Car Buying 101 - Black Enterprise

Page: 1 2

  • Entrepreneurship
  • Money
  • Leadership
    • Career
    • Education
    • Jobs
    • Men
    • Women
  • Technology
  • Lifestyle
  • Events
    • Black Men Xcel
    • Entrepreneurs Summit
    • TechConneXt
    • Women of Power
    • American Black Film Festival
    • ABFF Honors
  • Lists
  • Magazine
  • Videos
  • TV Shows
    • Our World
    • Women of Power
25 black women who are changing the world

January/February 2018

Black Enterprise
  • Entrepreneurship
  • Money
  • Leadership
    • Career
    • Education
    • Jobs
    • Men
    • Women
  • Technology
  • Lifestyle
  • Events
    • Black Men Xcel
    • Entrepreneurs Summit
    • TechConneXt
    • Women of Power
    • American Black Film Festival
    • ABFF Honors
  • Lists
  • Magazine
  • Videos
  • TV Shows
    • Our World
    • Women of Power

Car Buying 101

by  Lee Anna Jackson
October 1, 2004

Page: 1 2

All too often, many of us go to the dealer with the idea that we’ll get the best deal for our money, only to be tricked and manipulated into paying more or buying a model that we don’t want. In fact, African Americans consistently overpay — an average of $315 more than other car purchasers — according to a study done of 750,000 actual purchases in 1999 and early 2000 by the National Bureau of Economic Research.

“When you walk into a dealer’s showroom, they hold so many more cards than you do. It’s been reported that some dealers may run a credit check on you without you knowing it [which is illegal], just based on your current vehicle tag number,” says Robert Ellis, director of operations and online development for Consumers’ Checkbook CarBargains (www.carbargains.org), an online car shopping service. “They have the emotional advantage in their favor, because in our [society], it’s difficult to just get up and walk away. But in reality, if you are not getting [a fair deal], that’s exactly what you should do.” Whether you’re faced with a tight deadline or feeling a bit unsure with your car-buying prowess, a few insider’s tips and the right research can help you get the best deal on your next vehicle.

FIGURE OUT HOW MUCH YOU CAN AFFORD
INSIDER’S TIP
Turn to free data services like Edmunds.com (www.edmunds.com), Kelley Blue Book (www.kbb.com), or IntelliChoice Car Center (www.intelli choice.com; 408-866-1400) for specifications. You can get information on new, used, and certified preowned models. Also, access the sites’ calculators to figure out monthly payments, dealer incentives, and rebates.
If you purchase a car that gets less than 22.5 miles per gallon in the city and on the highway, you could pay a gas-guzzler tax of as much as $7,700. To compare the fuel consumption of various models, order a free copy of Passenger Car Fuel Economy: EPA and Road (publication #460380010) from the Government Printing Office (202-512-1803) or go to www.fueleconomy.gov.

FIND OUT HOW MUCH THE DEALER PAID
INSIDER’S TIP
“The secret to buying a new car is knowing what you should pay before you come into the store,” says Jerry Cromwell, general manager for Koons Automotive in Marlow Heights, Maryland. Log on to Fighting Chance (www.fightingchance.com; 800-288-1134) for complete pricing data, for a fee of $29.95. You can also ask the dealer for the invoice.

Whatever you do, don’t go through the whole process with negotiating and financing just to get factory invoice information. It’s better to ask for it up front to save yourself and the dealer a lot of frustration. Companies like Autobytel (www.autobytel.com) will also provide tips on how to negotiate by fax. Also, try publications like Car and Driver and Consumer Reports for up-to-date information.

COMPARE
INSIDER’S TIP
Initial visits to dealerships are for research. Take this time to test drive vehicles, get brochures, and get quotes in writing. Buying a Car for Dummies (IDG; $16.99) by Deanna Sclar offers a price-comparison worksheet, a features and options checklist, and a test-drive checklist. Feel free to tell the dealer

Page: 1 2

Join the Conversation


MORE ON BlackEnterprise.com
Featured Stories
‘BE The Code’ Podcast: Beauty Entrepreneur on Creating a Brand for Multicultural Women
by  Sequoia Blodgett
Education
Most Black Parents Begin Saving for College Before Their Child Is 10 Years Old
by  Robin White Goode
Featured Stories
The Richest People of All Time From Every State [Infographic]
by  Samara Lynn

TRENDING

  • Baltimore May Sell Homes for $1 to Revive Neglected…
  • Spotify is Looking for New Female Podcasters of Color
  • Meet Melissa Harville-Lebron: The First Black Woman to Own a
  • Free Money? The Top 10 Grants Available to Black, Minority…
  • 7 Top Grants Or Free Money For Black Women Entrepreneurs
  • U.S. Small Business Administration and Milken Institute…
  • 5 Books Every Millennial Entrepreneur Must Read
  • Top WNBA Salaries vs. NBA Salaries: Who Earns More? [2017…
  • Meet the Dallas Mavericks’ New CEO
  • Chance the Rapper Hosts Holiday Party to Help the Homeless
Women of Power WOMEN OF POWER SUMMIT
Entrepreneurs Summit ENTREPRENEURS SUMMIT
American Black File Festival AMERICAN BLACK FILM FESTIVAL
Our World OUR WORLD WITH BLACK ENTERPRISE
Women of Power TV WOMEN OF POWER TV
25 black women who are changing the world
SUBSCRIBE
GIVE A GIFT
CUSTOMER SERVICE
  • © 2018
  • BLACK ENTERPRISE
  • Management
  • About
  • Privacy Policy
  • Contact
  • Site Map
  • Masthead
  • Media Kit