Are you planning to buy a new car? Don’t let yourself get confused with the technical jargon a representative of the car dealership might use when discussing pricing, payment terms, and package inclusions. Understanding their terminology will help you get your preferred vehicle at the best price possible. Below are some of the commonly used terms you should know.
5 Terms a Car Dealership Uses Often
1. Monroney Sticker
As mandated by the Automobile Information Disclosure Act, this law requires that all new vehicles carry a sticker on the window that contains essential information about it. Also known as the “Monroney sticker,” this label should include the manufacturer’s suggested retail price (MSRP), engine and transmission specifications, standard equipment and warranty details, optional add-ons with their respective prices, and fuel efficiency rating as determined by the Environmental Protection Agency (EPA).
2. Actual Cash Value
Actual cash value (ACV) is a term used when trading in your vehicle. It is an assessment of your vehicle’s current worth, with its model, age, condition, mileage, and repair history all taken into account. Some sites, such as the Kelley Blue Book® can guide you in calculating this figure.
3. Pre-Delivery Inspection
Most people probably think that a unit is ready to be sold once it is delivered by the manufacturer to the car dealership. However, there are a few things that need to be done before releasing it. Fluids like fuel and oil, for instance, are not included during shipping. Pre-Delivery Inspection (PDI) refers to the thorough check the dealership performs to ensure that the vehicle is ready to be driven.
4. Deal Jacket
Also known as the “car jacket,” this is a folder or envelope that contains all of the pertinent papers concerning the sale of the vehicle. This includes the sales summary, vehicle invoice, credit application, DMV information, inspection results, and other internal documents that customers don’t typically get to see. However, it can be used as evidence in legal disputes.
5. Pink Slip
While some would probably think of employment termination when they hear this term, it has a whole different meaning at a car dealership. Pink slip refers to the certificate of ownership or title of the vehicle. It is given to you by the dealership and you, in turn, surrender it when you sell or trade in your car.
If you want to learn more about the terminology car salesmen use, get in touch with a representative from Lucash Motors in Auburn, WA. This trusted used car dealership has a huge inventory of quality pre-owned cars, trucks, and SUVs at affordable prices. They also offer trade-ins and car financing to make payments easy. Give them a call at (253) 545-0061 or visit their website to view their current inventory.