Buying a car can be an invigorating experience. However, the stress of it all can cause everything to come crashing down. If you do not consider yourself a seasoned negotiator, the experience can be made that much worse. Because everyone is on the lookout for the best deal possible, a lot of individuals find the process of negotiating for a car to be an unpleasant one. Fortunately, the entire experience need not be.
By preparing yourself and by learning the rules of the game early on in the process, you can ensure that you are negotiating at a level playing field. You have worked very hard for your money. You, therefore, have every right to seize the opportunity to save some money. To make sure that you do it correctly, here is how to skillfully negotiate when buying a new car.
Know all your Numbers:
It all starts by working from a position of power- and to do this, you need to know how much everything should cost you to avoid being tricked. Before you go to the dealership, ensure that you carry out your research to know what the key numbers are. This type of knowledge is what will help guide you during your interaction. Some of the information that you need to have on your fingertips includes:
- The current market value for the model of car you are interested in
- Estimated fees including the sales tax
- Any financing that you might qualify for
Set the Ground Rules for the Negotiation:
Setting the ground rules will allow you to start the negotiation process on your own terms and not the dealers or the sales people. When you get there, be sure to let the dealership know that:
- You are fully aware of all the features and how much your car is going to cost
- You have calculated the market value and know what you are prepared to pay for
- That you are not afraid to walk away or take your business to other dealerships
Visit Different Dealerships:
One of the worst things that you can do is purchase your new car from the very first dealer that you come across. As such, you should shop around at multiple dealerships to get the best deal and to make sure that you receive the treatment and customer care that you deserve. You do not even have to leave your house to shop and compare- you can do this by chatting with a private seller or a dealership’s online sales department.
Organize your Financing Early:
Savvy buyers never walk into a negotiation without securing some sort of pre-approved financing from a bank, private lender or credit union. Before you settle for any loan, ensure that you understand all the terms fully, which means knowing your interest rate, the duration of the loan, the prepayment penalties that come with the loan, as well as any extra fees that the lender might charge you.
Lose the Emotional Attachment:
At the end of the day, you must remember that buying a car is just like any other business transaction. Although it is understandable to develop some form of emotional attachment to the new car that you want, do not be afraid to walk away when you do not get the price that you want to hear.