Whether you’re planning to purchase your new car online, from a car dealer showroom, or your neighbor, it helps to equip yourself with some basic negotiation skills. Why? Because the displayed price you see on any car isn’t necessarily the final price. And your ability to negotiate with the seller will help you drive away with a great deal. So, are you planning to purchase your first car? Great! Don’t let those prices intimidate you. Here are some negotiation tips you can arm yourself with.
- Research first
The first thing you need to do is decide what vehicle type and specifications are ideal for you. This should take as long as necessary to gain as much information you need about your preferred car. After deciding on which car will best meet your needs, call or visit different dealers to get a good idea of the price range. Be prepared to hear different prices, and regardless of how attractive some of the prices may sound, do not be in a hurry to pull out your wallet. Learn about the car’s weaknesses, hidden faults, maintenance expenses, and so on. This would prevent you from taking an unsuitable price.
While most car dealers do not sell insurance packages, it helps to check in with various insurance providers to find out about their comprehensive coverage packages and how that’ll affect your overall expenses. Also, be sure to take your preferred car on a test drive to get a good feel of it first. It’s your first time purchasing, so some level of excitement is sure to send your emotions ticking. But regardless of how good you feel about a particular car, the next point is super important.
- Do not allow your emotions to get in the way
New car buyers are easy prey for car dealers. Even after you’ve done all your research, car dealers usually have one trick or another up their sleeves. So, don’t let your emotions guide your purchase. Almost every car dealer will focus on a car’s highlights to get you pumped up. But you should focus on the downsides to water them down. The more downsides you can dig up about a car, the bigger your bargaining chip.
Be sure to ask your dealer important questions about any car that checks your boxes, and if something doesn’t feel right about the offer you’re getting, do not be afraid to walk away.
- Focus on the final, drive-away price
When negotiating with a dealer or seller, always make sure that you’re focusing on the car’s final price – that is the price you’ll pay to drive away with the car. Otherwise known as the out-the-door or drive-away price, this is the price that settles everything, ensuring that your dealer does not spring up a surprise additional expense to wrap up the deal. So, make sure that your drive-away price includes taxes and any other fee the dealer proposes. Say no to add-ons, fabric protection, or any special paint that your dealer might want to use to increase their profit margin.
Photo Credit: Kia