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Car Buying- Negotiating Tips
Negotiating
Car Buying Tips
Being a good negotiator doesn’t have to be difficult.
Sooner or later everyone has to negotiate with someone if they
want to get a good deal on a purchase.
When you are trying to negotiate with a car dealer, you should
know that they are very practiced in the art already. You will
need to know how to get through their “car speak”
in order to be successful.
Since you now know how to calculate your offer and already
know what the dealer paid for it, you should get a copy of the
paperwork from a friend that recently bought a car, so that
you can become familiar with what you will see on your paperwork.
They are all generally the same.
If you’ve followed the above mentioned tips, you will
also be pre-approved for a loan. The key is for you to get in
and out of the dealership as quickly as possible because the
salesman will definitely find more loopholes to up your charges
if you stay.
Here are a few tips to successful negotiating.
· Remain positive and confident
· Don’t talk down to your opponent
· Show up prepared and ready to counter anything that
may come up
· Bring ads from other dealerships with you as an extra
weapon
· Finance your loan before you arrive at the dealership
so as to avoid paying unnecessary extra fees
· Bring a friend with you for extra support
Something that you should look out for from salesmen is the
extra little tricks that you will likely encounter that will
try to force or rush into a buying decision.
You have to remember that they are trying to negotiate you
into paying more money just as you are trying to negotiate paying
less. Here are some of the things that you can expect to hear
from them.
1. “These cars are flying off of the lot. It may not
be available for the same deal tomorrow”. (Threaten to
leave and they will ease up and try to change their strategy)
2. “This deal is only good for today. If you come back
tomorrow I can’t guarantee that the deal will be the same”.
3. “I’m an honest man. Look at how many cars I’ve
sold this weekend” (This is where he will show you his
list of sold cars. If he does this, then tell him that he doesn’t
need your money).
4. “I hate to tell you this but I have another offer
on the table from a man that is willing to pay more money than
this.
I am just waiting for his paperwork to be returned”.
(Tell him that if he promised the car to someone else, you
don’t want to step on someone else’s toes and that
you should leave then).
5. “To cover the overhead costs, we have paid $13,000
for this car (Just check your paperwork in your folder and prove
them wrong).
What Kind of Buyer Am I?
If you want to save money while you are negotiating you should
negotiate from the dealer cost up and not from the MSRP down.
You just need to remember that dealer cost is not the same
as the factory invoice.
Some dealerships refuse to haggle over the cost of a car. Once
you make your opening offer you should never accept anything
higher than that, as far as costs go.
If the dealership that you go to doesn’t haggle, don’t
sweat it, some other dealership will.
The reason some dealerships refuse to haggle is because they
want to add extra fees to the MSRP. You will need to decide
what kind of buyer you are in order to get a negotiating stance.
You do not want to set yourself up as a monthly payment buyer
either because that is a guaranteed way for you to get a higher
payment fee.
They will offer to take a little bit off of the MSRP. They
will then ask you what you are looking to pay each month; this
is where the extra money comes in.
Cash buyers are generally asked, “Are willing to pay
each month?”
Tell them it doesn’t matter because you are looking for
an even division on the cost of the car, not to haggle over
the monthly cost.
Tell them that you are looking to haggle over the cost of
the car, not the monthly payments. This is often used for cash
buyers.
If a finance manager tries to get you to report your payment
method before you have decided upon purchasing the car, don’t
get sucked into it.
The method of payment doesn’t matter unless you are deciding
upon purchasing the car. Finance managers ask so that that they
can best decide how to screw you over.
Some dealers will offer you to give you a better deal if you
finance your car through them. I can guarantee that this will
not be the case.
Of course the worst thing that you could be an impulse buyer.
An impulse buyer is just another word for “victim.”
Impulse buyers can often get sucked into the “hot”
car of the moment and usually get taken for as much as $10,000.
A dealer can see this buyer coming from a mile away.
If a dealer approaches you about the “hot” car tell
him that you are not interested because it will not be worth
the money next year as the new “hot” car will be out
by then.
You don’t want to buy a car that is in demand because
it is the easiest way for a dealership to mark up the prices.
The MSRP always looks low, but it is the extras and monthly
payments that will lose you money.
Remember the resale value of the car doesn’t change no
matter how much money you bought the car for. It still depreciates
in value from the factory invoice.ry invoice.
Are you interested in finding used cars at government auctions?
Be sure to check this
resource out.
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