In previous articles, we have discussed the importance of doing thorough research before you make your way to the dealership. As a huge tip, bring that research along with you to the dealership or to the private sale individual. This makes you appear well informed and gives you a much better chance of attaining the best possible price on the vehicle. When people show up ill prepared and uninformed, the seller, either a salesman at a dealership or a private individual, has the upper hand and you have less leverage. Less leverage can mean you get 'taken for a ride' because you appear to not know what you're talking about. Dealerships especially love customers like that, as they can spin a tale about a vehicle that may or may not be entirely accurate. Also, be aware of dealership prices and upcoming or past sales or promotions - if you mention a past sale, you may be able to get the sale price, even if the promotion is over.
If you go to purchase a vehicle through a private sale, take a look at the surroundings. Is the car in the driveway of a million dollar house or a shabby environment? Though it is often unfair to prejudge a person, remember that you are in this to get the best car at the best price, so do what you need to do to analyze your surroundings and make a bid at the car that you think is appropriate.
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For better or worse, appearance can make a huge difference. If you look the part, you get treated as though you have more power in the deal. If you come to a test drive dressed too casually, a dealership may not take you seriously or a private sale individual may feel that you cannot make the financial requirements necessary to purchase the vehicle. Show up dressed nicely and well groomed.
Whether you go the dealer route or choose to pursue a vehicle through a private sale, do not reveal too much information about your situation. Avoid answering questions that may reveal how much income you earn. Stay away from questions you may be asked about why you are buying a vehicle or what you intend to do with your current vehicle. In this situation, less is more.
You will also want to be informed about the vehicle you are going to see. New cars aren't offered in only one spot - look at the prices of competitors. This is a great way to get some leverage. If you can say that "dealership xyz is offering the same truck for two thousand dollars less," you may very well get a great price break. But remember, dealers know their competitive landscape better than anyone, so avoid false claims or statements.
If you are buying a used car or truck privately, use online classifieds sites to price out similar vehicles with similar specs, like year and mileage. This may be the key to you getting the price you want. Also, look for discrepancies between the vehicle descriptions where you saw it advertised and the actual vehicle itself. If the ad stated that it had a power sunroof and you find that it has no sunroof at all, you may be able to knock off some of the price (unless a sunroof is a key determinant in you buying the car, then you may need to just pack up and go find another one).
No matter where you go, do not get overexcited about the vehicle you are looking at, even if it seems to be the perfect one. If you seem overly excited, you may come across as desperate, and that gives the bargaining leverage right back to the seller. Remain calm and have a carefree attitude. This lets the seller know that they need you (as much as you need them).
During the negotiation process, do not sign anything! Legally speaking, you shouldn't have to sign any documents until you have made the decision to purchase. Do not give out any financial information, like a blank cheque or credit card number.
Finally, make sure you are 100% comfortable with the vehicle. If there is something that is bothering you about the car or truck, like, a single cup holder instead of your preferred double from your old car, let the seller know. If they think you are not 100% satisfied, they may try to close the deal by lowering the price.
Always remember that you have the ultimate say in the deal. Do not allow yourself to be pressured, and understand that there are millions of cars and trucks for sale out there, so you have options
How to Negotiate the Best Possible Price When Buying a Car
