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It’s no secret, educated car buyers find the best deals for new cars. What is surprising is that finding all the information needed to get the lowest price on a new car can be done in a few minutes. If a small amount of researching could save you thousands of dollars on your next new car purchase, why not make the effort?
In an ideal world car dealers would work to find buyers the best deal on the exact new car they want. Unfortunately, most dealers are aiming to make the most money on every sale. They are experienced in sweet talking buyers into paying as much as possible. In some cases they use their skills to convince buyers to purchase a model other than what they’re looking for in order to increase profits.
Knowing this why would you trust yourself in the hands of a car dealer? Don’t.
To find the best deals on new cars start buy learning what other buyers are actually paying in your area. Next learn the MSRP and factory invoice price. Base your negotiation on these figures.
Once you know what the new car you want is truly worth, start looking for additional savings. These can be rebates, incentives, special leasing offers or discount programs. Find all the current discounts offered. Remember many incentives and rebate programs change regularly, find the most up-to-date information.
By deducting available discounts from your estimated price you’ll have a ballpark figure of how much money you will spend on your new car. With this information contact lenders to find the best financing deals. Consider putting as much money down as possible in order to lower your overall loan amount. To save more choose the loan offer with the highest monthly payments you can afford. This will lower the amount you pay in interest over the term of your loan.
Now that you know how much you’ll pay and how you’ll pay for it. Contact multiple local dealers. Request a complete price quote on the new car you want. Be clear that the offer provided includes all additional fees.
After the dealers have provided their offers, review and compare car prices. Respond to each dealer telling them what their competitor is willing to offer. Dealers will be more likely to drop their prices to keep you from going to a competitor.
Continue the negotiating process until you find an offer at or near the price other buyers are currently paying. Next work with the dealer to factor in rebates, incentives, and any other discount you found. Do not let the dealer tell you these cannot be deducted from the agreed upon price. You are entitled to all additional discounts.
Once completed you can move on to financing. Compare the dealership’s offer to the outside lender quotes. Choose the best and complete your contract. Remember to take your time and read all the fine print. Feel free to question the dealer on anything that is unclear or unfair.
Don’t be afraid to ask questions or request a lower price at anytime throughout the negotiating process. Smart buyers make decisions based on complete information and it’s your right to request the lowest possible price.