Have a Truck Buying Strategy and Save
There’s nothing more exciting than picking out, purchasing, and driving home in a new or pre-owned pickup truck. It’s even more thrilling when you can take advantage of the various truck sales available in your area. If you’re looking to upgrade your workhorse or simply add a truck to your fleet, here are five truck buying strategy steps to consider to drive home in a quality truck at a great price.
Know Your Budget When it comes to your Truck Buying Strategy
It’s incredibly tempting to purchasing something out of your reach when you haven’t prepared a budget ahead of time. While most dealerships are happy to help you determine what you can afford, no one else is going to treat your finances with the care that you will. With that in mind, only you can determine what you’re comfortable spending each month.
Luckily, there are some fantastic tools available online to help. Most dealerships have an online loan calculator that you can use long before you meet with their finance department. The easiest way to use these calculators is to figure out what you can spend each month. Plug that amount into a loan calculator. If the calculator asks for an estimated interest amount, try five-percent to start. Your actual rate will be different, but five-percent is a great place to start. You’ll then get a maximum price you can consider spending.
Do Your Research
Unlike buying a vehicle in the past, modern technology makes researching your dream truck more straightforward than ever. In the past, you might have an idea of what your basic truck costs. You’d show up at the dealership, add a couple of extras like cloth seats or an upgraded engine, and then be floored by the final price. If you weren’t careful, you could easily walk away with a truck that’s well out of your budget and years of regret.
Today, you can play with different configurations online. Start by reading about the various trims and how well they are equipped. Decide which upgrades, enhancements, or customization elements you want and get a ballpark price for your dream truck. While you may not get an exact price for your best-fit pickup, you’ll have a much better idea of what you’re dealing with than if you just show up and ask.
Keep an Eye On Truck Sales For Your Truck Buying Strategy
Almost every pickup dealership runs various truck sales throughout the year. These could be closeouts, manufacturer incentives, or just specials to help make space for newer models. Regardless of why different trucks are going on sale, keeping your eye out for promotions can really help you save.
Of course, waiting for your exact make, model, or configuration may mean waiting a long time. If you’re not in a hurry for your dream truck, this is a great approach. At the same time, it’s also worth being open-minded about what you want. If you’ve only driven Chevy’s your entire life, you might find a comparable GMC on sale. If you’re honest with yourself about the features you need versus what you merely want, you might find a spectacular deal.
How Payments Might Impact Truck Sales
Once you’ve determined a budget, picked out your dream pickup, and found a promotion that calls out to you, it might seem like the rest is downhill. The challenge is that not all factory rebates are created equally and can impact various truck sales. The way you pay for your truck can also affect the overall price.
Here are a few things to consider:
Cash: Paying with cash doesn’t necessarily mean pulling out a stack of green and buying the truck on the spot. “Cash buyers” are merely those who are not using the manufacturer’s financing. People who fall into this category fall under a specific rebate tier.
APR Special: If you decide to go with an APR special, you choose to select a lower interest rate for the duration of the loan. This will result in more significant savings over the life of your payments, but it will mean sacrificing some of the potential rebates.
Advertised Rebates: Many dealerships will advertise certain rebates. This is a great way to get customers in the door, but there may be more to it. Often, to get the highest rebate, you may need to go through the manufacturer for your financing. This might mean an overall higher interest rate that might negate the higher rebate. Of course, if you’re planning to pay off your loan early, this could be a great strategy.
Ultimately, you want to look at an itemized breakdown of your costs and how your financing situation impacts the final price.
Buy Your Truck and Be Happy
There’s nothing more fun than walking into a dealership fully prepared. You’ve done your research, picked out a great sale, decided your financing path, and are ready to buy. While some sales teams will be disappointed that they can’t try to talk you into additional upgrades or higher costs, most truck sales advisors will appreciate the quick sale process. More importantly, you’ll be happy with the amazing deal you worked out on your next pickup.