In order to successfully negotiate with a car dealership a buyer should research, be patient and financially be prepared for buying a new vehicle.
Before buying a new or used vehicle, there are preliminary steps that must be completed to ensure the process is quick and stress-free. Researching, inquiring with dealerships, test driving and negotiating are some of the phases of car buying to be familiar with before you begin shopping for your next vehicle. Negotiating with car salesmen is a tactic that can lower interest rates and the overall price of a vehicle. It can also help you get vehicle add-ons and features. However, knowing how and when to negotiate with a salesman can make or break what you drive away with.
Finding a vehicle that fits your lifestyle and budget is hard enough. Here are some tips on how you can negotiate the best car deal with your local dealership.
Do Your Research
The first step in the car buying process, and to ensure that you are prepared to negotiate, starts with researching everything you can about the make and model of vehicle that you are interested in, including the wholesale and retail value. Once you have found a vehicle that you want, take a few days to read reviews and compare prices online. After researching the vehicle, call several dealerships and ask to speak with the sales manager. Tell them you are looking to buy a vehicle and want to make sure you get the best deal possible. The sales manager will also be able to tell you if the vehicle you want is in stock. Only buy a vehicle from a dealership that has what you want. Regardless of what the dealership says, bringing a vehicle in from another dealership will cost you money. Building a relationship with the sales manager will prove that you are serious about visiting the dealership to negotiate a target figure.
Visit carcostcanada.ca and download the price report for the model you’re interested in. This report will tell you how much markup is in the model you’re looking at, as well as any current incentives offered by the manufacturer.
Care Less Than They Do
As long as you are prepared to walk away, you will be in the best position possible to negotiate you new car deal. Remember that the automotive industry is one of the most competitive industries in the world, and dealerships will compete very hard for your business especially if they know that you are considering buying from a potential competitor. Instead of going into the negotiating process with a lot of bend, be stern with the salesmen that you are dealing with. Let them know that you will only sign the paperwork if your target figure is met. Decline any offers that do not meet your target and politely walk away.
If you find yourself in a situation where you have to decline an offer made by a car dealership, follow-up with the dealership on the last day of the month. The sales team at a car dealership usually feel the most pressure to make goals at the end of the month. Calling them to remind them of your offer on the last day of the month might entice them to accept your deal, especially if they are struggling hit a monthly target.