Once you’ve decided which new car is the best for you, its time to get ready to negotiate a deal. Getting a good deal on a new car can be a daunting prospect for many people, especially when you consider that car salespeople are professionals, trained for the very purpose of pushing the car’s price as high as they can.
The key to getting the best price for your new car is to do some research before you start negotiating. If you do some investigation online, you should be able to find the car’s invoice price, which is the amount the dealer actually pays for it. Knowing your dealer’s profit margin is a huge advantage when the time comes to haggle for your new car.
Visit several dealers in your area and compare quotes, leaving your closest dealer until last. Most dealers receive incentives from manufacturers for sales made in their own ‘prime market area’, so they will be keen to secure a local sale.
Choose any options and accessories you want for your new car before you start talking to the dealer and include them in your overall negotiated price. Don’t be enticed by other extras that you don’t really want or need. It is important to remember that dealers will often add certain charges, such as delivery fees, on top of the price of the car, so make sure you are negotiating the overall drive-away price, including all charges.
It also pays to time your visit carefully. Weekends are busier than weekdays, which may prompt salespeople to be tougher on price.
Another good idea is to hold off your final decision until the end of the month, when sales staff are under the most pressure to meet their monthly targets. Don’t wait until the very last day though, as dealers may need a day or two to get the car ‘on the road’ before the end of the month.
If you don’t think you have been offered the best deal on your new car, walk away and look somewhere else. Once you are happy with the price you’ve negotiated, carefully go over the final deal in writing, making sure it’s exactly what you agreed to.