3. Jamie Lee sat down with a salesperson to discuss a new vehicle and its $24,000 purchase price.

Jamie Lee has heard that “no one really pays the vehicle sticker price.” What guidelines may be suggested for negotiating the purchase price of a vehicle?It sputtered and squeaked, and with a small hesitation followed by an exaggerated shudder, it was finally over. Ol’ Reliable, the car Jamie Lee had driven since she first earned her driver’s license at the age of 17, completed its last mile. Thirteen years and 140,000 miles later, it was time for a new vehicle.

After skimming the Sunday newspaper and browsing the online advertisements, Jamie Lee was ready to visit car dealers to see what vehicles would interest her. She was unsure if she would purchase a new car or used and how she would pay for the car. “No money down and only $219 a month,” Jamie Lee read, “with approved credit.” It sounded like an offer she would be interested in.

Jamie Lee knew she had a good credit rating, as she made sure she paid all of her bills on time each month and had kept a close eye on her credit score ever since she was the victim of identity theft several years ago. The more she thought about the brand-new car, the more excited she became. That new car fit her personality perfectly!

As Jamie Lee inquired about the advertised vehicle with the salesperson, her excitement quickly turned to dismay. The automobile advertised was available for $219 a month with no money down, based on approved credit, but Jamie Lee unexpectedly found that there were further qualifications in order to get the advertised price. The salesman explained that the information in the fine print of the newspaper advertisement stated that the price was based on all of the following criteria: being active in the military, a college graduate within the last three months, a current lessee of the automobile company, and having a top-tier credit score, which, he noted, was above 800. If Jamie Lee did not meet all of the qualifications, she would not receive the price advertised in the promotion. He could get her in that vehicle, but it would cost her an additional $110 per month. Jamie budgeted a maximum of $275 for her monthly car payment. She could not afford the vehicle.

Jamie Lee had to start over from scratch. She decided that she must fully research the vehicle purchase process before browsing at another dealership. She felt she was getting caught up in the moment and vowed to do her research before speaking with another salesperson.