Yusra3
VIP Contributor
Getting the lowest possible price on a vehicle requires strategic negotiation. Follow these tips to strike the optimal deal:
Research Market Prices
Use online resources like Kelley Blue Book and Edmunds to reference fair purchase prices based on make, model, year, mileage and location. This gives you industry context around valuation.
Get Pre-Approved Financing
Shop lenders for the lowest rates before visiting dealerships. Ideally secure pre-approval for a loan from your bank or credit union. This establishes your bargaining power upfront with cash in hand.
Price Out Multiple Dealers
Compare quotes across numerous dealerships in your area. Leverage the bulk power of emailing several at once with your desired vehicle specs asking for their absolute lowest price.
Test Drive Before Negotiating
Don’t begin negotiating until after you test drive the car. This way the dealer has invested time in you and you have more leverage. Drive models from various dealers to compare.
Time Visits Strategically
Aim to negotiate near end of month or quarter when salespeople are more motivated to hit quotas with bonus incentives on the line. Avoid weekends when they have less flexibility.
Master the Art of the Counteroffer
Dealers intentionally inflate base prices knowing it will get negotiated down. Respond with an even lower counteroffer than what you are truly willing to pay. Use facts on pricing trends to cite why it is reasonable.
Be Ready to Walk Away
If the dealer won't budge below a price you know to be fair from diligent research, be willing to walk away. This conveys you won't overpay. Often they'll call back shortly with a better offer.
With preparation and strategic communications, you gain tremendous influence and negotiating leverage. Know your numbers, maximize options, and craft smart counteroffers to lock in the very best price.
Research Market Prices
Use online resources like Kelley Blue Book and Edmunds to reference fair purchase prices based on make, model, year, mileage and location. This gives you industry context around valuation.
Get Pre-Approved Financing
Shop lenders for the lowest rates before visiting dealerships. Ideally secure pre-approval for a loan from your bank or credit union. This establishes your bargaining power upfront with cash in hand.
Price Out Multiple Dealers
Compare quotes across numerous dealerships in your area. Leverage the bulk power of emailing several at once with your desired vehicle specs asking for their absolute lowest price.
Test Drive Before Negotiating
Don’t begin negotiating until after you test drive the car. This way the dealer has invested time in you and you have more leverage. Drive models from various dealers to compare.
Time Visits Strategically
Aim to negotiate near end of month or quarter when salespeople are more motivated to hit quotas with bonus incentives on the line. Avoid weekends when they have less flexibility.
Master the Art of the Counteroffer
Dealers intentionally inflate base prices knowing it will get negotiated down. Respond with an even lower counteroffer than what you are truly willing to pay. Use facts on pricing trends to cite why it is reasonable.
Be Ready to Walk Away
If the dealer won't budge below a price you know to be fair from diligent research, be willing to walk away. This conveys you won't overpay. Often they'll call back shortly with a better offer.
With preparation and strategic communications, you gain tremendous influence and negotiating leverage. Know your numbers, maximize options, and craft smart counteroffers to lock in the very best price.
