About a year ago, I realized we were going to need to invest in a new family vehicle. The car that we had was dying fast, and I was worried about my wife getting to and from all of the places that she needed to travel. We started looking around for different places to shop, and I found an auto dealer that was absolutely incredible. I worked with them to negotiate a fair price for the car, and I learned a few tricks along the way. This blog is all about negotiating effectively with an automotive dealer, so that you don't end up with buyer's remorse.
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When you buy something as expensive as a car, you really want to know that you're getting the best deal possible. After all, the cost of driving and maintaining a car isn't cheap, so if you can cut costs on the actual cost of the car itself, it can help you keep more money in your wallet. Here are some top tips to help you make sure you're saving the most money on your next car purchase.
Shop online first
The Internet levels the playing field between dealerships and customers. Instead of spending days or weeks cruising around from dealership to dealership and being pressured to test drive every car you see, take a look at what's being sold near you. Research the type of car that you'd like to buy, then email each dealership and ask them if they have one. Get a quote from every dealership so you can see who's offering your dream car at the lowest price, but don't stop there.
Because dealerships can be very competitive, ask them all if they'll be willing to match or beat the lowest quote. You may be surprised at how low they'll go, especially if they are trying to meet end-of-the-month sales goals. Start searching the websites of dealerships like Leopardi Auto Sales or others in your area.
Know your budget and stick to it
Once you have a car and a dealership in mind, it's time to go for a test drive. Be prepared to be wooed and wowed by anxious salespeople ready to get you "in that car" right away. They're counting on the excitement of buying a new car swaying you to just throw caution to the wind, but be firm about your budget for your new vehicle. If you feel pressured or uncomfortable or if you are given a different price than the one you were initially quoted, just move along to the next dealership on your list or go home to think it over.
One thing you have to keep in mind is that when you are given a price for your car, if you are using auto financing to pay for it, you need to calculate interest in your overall costs. Use a calculator to help you figure out what payments will be based on the cost of the car and the interest rate that the dealership quotes you. Lower your payments by making a large down payment and be sure your credit score is strong so you'll get the most competitive interest rate available.
Don't forget related expenses
Your new car could cost you a lot more than the price of its payments. Contact your insurance company before you buy to see how the purchase will affect your premiums. If it will drive them up substantially, you may want to consider an alternative model of vehicle. Also, keep in mind that some cars use much more or less gasoline than others. Buying an inexpensive gas guzzler now could cost you dearly in the future, so choose wisely.
Research incentives and rebates
Knowledge is power, so go into a dealership knowing as much as you can about which vehicles are being incentivized or come with rebates. The dealership may or may not tell you about all of these, so take a little extra time to research them before you head to the dealership.
Sell your old car yourself
It's easy to just hand over the keys to your old car and trade it in for a discount on your newer one, but you may get more money for your old car if you sell it independently. You can then use the money to put a down payment on the new car. If you have a substantial down payment, the dealership may even give you a discount on the price of the car.
Make sure you're getting the best deal when you go buy your new or used car. Do a little research and stick to your guns when it comes to choosing a vehicle that's within your price range, and you'll drive away with a smile on your face and money left in your wallet.
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