3 min read
Buying a car can feel like a rollercoaster. You're all jazzed up one minute, then on pins and needles the next. That's normal—we all go through it because no one wants to get swindled into overpaying for a new ride. So let's dust off those wheeling and dealing skills and give you some swagger that’ll put you behind the wheel of your dream mobile.
Knowledge is power
From the jump, you should do your homework before you set foot in a dealership. Rummage around the internet to learn as much about the make and model of the car you're head over heels about, comparing prices and how well it holds its value.
Don't break the bank
Before you get your haggle on, set a limit on how much money you can fork over. Keep in mind that you’ll incur taxes, registration fees, and insurance costs on top of the purchase price.
Get pre-approved
One way to build up your bargaining arsenal is to chat with your bank or credit union so you know exactly how much you can borrow and the interest rate. Doing this will give you an edge when discussing financing options with the dealership and considering how to negotiate that car deal.
Willing to walk away
Talking the talk helps, but walking the walk is a game-changer. If they're not budging on an offer, sit tall in the saddle and politely decline. Having the guts to walk away can spur the dealership to rethink the deal.
Total cost vs monthly payment
Dealerships try to steer the conversation towards monthly payments rather than the total cost of the car. While lower payments may sound dandy, they could cost you in the long run. The more a loan is stretched out over time, the more interest you'll pay. Negotiating based on the car's grand total, including any additional fees or add-ons, is best.
Incentives and discounts
Be on the lookout for manufacturer rebates and special promotions that can help lower the price of the car. These incentives are often seasonal or tied to specific models, so timing your purchase right can be your big payday. If you’re wondering how best to negotiate a car price with a dealer, this is key!
Trade-in negotiations
If you're trading in your old car, just know it's a separate bidding war. Dealerships can try to lowball you, so research the value of your trade-in beforehand. Selling your old car privately may seem to yield the biggest bang for your buck, but if you are looking to save time, headaches and do this easily, check out Peddle.
