In order to get a good deal on a car, be it new or used, consumers need to take several things into consideration, including picking the right the time of day and time of year to go shopping, researching and comparing prices, and employing a good negotiating tactics.
Compare Prices
Car buyers must do a research and compare prices before heading to the dealership and start negotiating. Getting as many quotes as possible from multiple dealers for the car they are interested in will give buyers a good negotiating position, as it will allow them to haggle with a dealer and bring the asking price down by mentioning that the same type of car with the same specs and features is offered at a lower price at competing dealerships.
Determine How Much You Can Afford to Spend
To make sure they buy a car that is right for their budget, consumers should take the following factors into account: the desired monthly payment on their loan and the down payment, in addition to the operating expenses, which include gas and maintenance. Once they have figured this out, buyers will be able to start the negotiating process with confidence and won’t let the dealer trick them into buying a car that they really can’t afford.
Best Times to Buy
Timing is of utmost important when buying a car. Consumers can save hundreds, and even thousands of dollars by choosing the right time to go shopping. In general, the end of the calendar year is a good time to buy a car, since it’s when dealers are trying to meet their yearly sales targets, making them willing to offer attractive discounts on most models.
Late summer is also a good time to look for an attractive deal. The end of the summer is when dealerships get new-model-year vehicles, offering discounts on previous model year cars, so buyers should definitely go shopping this time of year.
Negotiating Tactics
Choosing a good negotiating tactics is key to ensuring a good deal on a car. Before they start the negotiating process, buyers should set their floor and ceiling, with the ceiling recommended to be about $500 below the sticker price. Then, it’s important to remember that negotiating based on monthly payments will not result in a good deal, but rather negotiating in terms of the final price, with interest rates and a possible trade-in included. Also, buyers should always try and avoid paying some of the additional fees that almost all dealers try to charge, such as dealer preparation, advertising fee, processing fee, and delivery charge.
To sum up, the key to getting a good deal on a car is doing your research, knowing how to negotiate, and choosing a good time to visit a dealership.