It's the hottest car around! Here's how to buy it without getting taken to the cleaners!
So you fell in love. You found the perfect car, and you HAD to have
it. The only problem is that everyone else wants it, too, and there's a waiting list a year long, or more! What do you do?
1. Keep Cool
There are options. The great desire to possess something you love can
be maddening, but you have to maintain your cool, or you're opening
yourself up to be taken advantage of. Emotional purchases are never the
best way to go!
2. Find a Good Dealer
Search online for customers' feedback on the dealer you're considering. Resources like our Lotus Dealer Rating System
can help. Make sure that other customes working with your dealer find
them honest and trustworthy. Also look for other traits that are
important to you, like communication.
3. Place a Deposit - Today!
Once you've found a dealer that's right for you, drop by their
showroom and place a deposit to hold your place in line. Make sure to
do it in person, so that you can also sign an agreement with the sales
manager.
4. Make Sure to Specify Your Terms
The deposit / purchase agreement you sign should have favorable
terms for you. It's no skin off your back to find another dealership,
and if the dealer you choose isn't accomodating to your terms, you
should make them well aware of the fact that you're willing to shop
around!
Some terms you should seriously consider:
- The deposit should be refundable.
- The purchase price of the vehicle should be MSRP.
- The agreement should specify an exact number where you stand in line.
- The agreement should also specify an approximate date by which your car should be delivered
- The
agreement could also specify a penalty on the dealer if they don't hold
up their bargain (i.e. if they sell your spot in line for more than
MSRP).
5. Work with Your Community
Customer relationships with dealerships are a collective effort. If
you, the individual, give in to your dealership for whatever reason,
you add to their overall power. Consumers only stand a
chance against dealerships when they stick together, because consumer
demaind is what drives dealer pricepoint. Of course, this requires some
organization to pull off. Consider forming an online community with
other deposit holders and working together to increase your negotiation
power.
Make sure you let your community know the latest news regarding your
dealer. Knowledge of which dealerships are doing their best to work
with buyers will allow you to give our business to the ones who have
earned it.
6. Seek Legal Counsel
If a dealer looks like it is going to ignore your written contract
and attempt to screw you out of your money or deny you your promised
position, don't be afraid to seek the counsel of an attorney. Whereas
an individual may have problems justifying such an expense in a
singular case, you'll quickly come to realize that if your dealer has
screwed you, they've likely screwed many others, as well. With minimal
effort, you should be able to find a number of people to join you in
litigation. Additionally, if you post your story to community forums,
it's possible that an community member who is an attorney would help you out at no
charge.
If you have a contract, that contract is
binding. Don't allow the dealership to push you around, and don't let
your emotions get the best of you. Just remember that this is only a
business transaction and that a car (even the Elise!) is only a car,
and you'll be fine.
7. Can't Wait? Fork up the Dough!
The most important point to remember here is
that when cars are in demand, youyou should consider yourself fortunate even to get a guaranteed place in line at MSRP.
If you absolutely must have the car TODAY, be prepared to spend extra money! There are a few ways you can go about this:
- Find a dealer that is not offering a waiting list, and buy a
car from their inventory, negotiating a fair market price for the
vehicle, which will be above MSRP.
- Find a deposit-holder who
no longer wants the vehicle, and who has a transferrable place in line.
Purchase it from him or her at a fair price. If the deposit is not
transferrable, you could work out an arrangement to purchase the
vehicle at a markup from the deposit-holder.
- Find a
dealership with a waiting list that has deposit holders who have given
up their early spots, and purchase the available spot in line (or the
vehicle, if it has already been delivered). This could get you a great
deal if you're not picky about options or colors, because often dealers
will be stuck with inventory that they want to move quickly, and since
they likely have already taken the placeholder's deposit, they'll let
it go for MSRP or just a little more.
- Buy the vehicle used.
Good luck and happy car shopping!
