If you’re planning to buy a new car, then you must have come across some general car-buying myths, like that buying a car at the month-end is the best time to score a profit. Do read these common new car buying myths before making your significant purchase.
For middle-class folks, buying a car is a significant investment, and sometimes a one-time investment. Many everyday car-buying myths need to be busted. Someone who’s about to buy a new vehicle should know the facts and fiction. When you are purchasing a new car, you should make the most of your investment and avoid confusion when you enter the marketplace.
Myth 1. The Best Time To Buy A New Car Is Month End
Buying a car at the month-end is the best time. This is the most common myth that exists among car buyers. The root of this myth cannot be traced. The reason for this myth is that it is believed that all the car dealers have a target, and at the month’s end, to fulfil their target, they provide hefty discounts to attract the customers. Now think about the logic behind this. Do car dealers influence the demand and supply rules? Do they have the authority to give hefty discounts? No way! They may offer some small discounts, but never large ones.
Myth 2. Buying a Car at Closing Time Will Score You a Profit.
This myth is quite similar to the myth of buying a car at the month’s end. The idea behind this myth is that at closing time, the staff are eager to go home and will sell you the car at any favourable price. However, this isn’t always true. While some salespeople are in a hurry to go home and give you some discount, there can also be some salespeople who might be annoyed at you for keeping them past their working hours and not negotiating any price with you. So, why should you wait till the last hour when things can go smoothly by the book?
Myth 3. Rainy Season Is The Apt Time To Buy A New Car At Discounted Price
Once, this myth was true. Continuing the trail of getting the car at a reasonable price, only if you purchase it at the selected price, this myth of buying the vehicle during the rainy season is not entirely absurd. It is said that during the rainy season, due to heavy rains, no one was willing to get out of their home, and thus car business was going slow. Therefore, car dealers decided to offer some discounts to sell cars. But due to its widespread, many people started visiting car showrooms on rainy days, and instead of being vacant, showrooms began to be crowded. Thus, getting a car at a discounted price was cancelled and became a myth.
Myth 4. Paying In Cash While Buying A New Car Will Give You Profit
Although there are some things in which paying in cash can get you a profitable deal, buying a car isn’t one of them. Sometimes, the dealers are more inclined towards financing the car as they can make more money if you choose to lease or finance it. Hardly, there are some dealers who will offer you some discount if you pay the entire amount in cash.
Myth 5. Buying A Red Car Is A Loss Deal As It Will Cost You More To Insure
This myth does not make any sense and is downright ridiculous. For an insurance company, the colour does not matter. What matters is the model’s make, age, engine size, year, body type, etc. Because of this widespread myth, people started avoiding buying red cars. This resulted in car dealers actually selling red cars at a discounted price.
These are some well-known myths that we have all definitely heard at least once in our lives. But, never fall for these myths. They are known as myths for a reason, and necessarily, they are not valid. These myths lack sufficient proof, and beware of such myths. Always make sure to research and buy a car according to your family size and budget and at the right time. The car buying process is not rocket science and should not be made like that.
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