When making a big purchase ( car or boat) How do I not get taken advantage of because I'm a woman?

Question

I want to buy my Husband a boat for Christmas, but when I go I know that salesmen will try to make me spend more than what I need to and probably try to give me a higher intrest rate too. How do I avoid that without being a pain. I'm doing research now on what brand of boat to buy so I won't be ignorant when I go, but still I'm worried that won't be enough.

Answer 1

Remember, they need you... Not the other way around. You hold all the power and can negotiate. If you go into a dealership and appear to be a pushover, they will take advantage of you because they know that you will allow it. Be firm and confident. As long as you don't forget that you have the upper hand and act like it, you'll get the right price. Don't be afraid to walk away and go to another boat dealer.

I went into a dealership alone (young, single and female) when I made my car purchase. I had a figure in mind and stood firm. When the salesperson refused to back down, I looked him in the eye and said, "You're not the only dealership around. I will be driving a new car home by the end of today, so you can sell me the car I want for this price or another dealership can." This worked (after 3 different dealerships) and I got a great deal. I even got him to throw in extra car accessories for free. I didn't even have to put any money down or trade in my current car. I sold it privately and got blue book for it, more for it than what I could have for a trade-in.

It helps to know figures and how much the boat you want is worth, what they paid for and and how bad they want to sell it (has it been sitting in the lot for 10 months?). Though I didn't buya boat, these tips can be tranferred when purchasing your boat.

As for the interest rate, go to your bank and ask them what you qualify for and what the interest rate is before you go look at boats. Remember, shopping for a loan is just as important as shopping for the boat itself. When you got your mortgage, didn't you call different banks for the best interest rate? It's the same thing with a boat. Only go with the dealer's financing if it is a lower interest rate than what the other banks and credit unions will charge you. Your interest rate is largely based upon your credit score so the better your FICO score, the better rate you will get and vice versa.

Happy boat shopping!

Answer 2

Make sure you do your research before you go - not just on the type of boat you want but also all the accessories you need/ want (and what they do) so that you don't get talked into buying extras that you don't need or use or that may already be covered by something already installed on the item. Be confident but at the same time open to suggestions - not all salespeople want to rip you off. Re interest rates, shop around before you get there - check rates AND repayments at the banks, your accountant etc. Interest rate is not the only thing to be concerned about, repayments may vary wildly due to fees and charges associated with the loan. If you take dealership finance, read the contract carefully, check and recheck the details match what was quoted and make sure you leave the yard with a signed copy of the contract.

Finally and sadly, being a woman who has worked in car dealership, i can say that on some occassions presentation will get you everywhere. Look great but MEAN BUSINESS.

Good luck!

Answer 3

I don't know the exact law, but you should get a loan equal to your credit. It is illegal to give you a less attractive loan because you are a woman. The other part is really something you have to do yourself. It's not the fact you are a woman, it is the fact the salesman is assuming you know less about the product than a man. And it sounds like you think the same thing. Start visiting boat sites and learn something about what you are purchasing. http://www.boats.com/ might a good place to start to get price ideas. http://www.onlineboatsales.com/ has a message board where you can ask current owners questions. I am sure you can find more. Get on line like you did right now, but ask a different question. What kind of boat should i get? You might want to support this with things you believe your husband would use it for and where. A fisherman in the bayous of Louisiana is going to have much different requirements than a sailor on the east coast. Lastly, go to several places that sell boats and ask questions, take notes, buy nothing no matter what (the baot will be there tomorrow) and compare what was said afterwards.

Answer 4

They probably won't give you a higher intrest rate just because you are a woman. Also, don't act like you are dumb, read and learn about the boats before you go to the salesmen. There is nothing better than to be an informed buyer, and if you are, then you can't be pushed by the salesmen, who push EVERYONE to pay MORE MORE MORE. And if they are too pushy, just leave. Remember that you are the customer, and you can walk away from any place.

Answer 5

Make sure you do your research before you go - not just on the type of boat you want but also all the accessories you need/ want (and what they do) so that you don't get talked into buying extras that you don't need or use or that may already be covered by something already installed on the item. Be confident but at the same time open to suggestions - not all salespeople want to rip you off. Re interest rates, shop around before you get there - check rates AND repayments at the banks, your accountant etc. Interest rate is not the only thing to be concerned about, repayments may vary wildly due to fees and charges associated with the loan. If you take dealership finance, read the contract carefully, check and recheck the details match what was quoted and make sure you leave the yard with a signed copy of the contract.

