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Recorded by: Cathy Curtis
Buying a new car on your own? Here's how to prepare.
In this episode, we’re tackling a topic that’s close to many of our hearts and wallets: buying a new car. Now, this might seem like a straightforward task. But if you’re a single woman or simply buying a car on your own, it can feel like stepping into a time machine.
For instance, did you know in the United States, women buy 62% of all new cars and influence 85% of car purchases? Yet, despite these numbers, many car dealers still seem to be playing by old rules.
In fact, I recently came across a Yale study that’s quite revealing. It found that on average, women are offered higher list prices for cars than men – to the tune of about $200 or more.
So, why is this happening? Indeed, there are probably many reasons for this price gap. However, the bottom line is when it comes to buying a new car, being prepared is key.
On a personal note, I must admit my husband is the car guy in our household. He takes the lead on all our car purchases. Even though I know my way around finances, cars are just not my thing.
But I haven’t forgotten my solo car buying days either. And let me tell you, it wasn’t always a smooth ride.
I’m sharing this because I’ve been there, and I want to make sure you’re equipped with the right tools and knowledge the next time you’re in the market for a new vehicle. So, let’s shift gears and dive into some smart strategies for your next car purchase.
Episode Highlights
- [02:28] The importance of doing your homework.
- [04:21] What you can and can’t negotiate when buying a new car.
- [06:21] How to find out what your trade-in is worth.
- [07:58] Understanding your financing costs.
- [09:46] How to avoid common negotiation pitfalls.
- [11:36] Why you should always be prepared to walk away when buying a new car on your own.
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