Do YOU know how to negotiate the best price for a car? Catch up with the best hacks right here!
You have decided what kind of car you want! After years of struggling to save money for it, your dream is about to come true, and that makes you so happy you can’t hide it. Now, on your way to buying it, knowing that you already have the necessary money for it, you don’t really think about getting a discount. But let me tell you a secret: it is possible to negotiate the best price for a car!
“But negotiating is not my strongest point, you’d say!” While this may be true for a lot of people, you can still do it like a pro by following some simple steps. Now, buckle up, my dears, since the story continues on the next page!
1. Look for more sellers online
One of the first golden rules on how to negotiate the best price for a car is to never settle with one seller. Look at several used automobile stores and private sellers who have the type of vehicle you want. You won’t feel forced into making a terrible transaction that way. And the more options you have for vehicles, the more negotiating leverage you have. Nice, right?
Now, let’s picture this situation: You have two used cars, and both of them are in similar condition. The only difference between them is that one of them is sold via a dealership, while the other one is being sold privately.
The private seller wants to sell the car for somewhere around $9,000 and the other one for $10,000. Even if the one who sells the car for $10,000 doesn’t want to reduce the price, you will still have the other offer available.
2. Know your budget
Whenever you want to negotiate the best price for a car, be aware of your budget and how much you want to spend. Establishing your budget means figuring out exactly what you can spend upfront and how much you can pay down each month.
To figure out these details, try to put down 10% for a used automobile and 20% for a brand-new one. Your overall automobile expenses, such as insurance, fuel, and maintenance, should be less than 15% to 20% if that is possible, and each month’s payment should be less than 10% of your take-home income.
Again, having a budget will help you more effectively decide on a target price and how much you can bargain on the car’s pricing, giving you more negotiating leverage.
3. Be ready to share your knowledge and confront the salesperson
Probably one of the best hacks for negotiating the price of a car is to know all the details about it and be ready to confront the salesman. Believe it or not, a well-informed buyer presents a greater challenge for salespeople. Respond to the dealer’s offer with what you believe the automobile is worth. Show them a better offer if you have one from someone else.
When you can defend a price reduction, the salesman could take the agreement more seriously during negotiations.
4. Never go shopping if you are in a hurry
Like in any other situation, shopping for a new car shouldn’t be done if you are in a hurry. Take your time to browse the online offer or walk around the store to see more models. With the risk of sounding weird, somehow all the salespeople “sense” people who are desperate to buy something as soon as possible.
So, take your time, look around, and come tomorrow again too, because remember this: a vehicle is probably one of the most expensive things you’ll ever buy (except your house), so take your time to think it through!
5. Start the negotiation slowly by doing it remotely first
Contacting the dealer about the car is a necessary initial step if you want to negotiate the best price for a car, and if you are a shy individual, consider doing so via phone, email, or another online method. After receiving a quote from one dealership, you may then call other dealerships to see if they can match the price. Dealers often compare pricing to see what they will have to give to win the sale.
For instance, if you’ve previously test-driven the automobile, this method of haggling enables you to complete practically all of the job from home without having to interact with a salesman. You don’t even need to leave the dealership if you don’t like the prices or the way you’re being talked to; just say goodbye and look for another offer.
Negotiation isn’t for everybody, but that doesn’t mean you can’t learn it in time. That’s why we’re here to help you! Check out this amazing book, The Art of Negotiation: How to Get What You Want that will help you diminish the fear and anxiety you have and build a stronger version of yourself. What do you say? Are you ready for the change?
6. Golden rule when you’re going to negotiate the best price for a car: have an open mind!
Your ability to bargain for a lower price can be constrained if you enter the dealership to purchase a certain automobile model. Dealers might not feel as motivated to haggle the price when they know you have your eyes set on a particular automobile. This is because they know you won’t be changing your mind. Choose a car that best meets your needs instead, and keep your alternatives open to give yourself more negotiating options.
Many of us simply want the car-buying process to be done as soon as possible; one dealership visit or one private seller interaction may be all we can bear. Sticking with one vendor can make it difficult to compare offers.
7. Always buy the car with cash
If you are willing to negotiate the best price for a car, it is better to pay cash upfront. A car you can afford is something you desire, so having the exact amount of money you plan to spend communicates your serious commitment to staying within your spending limits.
Be firm, and try to state that this is all the money you have and what you’re willing to pay. For you, the car isn’t a necessity; it’s just nice to have. Most of the sellers are willing to negotiate the price if they see a firm customer who knows exactly what they want.
8. If nothing goes right, ask the seller to “sweeten” the deal
Believe it or not, the fastest way to negotiate the best price for a car is by getting a deal in which both sides win. If the seller won’t bend on the cost, you may become clever and persuade them to include something extra in exchange for your agreement to pay what they want.
For instance, if the car requires fresh brake pads or you notice that the tires are a tad worn down, you may use that information to either bargain for a lesser price or sweeten the offer. It might not work out, but it never hurts to try!
If reading about how to negotiate the best price for a car tickled your curiosity, then you may also enjoy reading about 11 Ways To Earn An Extra $1k A Month.
