What’s the best way to go about buying a new vehicle? Best way to negotiate a price? I will need to finance. Is it better to arrange financing through my bank prior to going to the dealership or better to finance through the dealership?
Tips for buying a new vehicle from a dealership.
|December 3, 2023 9:09 PM
Present hole to the salesperson.
|December 3, 2023 6:23 PM
Join a credit union if you’re not already a member of one. Better rates than commercial banks.
|December 3, 2023 6:35 PM
Cars and trucks are being marked-up to the price of a flyover house. And the sheeple are buying them.
|December 3, 2023 6:36 PM
Definitely have your own financing pre-approved before you go to the dealership. If the dealer has competitive financing offers once you're there, fine to explore, but be prepared with your own approved financing from a bank or credit union before you set foot on the lot. In terms of negotiating price: Try to find out the dealer's invoice (i.e., their wholesale cost) for the car you're buying, then use that cost as your "floor." The dealer deserves to make a profit, but you want to stay as close to that wholesale cost as possible. Also, don't forget to contact your insurance agent before you buy, to get a quote on your new coverage levels. If you know the exact car you're buying, try to get the VIN number so the agent is quoting you on that specific car. Last but not least, do not hesitate to walk away if your dealer negotations aren't going anywhere are aren't equitable. And, try to buy at the end of the month, when sales people are under the gun to meet their monthly sales quotas -- that may help your side in the negotiating.
|December 3, 2023 6:38 PM
Use TrueCar or wholesale club like Sam’s or Costco.
|December 3, 2023 6:48 PM
Hire someone to do it for you. Cost is $500 to $1000 and they'll save you more $ than that along with all the psychic costs of dealing with the salespeople and dealership. I bought a used Mercedes this way, and was happy to pay him $700. He got me $3000 off the dealer's asking price, had the VIN for the insurance, handled the registration and transfer of a reserved license plate, and got "lifetime service" as part of the deal meaning mostly free oil changes and tire rotation. It had MB's certified warranty coverage then, since expired.
Credit unions for loans, although if I didn't need a car now, I'd wait because the loan rates are coming down as inflation lessens. My CU is at 6.99% now, but it was half that in 2022.
Alternatively, later this month is the best time to get a deal: nobody (relatively speaking) buys a new car from Hanukkah to New Year's. The week between Christmas and New Year's Eve is when the salespeople are most desperate to meet their monthly targets.
|December 3, 2023 6:49 PM
[quote]Cars and trucks are being marked-up to the price of a flyover house.
Since many of us will be living in them soon, seems appropriate.
|December 3, 2023 6:56 PM
If you're brand agnostic, check out over all sales and rebates. After three years, we're just returning to an era of excess inventory for some OEs at least.
|December 3, 2023 7:01 PM
If there are two or more dealerships in your area selling the same make of car, e.g., Toyotas, go to all three dealerships and get the best price. They will compete.
A friend told me that it's best to close the deal at the end of the month. He said that's when the sales people are most willing to bargain.
|December 3, 2023 7:05 PM
Do all your shopping and negotiating online. Do not step into a dealership. All dealers have an e-commerce sales manager.
Do not use your old car as a trade-in. Get multiple offers for it through Carvana, Carmax, etc.
Do not agree to any dealer-added services.
|December 3, 2023 9:05 PM
Watch some YouTube videos.
|December 3, 2023 9:09 PM