Car dealerships are notorious for using aggressive sales tactics that lead to people paying more than they should. If you’re in the market for a new or used car, you must know how to negotiate when buying one.
When you negotiate car price, you can save you thousands of dollars. But it takes some practice and preparation before heading out to the lot.
To help you get started, we’ve put together seven tips on how to negotiate when buying a car.
- Be Patient
Don’t go car shopping just because you want to.
There’s a right time and place for everything, including buying a new vehicle. Make sure that the stars are aligned before heading out in search of your dream ride.
A bad day or any other emotional situation is not ideal if you’re trying to negotiate with someone who has more experience than you do.
Wait for an opportunity when you’re feeling motivated and refreshed. Having a clear mind will allow you to focus on how much money you can save instead of how many hours it took for you to find the right car.
If you’re buying a car as an investment, wait for the right time to do it. For example, save up money and purchase your dream vehicle when interest rates are low or during holidays.
Patience is key in any negotiation, so don’t rush into anything without thinking about how it will affect your wallet.
- How Much Does a Car Cost? Do Your Research
When buying a car, knowing how much it’s worth is the first step towards saving on a car.
Do your research and find out how much other people are selling the same vehicle for in your area. If you’re not sure how to do this on your own, seek assistance from an expert or someone who knows how to track that kind of information down quickly and easily.
Figuring out how much others are asking for their cars lets you set realistic expectations before walking into the dealership. So don’t be surprised when they offer you something lower than what you saw online.
This makes it easier for them to come down even more. So keep pushing until they say no,
This basic action saves time because if dealerships can tell that you’re already informed, they won’t waste your time trying to convince you how much this car is worth. You’ll also know how much more negotiating room there’s left for them to drop the price even further.
- Do Your Homework
You don’t want to be the victim of any dealer scams. So do your homework and get educated about how dealerships work before you even step into one.
For example, look up how many cars they sell every month or compare their prices with similar car lots nearby. This will help give context to why a dealership is asking for more money than usual.
Remember, not all car dealers are out there to take advantage of people who don’t know too much about what goes on behind closed doors. They might have some good reasons as to why this price seems unusually high. So always do your research before assuming anything.
In addition, if you have a budget in mind for how much you want to spend on this vehicle, bring it up at the dealership and let them know how serious you are about sticking within that range. This will also help them stay realistic when offering an initial price.
- Don’t Be Afraid to Walk Away
Don’t be afraid of walking away from a deal if you don’t like how it’s turning out. There are other dealerships and cars available so never feel pressured into buying something that doesn’t make sense for your budget or lifestyle.
If the dealership is getting pushy, politely let them know how far apart you and they are in terms of price. Then follow up by saying how much money you’re still willing to pay. And then walk away without any shame about doing what’s best for yourself and your family.
Remember, this isn’t their car; it’s yours. So if you’re not happy about how things are going, stand your ground and don’t be afraid to walk away from a bad deal.
- Be Open to Other Offers
You might have a specific dealership in mind because it’s close by, or you’ve heard great reviews about how they treat their customers. However, don’t be afraid to consider other offers if the price is right and makes sense for your budget.
Even though you’re on a mission looking for a car within this certain brand or model, look at how much similar cars from different dealerships are selling for as well. There’s nothing wrong with comparison shopping, especially when what you’re buying costs thousands of dollars anyway.
So don’t feel guilty about getting multiple quotes from all over town. It’s your money and car, after all, so you should feel free to shop around for the very best deal possible.
- Choose Your Words Wisely
When you’re negotiating how much a dealer is asking for their car, the way you speak and respond to them can make all of the difference.
Be polite but assertive about how you want this transaction to go down. For example, don’t hesitate to let your salesperson know how good or bad they are doing when it comes to getting closer to that price quote you have in mind.
Let them know what’s working well and what isn’t so they get an idea of how to improve from there.
In addition, don’t be afraid to speak up if you feel like the dealership is saying something that’s just not true. For example, let them know how much similar cars are being sold for in your area, so they better understand the market value.
Remember, dealerships aren’t always right about how expensive or cheap their car truly is compared to others on the market. So don’t hesitate to speak up and make yourself heard.
- How to Buy a Car: Secure Financing in Advance
Don’t wait until the last minute to figure out how you’re going to finance your new vehicle.
Instead of waiting around and wasting time at the dealership, go ahead and apply for financing before you even step foot into any car lots. That way, you can have all of your ducks in a row before the negotiations begin.
This also helps to take away some pressure off how much money you’ll bring with you during this buying process.
Your dealer will likely ask how much money you have available for your down payment and monthly payments. So make sure that you’re prepared with how much cash or how many monthly installments you can afford.
As you consider these tips, read more now on what to look for in a used car.
How to Negotiate When Buying a Car
Learning how to negotiate when buying a car is an essential skill anyone can master if they’re willing to put in the time and effort. Just follow these seven tips, and you’ll have no problem finding the right dealership.
We hope this blog post has been helpful. Keep reading our posts for more informative content.