Edmunds.com Offers Seven Tips for Car-Shoppers as “Cash for Clunkers” Winds Down

“Cash for Clunkers” is scheduled to end on Monday, so it is likely that consumers will rush into dealerships in the coming days to take advantage of the program before the deadline. Edmunds.com, the premier online resource for automotive information, has compiled seven tips every consumer should consider before leaving the house to join in the frenzy.

1. Call your dealership and ensure that it is still participating in the program. Many dealerships have dropped out of the program because it’s been a hassle for them to participate.

2. Ask the dealership personnel if they require buyers to sign additional paperwork beyond the sales contract, and if so, find another participating dealership. No such paperwork is legally required for the program, but some dealerships have added this step to the process in order to make the consumer responsible for reimbursement if the application is rejected.

3. Review the qualifications and seriously consider if there is any reason why your application could be rejected. For example, you must provide proof of ownership and car insurance for a continuous year, but some applications have been rejected because of a day-long lapse in coverage caused by administrative processes. Did you switch insurance companies mid-year? Were you ever even a day late paying a premium? Did you move between states? Each of these situations could get your application rejected. For more examples of rejections, Cash for Clunkers: Real Life Dealership Horror Stories.

4. Realize that many “Cash for Clunkers” shoppers have paid a higher price for new cars because they neglected to do their homework before making the purchase. Don’t get swept up and forget to negotiate a good price on the car. If you don’t have time to do the full range of research at home, use your cell phone to access Edmunds.com True Market Value® and other wireless site resources while you are at the dealership.

5. Appraise your used car to make sure that it is worth less than the Cash for Clunkers rebate for which your new purchase qualifies. This program is not the best financial decision for everyone who drives an older car.

6. Consider that inventories at dealerships are generally rather light right now, so if you buy in a rush you might not get the car that you want. Check inventory online and consider ordering your new vehicle at the dealership.

7. Prepare to bring an extra set of keys for your “clunker” so that you can drive away if the dealership isn’t doing business in a way that makes you feel comfortable. Don’t leave the dealership without a car. Some consumers have complained that their dealership held their cars “hostage” through the application process, but this is neither necessary nor appropriate.

For more information on Cash for Clunkers, please visit http://www.edmunds.com/cash-for-clunkers/ and read 7 Tips for Shoppers as Cash for Clunkers Concludes Monday. Lively discussions about Cash for Clunkers are taking place on Edmunds’ CarSpace.com message boards at http://townhall-talk.edmunds.com/direct/view/.f1db290.

About Edmunds Inc. (http://www.edmunds.com/help/about/)

Edmunds Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named “Best Car Research Site” by Forbes ASAP, has been selected by consumers as the “Most Useful Web Site” according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated “#1″ in Keynote’s study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2008 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.

Contacts

Jeannine Fallon/Chintan Talati
Edmunds.com Corporate Communications
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