Six Tips to Get the Best Deal on a New Car
So you want to get the best deal on a new car?
There are many things to consider so that you get the best deal on your new vehicle. Here are some of our favorites tips to help you save money when financing and buying a new car.
- Don’t shop on a week night or a weekend.
During this time, the law of supply and demand doesn’t work in your favor. This means that there are typically a lot of customers around. If you don’t buy, the odds are that the next customer probably will. If you go to a dealership middle of the week and middle of the day, they will be less likely to be busy and will want to make a sale. This allows you a better chance of getting a great deal when a salesperson feels pressured to close a deal with you, and just you.
- If you plan on paying cash, don’t tell the salesperson till the price is negotiated.
A lot of the dealer’s profit is built into the financing model. This means that the salesperson may be more likely to negotiate a lower sales price if he thinks you’re financing your vehicle. Never discuss how you will pay until you have the price in writing.
- Forget about your monthly payment.
Worry about the overall price of the car. This means that a low monthly payment will not benefit you in any way if the car is costing a higher than usual purchase price. Oftentimes an extra year of payment is stretched out to lower the monthly payment to ensure buyers to commit to a deal.
- Don’t talk about your trade-in either.
Don’t talk about what you’re going to do with your current car until price negotiation is done too. This because you don’t want to add an additional factor to an already difficult and complicated process. Also, if the salespersons get you talking about the trade-in, they may shift your attention to the great deal he is giving you on the trade. Don’t do it!
- Consider rebates and incentives after the deal is confirmed.
It’s best to stay focused on price and not add factors in that can distract you from negotiating. If there is a cash back offer, simply add it in at the final deal not during the negotiation process.
- Add-on fees are negotiable.
Don’t allow yourself to add hundreds of dollars to your final sales price. You do not need to pay any of these things and a salesperson can waive them, so ask them to if they want to make a sale.
Ultimately, in the end, be willing to get up and walk away if you feel pressured or less than satisfied with your experience. You are never obligated to buy a car. Always be friendly and polite, but don’t hesitate to tell someone you know you can get a better deal or are not satisfied. The odds of getting the best deal with your new car are in your favor if you apply these helpful tips to your next experience.
Bargaining Tips for a new car
Ultimately when you’re bargaining your next vehicle’s price, you can use your research that you prepared to get the best deal. Knowing the competing prices of local dealerships will help you to get the car you love at a price you can afford. Doing your homework will allow you to learn the latest pricing so you’re prepared for this important negotiation process.
Prepare yourself for visiting a car dealer
Once you arrive at a dealership ready to make this transaction, the salesperson will want to begin focusing on the price and your monthly payment. However, it’s important that you focus on the overall price and not your monthly payment as they will tack on an extra year of payments to get you to where you want without you realizing the price could have been lower. This conversation will allow you to be manipulated with numbers and overpaying. Also, don’t talk about your trade-in as that is something that should be factored in as well as any incentive after the final sales price is agreed upon and in writing.
It’s important to negotiate one thing at a time. The first priority of the process is to settle on the lowest price to get on the new vehicle. This can be achieved by telling the salesperson that you have researched the vehicle you want, taken a test drive, know what options you want, have researched the price for those things and already have calculated what you are willing to pay.
Beat the dealer in negotiating a new car
After you share your rock-bottom price, allow them time to consider without disclosing your competitive bids from other dealerships. Come across as both friendly and confident and most importantly, well informed. Also, don’t discuss your financing or whether you’re willing to pay in cash as this is something that should be talked about after a final sales price is agreed upon on too.
Explain you aren’t looking to haggle for a long period of time. After all of this, the salesperson should know that in order to make a sale, they must agree to what you have set forth. Also, reassure them that you want to agree on a fair price and if they want a quick sale with a modest profit, you’re ready to buy at this price. If not, you will move on elsewhere.
If they ask for you to speak to a manager, reiterate all of the same parameters to that person. Your clear explanation of what you’re willing to pay and your requirements will give you the edge when it comes to bargaining the price of your new vehicle. This allows you to be in control, which is what you should be when it comes to your money and any investment you make.
Different states such as California, New York and Arizona each have various tax rates applicable on new vehicles so make sure you know the true cost you are up for when buying a vehicle interstate.
InstaAuto allows new car buyers to arrange finance online conveniently without having to go to the dealership. Obtain car finance at home to save time when next buying a new car.
Stay calm and patient and you should come out ahead. All of these negotiating tips and tricks will help you to get the best price for the vehicle you dream of driving. Good luck!