Buying a used MG Car at a dealership can be an intimidating experience even for the most experienced car shopper. Price gouging, title washing, hidden mechanical problems, bogus back-end deals extended warranty programs are some of the hazards a consumer can come along with.
If you don’t want to be caught up with some of these malpractices, it’s important you pay attention to this guide. Take a look at the most common practices and what you can do to avoid them.
Price Gouging on The Window Sticker
Next time you are strolling through a used car dealer’s facility, take a close look at the window stickers. You might notice all sorts of strange charges. One common tactic for a dealertо pad his margin would be something that goes by the name MVA.
It stands for market value adjustment and it’s just one way the dealer tacks on additional profit to the vehicle in effort to bolster his bottom line. Another acronym that can stand in the way of negotiating a price with a dealer is ADM.
This stands for adjusted dealer mark-up. While this charge could conceivably be justified by aftermarket add-ons, you should get a compete explanation of what this charge is for. Most likely, it’s just padding the dealer’s pockets. If the dealer is firm on including such acronyms without a reasonable explanation, walk away.
Getting The Run Around By The Finance Department
While it’s possible to obtain your own financing and never have to see the dealership finance manager, most people use dealers applied financing. If you plan to try your luck in the finance department, make sure you understand the details of the terms and percentage rate. There are numerous documented accounts of people being charged at high rates.
Don’t be one of those people who can sign a loan agreement without actually reading it. In addition to financing, you will invariably be offered other products, services and probably and extended warranty. Products like glass etching and a host of other charges can be added into your monthly car payment, dramatically inflating the cost.
Most importantly, don’t feel obligated to buy the extended warranty promoted by the dealer. Many people don’t realize that you can purchase one of your own. Also check to see if one already exists on the car. Finally, avoid the above mistakes at all costs.
Lina Mark is the Partner and Editor-In-Chief at Keulj.us. She loves technology and is always hooked on new technology in the market. You will often find her browsing the web for interesting content (mostly sci-fi and tech). She is addicted to movies (mainly action) and loves to read interesting books every once in a while.