Deme Motors | 10 Tips for Negotiating a Great Deal on a New Car

Are you in the market for a new car but feeling overwhelmed by the negotiation process? Fear not! With the right strategies in place, you can secure a great deal on your dream vehicle. Here are 10 tips to help you navigate the car buying process like a pro:

Do Your Research

Before setting foot in a dealership, arm yourself with knowledge about the make and model you're interested in. Research the average price range, available features, and any current promotions or incentives.

Set a Budget

Determine your budget and stick to it. Consider not just the upfront cost of the car, but also ongoing expenses like insurance, maintenance, and fuel. Knowing your financial limits will help you negotiate confidently.

Timing is Key

Dealerships often have monthly, quarterly, and yearly sales targets to meet. Try to shop towards the end of these periods when salespeople may be more willing to negotiate to meet their quotas.

Get Pre-Approved for Financing

Having a pre-approved loan from your bank or credit union puts you in a stronger position when negotiating with the dealership. It also gives you a clear idea of your budget and prevents you from overspending.

Test Drive Multiple Cars

Don't settle for the first car you test drive. Try out a few different models to compare features, comfort, and performance. This will give you leverage when negotiating, as you can mention other options you're considering.

Be Willing to Walk Away

One of the most powerful negotiation tactics is being prepared to walk away if the deal isn't right. This shows the salesperson that you're serious and can often lead to them offering a better price to keep you as a customer.

Focus on Out-The-Door Price

Instead of getting caught up in monthly payments or trade-in values, concentrate on the total out-the-door price of the car. This includes all fees, taxes, and extras. Negotiating this final price will give you a clearer picture of the deal.

Use Competing Offers

If you have quotes from other dealerships or online sellers, use them to your advantage. Mentioning that you have better offers elsewhere can prompt the salesperson to match or beat the price to earn your business.

Inspect the Car Thoroughly

Before signing any paperwork, inspect the car inside and out. Look for any defects, scratches, or mechanical issues that could be used as leverage for further negotiation. Don't be afraid to point out any imperfections.

Ask for Add-Ons

As you near the final deal, ask for complimentary add-ons like free oil changes, extended warranties, or accessories. These extras can add value to your purchase without increasing the price, making your negotiation a win-win.

By following these 10 tips, you'll be well-equipped to negotiate a great deal on your new car. Remember to stay confident, do your homework, and be prepared to walk away if needed. Happy car shopping!