I saved $4,000 buying a new truck. My Chevy S-10 was on its last leg when my wife finally talked me into buying a new truck. It had over 200,000 miles on it and I was happy with the way it performed for all those years, so I wanted another one just like it, only this time with an extended cab instead of the regular-size cab.
When I bought my original Chevy S-10, I didn’t know what I was doing and I got scammed into a lease without knowing it. I was a naive, uneducated buyer and I paid way more than I should have. I ended up having to pay more at the end of the lease just to buy the truck and the total out of pocket cost was more than if I had bought the truck in the first place.
I hope you take the time to fully educate yourself on the ins and outs of leasing and buying so you don’t lose thousands of dollars like I did. I leased that truck because I thought I was getting a good deal and I trusted the salesperson, but she steered me in the wrong direction. She was only out to fill her pockets with a bigger commission, as I found out later in life. She took advantage of an uneducated, vulnerable 27-year-old.
One of my banker friends told me how much more a salesperson will make in commission when they lease a car as opposed to selling it to an educated buyer who knows the rules, negotiates and gets a discount.
The next time I went to make a purchase, I was armed and ready for negotiation and I was able to get a great deal. By that time, I had worked at selling cars for a few months at a shady dealership and I learned all the tricks they play.
When I sold cars, I used the honesty approach to win my customers, and I was actually the number one salesperson at that dealership at that time. I couldn’t play the shady tricks my manager wanted me play. Because of my own experience, I wasn’t about to take innocent people for a ride by pulling dishonest scams.
Anyway, I did my homework on my next auto purchase and I took advantage of every possible money saving principle. In the process of shopping, a couple of dealerships didn’t want to deal with me, but that was okay because I was playing the numbers game. Sooner or later I knew I would find the right deal and the right person who would be willing to play the negotiating game with me.
After thoroughly checking prices on one year old trucks of that model, I planned on spending around $16,000. With some luck involved I found an extended cab Isuzu, which is the exact same truck with the same exact engine as the Chevy S-10 and it was, get this, thousands less. The salesperson educated me on that great news and showed me the two trucks side by side. I was blown away that they could sell the same exact vehicle with two different names and one for thousands less.
I offered a thousand less than the asking price for the one year old Isuzu and they took my offer without any problem. I was soon on my way with my new truck and the good feeling of knowing that I won’t have to spend an extra $4,000 plus interest over the next 5 years.
I’ve had my new truck now for 7 years and other than the minor repairs that any vehicle hits you with, it has treated me great. I will drive it into the ground and save thousands from not having to buy another one.
You can save literally thousands of dollars if you take the time to educate yourself on all the ins and outs of negotiating. If you think about how long it will take you to earn even one thousand dollars from your regular job and be able to save that much money, that should be enough motivation to get you to take whatever time you need to learn how to buy and negotiate a better price on your next vehicle.
Take the time to read my money saving technique, Make More Money Selling Your Used Auto Instead of Trading, so you can see how many thousands of dollars you can save every time you need to sell your used vehicle.