You’ve figured out what you want to buy, now you want to get the best price. Getting the best price on a new vehicle will take a few days. Before you start shopping, test-drive the vehicle so you know what you want. This all applies to used cars as well.
All the strategies and tips are also in my book – Lauren Fix’s Guide To Loving Your Car. Available on Amazon or the link below.
The secret to getting the best price is NOT TO NEGOTIATE. Sounds odd, but it’s actually very simple. Why? The rule is to get the best price from at least seven different dealers.
I didn’t say negotiate prices because most dealers will offer you deeply discounted prices with zero negotiation as long as they know you’re getting prices from the competition. Step one is to contact them online. You should never discuss pricing while you’re physically at a dealership. If you are communicating online they know you have access to information, and pricing, that is not in the showroom.
The more dealers you collect prices from, the better your chances of landing the best deal. The lesson here is: Don’t be discouraged if you get similar pricing from the first few dealers you contact. Most car shoppers will usually stop after contacting only 3 or 4 dealers. That’s not going to be good enough. Getting price quotes from at least seven or more dealers across the country will get you the best price.
Do not be afraid to buy out of town, dealers will deliver the vehicle and the paperwork is done online – it’s being done every day. Dealers want your sale!
Tip #1 – make sure you are comparing the same model and options when shopping around.
Tip #2 – If a dealer gives you a price quote that seems too good to be true, this could be a “demo car”.
The dealer is trying to sell you a vehicle that was used as a demo, and will have hundreds of miles on it. This NOT a fair comparison shop and it’s typically with last year’s model. It may save you money.
Tip #3 – Buying at the endow the month will always get you the best prices.
Dealers do not want to pay “floor planning” the financing of the vehicle for another month. After the first of the month, they are not as negotiable.
Check online apps and websites like Car Gurus and Carvana to name a few. They shop around the country for what you are looking for. I would still recommend doing your own research and contact the local dealers.
Once you get the best prices, go back to each dealer and give them a chance to beat the lowest price for the comparable vehicle.
Compare final delivery fees before you say yes
Some dealerships will charge a different amount for doc fees or other fees.
Doc fees can get very expensive – some don’t charge, but make sure you know what the fees are in advance before picking a dealer.
Offer to give back by posting a positive post on their customer surveys, Yelp, and other social media. You have to give them something else and you can close the deal.
Wherever you buy your vehicle, there are many places for service. Getting your car serviced at the dealership you purchase from brings them extra revenue. Dealers make their profits in service and not that much on the sale.
You can choose any dealer or independent shop you wish.
This is another incentive for a salesperson to work with you.
Once you’ve made your deal, get the deal in writing through an email.
Then get the paperwork started. Financing or leasing can be done through email and DocuSign. Once you have a signed purchase order, secure insurance, and take delivery or have it delivered.
This strategy can work for new and used cars.
Some people want the peace of mind that comes with extended warranties, so this is something you might want to consider unless the car is still under the manufacturer’s warranty or is a CPO vehicle. Do your research and check out places like carwarrantyguru.com.
Don’t forget to check out our all-new website Car Coach Reports in English and Spanish.
Subscribe to the Car Coach Reports YouTube channel and we’ll share info when we get it.
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Javier Mota – https://www.youtube.com/user/autosjaviermota
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