Answer 6

First of all don't worry about being a pain. I sold cars for a number of years and can tell you that research is the best weapon. Go to nada.com, edmonds.com or kellybluebook.com and look up the private, and retail sale prices of any vehicle, boat, motorcycle, etc. Then if you have a printer, print off the info. and take it with you to the place you plan to look. You should never pay sticker for anything of this sort. Enlightening yourself can be very empowering as a woman in a man's world. Let me know how things turn out. Good luck and Blessings. Wendy

Answer 7

Doing your homework ahead of time is the right thing to do. It will help you narrow your options on which boat, price range, and options for the boat. Since boats are a luxury item, the salesman already knows this is essentially "play money" for you and hubby. Just remmber that it's YOUR play money, and make sure that you shop. Talk to a few different dealers that have comparable boats, and if it feels like they're being unbending in negotiating a price, be prepared to walk out.
Don't fall in love with one particular boat. Shopping for big-ticket items should not be a emotional adventure.
Consumer reports, the Internet, or networking with someone is a good way to protect yourself from being taken advantage of.

Answer 8

As someone who sold cars for a living, no matter who you are they will try to get you to spend more than you need to and to give you a higher interest rate. The best defense (and weapon) you have is to be informed. That means informed about the product, informed about the pricing, informed about what your credit is and what you can buy. And, also, don't be afraid to step back and shop around, no matter how much they pressure you. That will give you a better perspective and the ability to make a more objective decision. Despite what they say, the car/boat will probably still be there when you return, and if not there will be one just like it. Don't make an emotional purchase! Don't allow them to wear you down or pay more just to avoid confrontation. And finally, you don't have to be mean to get a better deal (I actually worked harder to make sure that the jerks got screwed). You just have to be direct about what you want and how much you want to pay for it. Be firm, but friendly. Negotiating means respecting the other person and expecting respect from them in return.

Answer 9

Don't call them and tell you are shoping around. All that does is piss off a saleperson. Your best asset is information. There are websites (for cars I know, for boats I would assume) that will give you the invoice prices for vehicles. Never pay more than the invoice. After rebates, you should be at, or below that price.

The biggest trick- They get you to talk payments you are comfortable with, not the price you are buying the car. Make sure they talk sales price, not monthly payments. Monthly payments can be decided when you go to settle on a price. For your reference, payments should be around $20-$25 per $1000 financed.

The best way to make sure you don't get screwed on the interest rate- Go to your bank/credit union first and get preapproved for the loan. Find out what interest rate they will give you. Tell your salesperson that you are preapproved for a loan, but you will use their company if they can beat your rate. And they don't need to know what that rate is!! All they need to know is to get you the lowest rate you can get. Dealerships makes alot of money on the financing end. You using your bank costs them.

Go to 3 or 4 dealerships. Look at the same vehicle. MAke sure it has the same features as the other model you are looking at. If you are looking at an LT at one dealership, don't let another dealership show you an LS for the same price. Make sure you get all the features identical.

Keep in mind, the more you tell the salesperson, the more knowledge they have to use against you. While you want to tell them info about the vehicle you are looking for, info about payments amounts you can afford, your credit, interest rates you are expecting all just give them ammunition to use against you. Salespeople may like you, but they are paid based the sales they make and the price they sell it for.

Answer 10

Comparative price shop. Know what the competition is charging for the same product, and don't be afraid to ask them to meet the same price. Know what the boat is worth, and what you should pay for it. Be prepared to walk out of the showroom if the deal isn't right. Also, know the product--boat, car, etc. You've got to know what you're buying to avoid getting taken advantage of. When the salesman starts talking horsepower, rpms, and all that other stuff, you better know what he's talking about. As far as financing, if you've got good credit, check with your bank first--frequently I get a much better interest rate from my bank than I would from GMAC, or the dealer.

Or, do what I do, tell hubby to pick out the boat he wants, and arrange the financing yourself. Yeah, you lose the element of surprize, but he gets exactly what he wants. Good luck!