Automotive

5 Professional Secrets to Get the Best Deals When Buying a Car

Buying a car is one of the biggest money purchases most people will ever make. With the right techniques and insider tips, you can save thousands and drive off the lot knowing you’ve negotiated the best deal. Here are five expertly chosen tips to make your car-buying experience a success.

1. Research the Car’s Value Correctly

Preparation is the secret to effective negotiation in car purchasing. Start with establishing the actual market worth of the car you want to purchase. Online resources Kelley Blue Book together with Edmunds allow buyers to discover the actual market price of their desired vehicle according to make, model and condition. Research local dealer inventories as well to discover regional price variations. For example, a vehicle that is priced higher due to its lack of availability in one area can be priced lower in another. Equipped with the information of what others are paying for the same models, you enter the negotiations with a solid basis that keeps you from overpaying.

2. Time Your Purchase Strategically

Timing is everything in how much you pay for a car. Buy at the end of the month, quarter, or year since salespeople and dealerships will typically have quotas to meet. These deadlines might compel them to offer enormous discounts to close sales quickly.

Apart from that, buying in specific times of the year, i.e., December or during summer model-year clearance sales, is a means of acquiring extra discounts. The dealerships will attempt to sell off the old year’s models from their stock in hopes of making space for the new ones. Buying in these times gives you the greatest leverage in negotiating and can bring back prices well below sticker price.

3. Distill Financing and Trade-In Discussions

When you are negotiating the price, you should leave financing, trade-ins, and the price of the car as separate issues. Having these issues as separate issues will enable you to gauge the real split between the costs and not get distracted by issues that can be manipulated by dealers.

For instance, if a dealer informs you in advance how much your trade-in is worth, then they can compensate for the loss of the car price by offering you less money for your old vehicle. Negotiate the price of the vehicle first, and then trade-ins and financing terms afterwards. This way, you can clearly see and obtain the best offer in each component of the deal.

4. Capitalize on Competition Among Dealerships

Dealerships are usually competing directly with one another, so savvy consumers are in control. Obtain multiple price quotes on the car you’ve chosen by phoning various dealerships. This allows you to negotiate based on the lowest price as a bargaining chip. Let it be extremely clear that you will purchase your car at the dealership where you receive the best deal — this makes dealerships compete with one another.

Also, don’t hesitate to negotiate online via email or messaging. This method keeps it brief and avoids the charged environment of face-to-face selling. With persistence, you can negotiate for additional extras, such as free maintenance packages or add-ons such as improved features or warranties.

5. Guard Yourself against Dealer Tactics

Knowledge and defying typical dealer tactics are the secrets to staying away from unnecessary costs. Dealers will attempt to upsell you on unneeded add-ons — such as extended warranties, gap insurance, and unneeded markups—that can quickly inflate the cost. Decline add-ons you don’t need by saying no firmly but politely. Establish your boundaries before going to the dealership.

Another tactic is hiding fees in monthly payments. Sellers can extend the loan term to make a payment appear reasonable while maintaining the overall cost high. Be cautious when negotiating the overall price of the vehicle instead of monthly payments to avoid falling into this trap.

It is also essential to read through all the documents thoroughly before signing. Double-check any hidden fees since extra expenses combined with preparation costs and unneeded package add-ons should not be part of the total fee. Ask repeatedly until you are entirely content with the explanation when there is something you do not understand.