Over the past 5 or 6 years, there's just been one deal after another when it comes to buying an automobile. It goes back to the months after 9/11 when GM tried to jumpstart sales with offers of 0% financing for 5 years. Other automakers quickly followed with similar deals. But now people aren't buying cars because of the fallout from the stock and real estate markets. Overall the industry is having dismal sales results. So that means that you have so much bargaining power right now that it's not even funny. Yet 2/3 of consumers squander that power by not doing the right things.

What should you be mindful of when you go to buy a car? First, do research online before you buy. Check Consumer Reports and sites like KelleyBlueBook.com and Edmunds.com to find out about reliable cars that won't need much maintenance. Second, arrange for financing in advance before you get to the dealership. Credit unions offer interest rates on car loans that can be 1 to 3 percent lower than other lenders. You may also want to check online lenders. Even your auto insurer may be able to give you a competitive interest rate. Whatever you do, don't go with a traditional bank or dealer financing. Also, don't tell the dealer you're a cash buyer or credit union customer because they'll factor that into the price in a negative way. Finally, buy your car before you get to the dealership. By this, Clark means you should avoid going to the dealer and negotiating the purchase of your car or you'll face "the grind." The grind is when the salesperson says he or she will go talk to their manager about getting you the best deal. Instead they go watch TV for 5 minutes and come back and tell you that the manager couldn't help out with a good rate despite their best efforts on your behalf. This is total baloney. When it comes to price, you want to stay in your ballpark, not theirs. After all, they have home field advantage because they sell cars everyday while you may only buy a handful of times over the years. As a final thought, you may also want to purchase through a warehouse club if you're a member. There you'll enjoy a set price and no haggling.