People say that purchasing a car is going to be your 2nd biggest purchase behind a home. While we all don’t go out there and just settle for what the dealer gives us. It’s important that you learn how to negotiate a car price and learn how to not back down. By standing your ground and letting them know what you want, you may be able to get what you want.
#1 Know your price range and get the loan
Before you even step foot into a dealership, you will want to get your financing together. Unless the dealership is offering 0% for the life of the loan, you will most likely want to head to a local credit union, or bank to find a deal that works out the best for you. NEVER tell the salesperson what you want to spend. If you tell them that you want to spend $20,000, you will spend $20,000, trust me.
#2 Be friendly with the salesman
You’re going to find that they will ask you the usual questions such as your name, address, etc. It’s important that you let them know all of the information. You will want to answer it honestly. The nicer you are with the salesperson, the more likely you will be to get the deal that you want.
#3 Never ever give money figures
A salesperson is always going to ask you what you want to spend in terms of payments, or what you have in mind for a total price. It’s essential that you stand your ground here. You don’t want to tell them how much you want to spend, because as I said in the #1 tip, you’re going to spend that. Be polite and tell them that the money figures are completely up to you.
#4 Start making offers
When you’re on the lot looking at cars, you may find one that you want to make an offer on. The key here is that you start low and work your way up. Don’t make the assumption that you need a car today. Keep re-assuring them that you’re just there to look and may, or may not purchase depending on the price. Remember that you’re always willing to walk away from the offer.
#5 Remain calm
As you work your way up from the invoice price, don’t get too anxious. Just remain calm, and don’t just settle for anything. Instead, remember that you’re willing to walk away! If the starting bid seems too low to you, it probably is. You will know exactly what will be fair for you. Don’t raise your bid and stand your ground. Again, walk away if you have to.
The key here is to raise your bids by $100 or $200. It may seem annoying, but you can honestly save $1,000s by doing so.
You don’t want to fall for the following sayings…
- “We can’t sell for this – it’s impossible”
- “We’re not even making a profit if we sell at this price!”
- “Hey, I got a family to feed, and I won’t make anything off this sale.”
Keep telling them that you’ll walk away and stand your ground. Sure, it sounds easy enough on paper, but what you’re going to find out is that a lot of people just chicken out. Remember, the worst thing that they can say is, “no.” Try these tips out, save your money, and let’s get that car at a wholesale price!
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