How to Negotiate a Car Purchase
- How much are you willing to spend? What can you afford as a monthly budget? What kind of down payment will be you giving the dealership, or are you providing a trade in? All of those are great questions. Be realistic, don’t over extend yourself and have a game plan before you walk into the dealership.
- Is your trade in worth more if you sell it outright to someone privately? Or are you keeping it for a teenager to drive? When we recently updated one of our vehicles, we gave our teenager the older car that is still mechanically sound. We did have to have a $1,000 down payment, but since we had been planning on doing it that way we were prepared once we were at the dealer.
- Do your research before heading to the dealership. We went in with a list of five cars we wanted to buy in our price range, with the bells and whistles we wanted our vehicle to have. Tell the dealer your budget, and stick with it and then start narrowing down your list BEFORE you start negotiations of the final price. For us, it took about a month to finally decided what vehicle we wanted after test driving them.
- Be sure to check the incentives, cash back promotions and financing options at the dealership and your bank as well. It was cheaper for us to borrow money at the bank, so that is what we did.
- Be confident, be prepared, and be ready to walk away. Negotiating price is a very important piece of the car buying puzzle than you expect. We actually have walked away from a deal and gotten a better one at another dealership. It pays to do your homework before heading out to purchase a new vehicle.
Only you and your significant other know what you can truly afford, don’t be talked into a Porsche when you can afford a Ford. You will be a proud car owner with a payment you can actually make, and a vehicle you will love in the end. Be sure to check out all of the great vehicles Kayser Chrysler Center of Watertown has to offer!
What other vehicle negotiation tips do you have?