Are you in the market for a new car? If so, the Internet can make your search easier, but it still doesn’t delay the inevitable: you have to deal with a car salesman.
They can be a tricky bunch to deal with, but it should be noted that they’re not all bad. Yes, there are some shady characters, but ultimately they want you to get the car you want as much as possible. The contrast is that you want to get the best deal possible on a new car, saving you money and costing them.
But that’s part of the trade with them. If anything they expect you to deal with them when you walk into their dealership.
That’s why it’s important to know how you can maneuver your way to getting the best deal on a new car. We have six ways that can help you do it.
6 Ways to Help Your Get the Best Deal on a New Car
Set on Price & Don’t Budge From It
It’s not difficult to get swayed by a car salesman; all that they have to do is present something to you that caters to your needs, but it’s just a tad more expensive. Before you know it, you’ve screwed yourself out of a great deal. So how do you eliminate this problem from the start? Set a budget on what you can and want to spend on and don’t budge from it. You can go a couple of hundred dollars more if it’s a steal, but get your feet firmly planted so you don’t go overboard.
Investigate Incentives from the Dealerships
Plenty of car dealerships offer plenty of incentives; the trick is to know what they’re offering and how it benefits you. Do you research into the dealership you’re going to visit (using a car concierge service can prove useful) to see what deals and incentives they got on offer. You might be able to use them to your advantage when it comes to negotiating a fair price for your new car.
Test Drive & Use it to Your Advantage
Test driving not only helps you get a feel for the car and see how it works for you personally, but also provides you with leverage to negotiate. Does something not feel right to your liking? Do you wish to get something updated or changed? The test drive allows you more flexibility to negotiate with the dealership to get a better deal.
Get One Dealership to Beat Another’s Price
Always, always start a bidding war between two dealerships. Many dealerships say that they have a policy to beat any other dealership’s price, offering you the best deal possible. So, see if they live up to their word by telling them you have a better deal lined up elsewhere. Just make sure it’s legitimate (this is where the research can prove useful), so the dealership can’t argue back to you. As Forbes suggested: “Take your lowest bid and see if any of the other dealers you queried will beat it. Repeat the process as necessary until you’ve reached the lowest possible price.”
Never, Ever Go for Extras
Do not buy anything except the car, even if you get offered a wealth of stunning bonuses. This is how car dealerships take more money from you, hooking you at the last second with special deals or must-have extras. Don’t fall for it. Stick to your guns and only buy the car. Anything extra that can be added can be found and paid for at a cheaper rate in the future, without the pressure of dealing with car salesmen.
As stated by Investopedia, “most customers don’t realize that financing is a profit center for car dealerships.” It’s basically a cash vacuum for them to take more money from you than expected, particularly as they lock you into deals that make it hard for you to get out without paying more. That’s why paying cash (or a bank cheque, e-transfer etc. whatever works for you) is going to save you more money down the road.
We hope that this guide helps you with your new car-buying process. If you would like more information, reach out to Carismo, the industry’s leading car buying service company.