How to Negotiate a New Car: Tips to Easily Get the Best Price
To have a new car – this is what most of us dream about. However, there is one obstacle – your finances. With the rising cost of living nowadays, car ownership becomes a luxury that some people cannot afford. Nonetheless, this does not mean that you will end up with shattered dreams.
The good news is that there are things that you can do to bring the price down. It depends on how you will use your charm. With this, in the rest of this post, we will provide you with practical tips on how to negotiate a new car. By following these tips, you will end up with the best price that the dealer can extend.
Do Your Research?
One of the first things that you have to do is to have the time to do your research. Research not only about the dealer, but also about the car that you want. Once you know the specific brand and model of the car that you want, research about its market value. This will be your point of comparison to know if the price offered by the dealer is too high or if it is already good.
You should also know what are the factors that can make it more expensive, such as insurance and accessories, among other things. If you research thoroughly, you will be more prepared to negotiate with the dealer and there is a higher likelihood that you will end up with what you can afford.
Be Relaxed and Act Naturally
When negotiating, a lot of people tend to exert too much effort and they end up being jittery. It would be best to appear as natural as possible. Do not think about it too much. Do not have lines that are rehearsed. Instead, go with the flow. Be a good listener. Be open to the offer of the dealer, rather than pushing what you want. You will be talking to an agent from the dealership. This person is experienced, and therefore, cannot be fooled. Make sure to appear confident at all times.
It is also important to exert an effort to follow-up with the dealer about the status of the transaction. After your first or second meeting, do not just sit and wait for the dealer to get in touch with you. In some instances, they can be too busy with other clients. With this, there is nothing wrong about you calling the agent, instead of the other way around. This will send a good signal, indicating that you are still interested. This will also put pressure on the agent to lower the price based on your negotiations.
Look at the Promotions
Depending on the dealer, there are different promotions that you might want to take advantage to lower the selling price of the car. For instance, in some dealers, they might offer cash backs. On the other hand, there are also some that can offer 0% interest for in-house financing. As you try to negotiate. Do not hesitate to ask if there are on-going promos. If you are lucky, you can save hundreds and even thousands of dollars.
Look for an Old Car Model
It is important to be realistic about your expectations. To avoid being frustrated, you might want to choose a car that is an older model. If it has just been released in the market, there is a lower chance that the dealer will give in to your demands. More often than not, because they can find other interested sellers, they will not lower the price. It will be best to choose a car that has been in the market for two years already. Chances are, the dealer can give it to you at a cheaper price.
Always Have Multiple Choices
As you try to negotiate for a better price, make sure that the dealer knows that you are looking at other options. If not, the dealer might feel that you are stuck with them, and hence, you will end up just agreeing with their terms. On the other hand, if they are aware that you are looking at the possibility of working with other sellers, they will be pressured to offer a better price so that they can close the deal with you. As much as possible, have a list of about three to five dealers. Ask for a quote for the same car that you want and compare the offers they have.
Know When to Give Up
Patience is a virtue, but it does not mean that you have to keep on waiting until the dealer gives you the price that you want. Understand the fact that dealers are businesses and hence, they have one goal - to have a profitable operation. If the price that you want is too low, which means that they will not earn from it, they will not be willing to give up. If it is taking too long for them to respond to your terms, you should start exploring other options rather than be stuck with a dealer that you are unsure with.
Do Not Fall In Love with the Car
This is one of the rules that you should remember when it comes to how to negotiate a new car. Just like in life, once you have fallen in love, you tend to do crazy things. There is a tendency to be illogical and impractical. For instance, if you have fallen head over heels with the car, you might not even exert an effort to negotiate. Because you love it so much, you may end up just giving in with the price of the dealer. At all times, do not let your emotions rule the game. Always resort into critical thinking before you come up with a final decision.
From the tips mentioned above on how to negotiate a new car, it will be easier to fulfill the reality of your dreams. It won’t take long before you can have the car that you have always wanted at a price that is easy on your wallet. Do not immediately give up if the price is too high. In the same way, do not settle for the first price that you will be quoted with. Instead, learn how to negotiate for a better deal.
Is there any other tip that you would like to add that has been effective based on your personal experience? Feel free to leave a comment below.