Purchasing a new car is a fun experience because it allows you to look and explore a variety of different options on the market. You can set your budget and then look and test drive any and all cars you may possibly want to drive. While searching for a new car is fun, trying to get a good deal can be stressful and sometimes upsetting.
Everyone knows that the initial price of a new car is not typically the lowest price possible. Car dealerships are notorious for having salesmen and women that are willing to negotiate the price of a car. If you are looking to get a great deal on a new car, you can often negotiate the price of the car. It can be a difficult and long process, but here are some tips that can help you get the best deal possible.
Research First
One of the most important things to remember when you go to buy a new car is that you can research the car before you go to buy it. If you have an idea of the car that you want to get you should go to the dealership prepared with knowledge. You can easily research the car ahead of time and understand what the fair value of the car is. Researching the car and its price ahead of time will give you all the knowledge you need before you go to the dealership.
Consider Other Dealers
When you start to negotiate the price of a new car, remember that there are always other dealers available. If you are unhappy with the salesperson you are talking to, remember that you can go to another dealer at any time. Make sure your salesperson knows this too. You can tell them that you are looking at a different car from a different dealership for a more affordable price. If your salesperson knows that you are considering other cars they may be more willing and more likely to offer you a better price.
Do Not Trade In Car First
Even if you are looking to trade in your car, do not tell your salesperson this right away. The salesperson will typically only offer you a higher price for the car if they know they will have to take money off for a trade in.
If you are considering a trade in for your current car, wait to mention this until you have a low price for the car. After you get the bottom line for a car, then you can mention the trade in. This will help you get the lowest possible price and then an additional discount for the trade in value. Also, remember that you do not have to accept the trade in value that they give you. If they are only offering a small value for your current car, you can leave with two cars and sell your current car independently.
Know Available Deals
Most dealerships will offer their available deals on their website. Scan through the website before going to the dealership so that you know what deals are available. Make sure that you talk to your salesperson about the available deals to help make sure that you are getting all of them. Some deals may not apply to you, but ensure that you get the ones that do. Some available deals may include holiday bonus cash, financing options, cash back, and more.
Finance Early
Another important thing to consider when buying a car is your different financing options. You always have the option to finance a car at the dealership, however if you are able to secure financing ahead of time, this can help you save money. When negotiating the price of a car, you can tell your salesperson that you already secured financing. They will think of you as a more serious buyer and they will be more willing to spend the time negotiating the price of a car with you.
Consider Holiday Savings
Another thing to think about when buying a car is the time that you are doing it. One of the best ways to help you save money is to buy a car during the holiday season. Many dealerships offer their customers additional savings during the holiday season. Try to purchase a car during the holidays and search for any additional offers to help you save money.
Avoid Extras
All salesmen and women will try to sell you extras on the car you want. They will try to add warranties, floor mats, technology advancements and more. These things are not necessary and should not be paid for, especially if you really do not want them. Avoiding extras can save you thousands on the price of your car. Make sure your salesperson knows that you do not want these things. They may try to sneak these things onto the final price of your car, without even telling you. It is critical that you read through the paperwork throughouly to avoid paying for things that you do not want or need.
Remember You Can Walk Away
The most important thing to remember when negotiating the price of a car is that you have the power and the ability to walk away at any time. You do not need to buy a car that day and if you are not given the deal you want, you can walk away. You can go back to that dealership another day or even go to a different dealership.
When you are looking to buy a car, you are under no obligation to buy one. You have the ultimate say in whether or not you buy a car. Walking away is the most powerful tool that you have during a negotiation. If your salesperson sees you walking away, they will be more likely to chase after you and give you a better deal. Even if they do not come after you, you can go back a few hours later and buy the car.
About the author
William Getty lives and breathes cars. He started driving cars as a 12 year old on the racetrack with his dad. Since then cars has always been a big part of Williams life.
In his garage you can find his beloved 2005 Ford Mustang, as well as a 2020 Audi A3.