20 Tips To Get The Best Deal When Buying New Car
Does the thought of buying a new car fill you with dread? Making a decision to buy a car is not easy and it does not help when a salesperson tries to convince you to buy one.
To make sure that you get the best deal on a new car, you need to beat the salesman at his own game and there are a number of ways in which you can do this. Here are 20 tips on how to deal with a savvy salesman and get the best deal while buying a new car:
The first thing you should do is go to a car dealership just to browse. When a salesman approaches you, tell him that you do not intend to buy anything at the moment and you are just looking around. You can then note down the ones you like and return home to do more research.
2. Find out the invoice price
An important piece of information that you will need is the invoice price or what the dealer paid for the car you like. You do not need to ask the dealer as many will be reluctant to give you that information. Luckily, you have the Internet to help you!
3. Find price quotes online
Many dealerships have websites nowadays and you should get quotes from them. In fact, you should get a number of them from different dealers so that you can compare them and get the best deal.
4. Organize your paperwork
You should have a print-out of the invoice price along with a list of options that you are looking at. Find out your credit score and also research the loan rates that different banks are offering. Put down all the numbers to paper and take them to the dealer. If he cannot match the rates, then you will have to tell him that you will find another way to finance the car.
5. Do not lease
Many dealers try to convince their customers to lease the car that they like. It might sound attractive but the fact is that no one but the dealership profits from it. It will be like you are renting the car and when the term is over, you will have to return the car and waste years of payments that you have made.
6. Take your time
Do not let anyone rush you into buying a car unless you are 100% sure. It is important not to let your emotions make your car-buying decisions.
7. Do not be pressured
In most cases, the quotes that the salesman is pitching to you will still be there the next day. If you feel pressured or uncomfortable, walk out of the dealership.
8. Talk finance after settlement of price
It is important that you do not discuss finance and trade-ins before you and the dealer have settled on a price. Do not forget the finance, the trade-in and the car are negotiations that are separate and you should treat them as such.
9. Pass the test drive
When you are going to take the car for a test drive, it can be easy to get excited but refrain from it. The dealer will want to bargain or compromise if he sees that you really like the car. Take your time and ask questions. You should also thoroughly inspect the car and make sure that you are comfortable.
10. Check the contracts properly
Before you sign any documents, make sure that you thoroughly go through each and every page of the documents that are provided. You need to make sure that the papers include all contracts you agreed upon.
11. Avoid dealership services
Most dealerships will offer you extra services. You should not fall for them as many times, these are things that you can get done yourself without having to pay an exorbitant price.
12. Find the ideal time to make a deal
Many people think that the end of the month is the best time to get fantastic deals on cars. However, this is not always the case. If you want to take advantage of a dealer’s aim to meet his monthly quota or target, you should do it a few days before the month ends.
13. Make sure the car is in stock
Do not waste your time if the dealership that you go to does not have the car you want in stock. The dealer can get the car you want but it would take a few days. It is better to choose a car that is in stock or go to another dealership as you will get better deals with cars that are in stock.
14. Check deals properly
Sometimes dealers will suggest that you go for a used car rather than a new one or vice versa. It could be a good deal but make sure that you check the cars properly before deciding or signing anything. If you do not know much about cars, take someone who does to help you out, especially in case of used cars.
15. Rethink on lower payments
When a dealer offers you lower payments per month, it does not mean that the price has come down. It just means that he is offering you a more attractive payment plan without compromising on the price or profit.
16. Do not rush
If you want to be the first person to have the latest model, you will not get a good deal. It is better to wait a few months before buying a new model and you will get a better price for it.
17. Keep future purchases in mind
If you buy a car with less money down but plan to replace the car in a year and a half, you will need to set yourself a good plan for the future. If you do not do this, you will end up owing more money than the car is worth and the cycle will keep on repeating and you will end up owing more and more money.
18. Call the dealership
Before you go to a dealership, call them and ask them to keep the car that you want ready for a test drive. If you do not do this, the car could be stored in another location.
19. Keep trade-in keys with you
No matter what, you should remember never to give your trade-in car keys to a dealer. They will keep the car and pressure you to sign a sales contract there and then.
20. Always check dealership’s reputation
Ask around and find out every dealership’s reputation. Online research is the best way to do it. This way, you make sure that you are not duped in any way.
Getting a great deal for a new car can be quite tough but with tips mentioned above, you can negotiate the best deal for the amount of money you are willing to spend on a car.
Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on FB, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