to engine wear.
- Test the transmission: Drive at a speed that allows the vehicle to smoothly shift all the way up into overdrive.
- Inspect the fluids: Pull the oil dipstick. If the oil is pitch black, gritty, or thick, the vehicle likely wasn’t maintained properly.
- Get a professional second opinion: Since Texas no longer utilizes mandatory annual vehicle safety inspection stickers for personal vehicles, the legal burden of safety is on you. Always invest in an independent, pre-purchase vehicle inspection from a trusted local mechanic.
- Insist on documentation: If buying from a lot, require the dealer to provide a clean CARFAX report. If buying from a private seller, it is well worth the small investment to purchase the CARFAX yourself to dodge structural or title surprises.
