Covid-19 has sky-rocketed automobile prices, and they are predicted to remain like so until the very end of 2022, when things will acquire a certain level of normalcy.
Until then, you’ll need to hone your negotiating skills since waiting for another year to own your dream car can be quite tricky. Besides, negotiating can help you in all seasons, beyond, and forever. Most customers hesitate, which is quite reasonable, but nothing’s better than saving thousands of dollars. Thereby, strengthen them right away if you need to do so!
To help you, we’ve got some negotiating tips for securing the best deal ever.
Do the Necessary Research
Research must be your foremost homework before setting inside a dealership. Specify your choice according to your purpose, needs, and budget. Identify which make, model and trim will be best suitable for you by researching and comparing cars using online car dealers’ platforms like Auto for Trade or Edmunds. Now gather sufficient but plentiful details about the vehicle you are targeting. Its MSRP, resale value, average ownership cost, and commonly-paid price. Researching these varied prices will help you decide your total budget while saving you from being taken for granted. Another essential tip is to research common and potential problems of your selected car via consumer reports or online forums. It will help you evaluate your vehicle on a test drive, plus it’s a great bargaining tool when you are aware of existing or possible problems.
Decide Your Budget
The homework you’ve done so far will further help set your budget. It will include not only the car’s price but also invoice, freight, and compulsory insurances. Hence, calculating your affordability is essential, and it entirely depends on where you financially stand. So decide whether trading-in or financing will benefit you, then outline your expenses to finalize your budget, which will be your fixed price; remember that.
Turn your BUY-IT-NOW Mode ON
Never go to a dealer’s showroom for window shopping, do it at home beforehand. Although it helps a lot to identify what price you should be paying, for shopping and learning prices, e-negotiate. Sites like US News Cars, Edmunds, Auto for Trade make it faster and easier with side-by-side car comparisons, price calculators, online expert consultations, and more.
Hence, being in shopping mode with a salesperson will gain you nothing since you’ll be clueless when they are presenting an elevating pitch that might be utterly inconsequential to you at the time.
Set Your Rules
Instead of being influenced by a salesperson, set your own rules and abide by them as ample knowledge is now your power.
- Set forth your opening bid with the lowest price of the vehicle possible rather than starting at the MSRP.
- Focus on negotiating one thing at a time, like negotiating the car price first rather than the overall involved prices.
- You will buy what you decided based on your research, strictly avoid costly add-ons, available packages or trims etc.
- With the power of knowledge, you have the right to walk away if the final deal proposed is not suitable for you.
Sketch the Salesperson’s Mind
Keeping your rules in mind, once you are on ‘the talk’, take over the wheel and concoct the salesperson’s mind in the following ways.
- You are all geared up with research about the car you want, along with the experience of a test drive.
- You are fully aware and have decided the trim you want along with available packages/options that come with it.
- You know the price dealership or previous owners paid for your trim + packages, so you can’t be fooled.
- Assure the salesperson you have calculated the overall price to pay, and it includes a fair amount of profit for them.
- If the salesperson agrees to your calculated price or any nearer you’re happy with, the car is yours otherwise you have the leverage to go to another dealership.
Let the Salesperson Initiate
Knowing that the salesperson and your own goal are polar opposites, let him initiate the price by setting a bar. It will be far easier for you to bring him down to the median or your target price, if lucky. Once your dealer suggests a price, he/she can’t go any higher, and neither can you go any lower after offering a price yourself. However, remember the salesperson also needs a reasonable amount of profit, so be just while negotiating.
We are well aware that buying a car can be stressful and time-consuming, but we hope these tips have made it easier for you.