Vehicle companies have been rolling out the 2021 models for cars, SUVs, mini vans, and trucks for a few months now. If you’re in the market for a new vehicle, perhaps these new models have caught your eye. Before you make your purchase, take a few moments to consider why it may not be in your best interest to drive off the lot with the newest model.
Many car companies will attempt to lure you in with a promise of 0% interest on a new vehicle. However, the only way you have a chance of getting 0% interest is if you have perfect credit and pay full MSRP (manufacturer’s suggested retail price). There are two reasons that, even if you have perfect credit, you don’t want to take the dealership up on their offer.
- If you are paying the full MSRP, you are already paying more than you need to for a car. If you walk into a car dealership with cash and haggle with the salesperson a bit, they will generally knock a bunch off the sticker price. Saving your money and waiting until you can pay cash for a new vehicle will allow you to get that vehicle for less money and still have no interest hanging over your head!
- If you are paying the full MSRP, you are already paying more than you need to for a car. If you walk into a car dealership with cash and haggle with the salesperson a bit, they will generally knock a bunch off the sticker price. Saving your money and waiting until you can pay cash for a new vehicle will allow you to get that vehicle for less money and still have no interest hanging over your head!
The 0% interest offer is a gimmick that tricks a lot of unsuspecting folks into buying something they don’t need and can’t afford.
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