Tips for Negotiating the Price of a New Car
» Posted May 9, 2018 Resources | Share This Post
Negotiating on the price of a new vehicle can help you to save money so the car will be more affordable. However, it's helpful to know a few tips for successful negotiating if you want to maximize your chances of getting the best deal.
It's also important to do your due diligence to make sure a car you're buying is a reliable one, as a cheap price on a car with lots of problems is still going to be a bad deal in the long-run. If you do end up with a defective vehicle, a San Diego lemon law attorney can help.
How to Negotiate the Price of a New Car
Figuring out how to negotiate to get a car for a good price can be more complicated than it seems, but Investopedia has some negotiation tips that can help you to make your new vehicle purchase as affordable as possible.
- Doing research on your own first: You can use Kelly Blue Book, Edmonds, and True Car to find out details including the manufacturer's suggested retail price and invoice price to dealers. The price that you end up paying for your vehicle is likely to fall somewhere between these two figures. Many of these sites also offer details on how much people are paying in your area for new and used vehicles, so you can use these prices as a good guide to lead your negotiation efforts.
- Find out the value of your trade-in: If you're going to trade in your vehicle, you can use the same websites to find out what your trade-in will be worth. However, it's important to be realistic about what condition your car is in, as this can heavily impact a vehicle's trade-in value.
- Research loan rates: Dealers do not offer the most attractive financing in every circumstance, and they sometimes make money on the financing. Find out what types of loans you can get from banks and credit unions so you will know what kind of financing is available to you.
- Get online quotes: Investopedia advises that you can get quotes on car sales website or can contact the Internet sales department of the dealership you are interested in buying from so you can work out your deal on your vehicle via email.
- Prepare for a lengthy process at the dealership: It takes time to negotiate a price, so don't go in expecting to get a deal quickly if you are going to be shopping in person.
- Read over final paperwork carefully: When you've reached a deal, you want to make sure there are no hidden fees or other surprise costs in the fine print. Don't agree to the purchase or sign the paperwork without checking to ensure you understand the total vehicle cost.
Hopefully, by following these steps, you'll end up getting a great deal on a new car. However, you still want to understand your rights in case something goes wrong with the vehicle you buy. A San Diego lemon law attorney can help you if your car turns out to have defects, so reach out to a legal professional for the assistance you need.