Frugal Driving: The Five Essential Rules For Negotiating Your Next Car

Monday, June 16, 2014, AM | Leave Comment

When people set out to buy a new car, they often dread having to negotiate with the dealership that they are buying it from. Inexperienced deal makers see negotiations as confrontational, so they avoid them at all costs. Fortunately, negotiations don’t have to be hard; you can use some quick and easy tips to help you save money on your next car purchase.

The Five Essential Rules For Negotiating Your Next Car

You can use the following tips to always get the best car price:

  • Let Dealers Compete For Your Business

    Car dealers only make money when you walk off of their lot with a new car. You can use this fact to your advantage. Once you know what kind of car you want, use the Internet to get in touch with some dealerships. Ask them what the best price they can give you for your car. Tell the dealer that you are looking at other dealerships, and tell them that you are going to buy from the one that gives you the best price.

  • Get A Loan Approval

    If you show up at a dealership with your financing in order, the dealership is less likely to add unneeded accessories to your contract. Apply for a loan at a couple of banks and credit unions; once you get your loan, it should be valid for about 60 days. Use your line of credit as a bargaining chip, and make sure to let the dealer know you won’t be paying more than you are approved for.

  • Negotiate Everything

    Add-on fees are often printed on dealership contracts. Smart buyers know that they can get rid of these fees; don’t make the mistake of thinking that everything on the contract is set in stone. Make sure to negotiate fees before you sign your contract. Contract numbers can be crossed out, or they can be subtracted from other costs.

  • Get Educated

    Debt consolidation experts, Paddon & Yorke Inc say that educated consumers usually get the best deals. If you can spot a good deal, make sure to scoop it up as fast as you can. Do some research before you buy your car; if you can get the dealership to give you good incentives, then you pay considerably less for your car.

  • Buy At The Right Time

    If you buy a car at the end of the year, you’ll be able to take advantage of the sales that dealerships have. If you can wait, August through October is the best time of the year to buy a new car. If you’re in a rush, try to buy your car at the end of the month; dealerships are more likely to give you a deal when they have monthly quotas to meet.

Buying a new car is a big decision, but with some negotiation, you can save thousands of dollars. Remember, negotiation isn’t confrontation, and dealers are given leeway with their numbers so they can work with people to give them the price they want.

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