A new report shows that new car customers aren’t doing enough to ensure the best deals on financing, insurance and new car warranties.

Only 64 percent of consumers would even attempt a negotiation on the price of a new vehicle. In addition, over 2 million motorists wouldn’t even bother to research the current value of their existing car when planning to do a trade-in. In fact, over 30 percent of drivers admitted they wouldn’t even spend an hour researching how they are going to pay for their new vehicle.

Alarmingly, 91 percent of customers weren’t able to explain what the phrase ‘lease purchase’ meant, which is a term often used in car financing deals. Also, 50 percent said they would go ahead and purchase a new car without getting any quote for the insurance.

Our nation is known for being bargain hunters and trying to get the best deal. But for some reason when it comes to purchasing a new vehicle motorists are falling short. It’s crucial for all drivers wanting to buy the newest vehicle to do their homework. Financing, insurance and an auto warranty are an essential part of the car buying experience. So, shop around and find the best deals. Otherwise, pay the price.