#10. Be Wary of Insurance-Like Programs

Last but not the least, you’ll need to be wary of insurance products and add-ons such as roadside hazard, tire or wheel coverages, edge programs, theft protection policies, extended warranties and all that.

You’re going to be assaulted with them the moment you enter the finance office at the dealership, and it may be hard to say no. But here’s the thing- you can say that you’ll think about it, then quickly call your insurance provider and ask them if they cover those things. You can also go on the internet to learn more and see if you really need them.

This goes two ways. One, you find that they’re useful and go back to the dealer and have it added, and two, you find that they’re not something you want so you tell them that you don’t want it.

Most dealers hold on to paperwork for as long as a week, so it’s okay. Take your time and only go for it when you feel it’s for the best. A lot of money is made on car owners who are giddy with excitement on the day of the sale. If you’re one of those who did buy a bunch of add-ons, there’s good news. You can most probably get them canceled and suffer little to no penalty for it.

A signature on paper isn’t the end-all. You can still have them remove it, even if it’s a week, month or year. It’s the buyer’s choice, after all.

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The opinions expressed by the author are his/her own and are not intended to serve as specific financial, accounting, or tax advice.