Six Steps to Getting the Best Car Price
Buying or Leasing a car can be a lot of work. The research involved in looking for a decent dealership takes a lot of time and effort and then comes the hunt for the best car price. We have done some research for you and came up with six steps towards getting the best car price.
1. Arrange Your Car Loan in Advance to Get the Best Car Price
The first step is to arrange your loan in advance. A slight change in percentage points of your interest rate can add up to $1000 to your loan. Compare interest rates in your area and consult your bank or credit union. Then get the bank to pre-approve the loan based on your credit score. That will save you the hassle at the dealership. If the dealership gives you a better rate, then loan from them.
2. Research for your Trading Value
3. Set a Target Car Price
Thirdly, set a target car price in your head. Knowing the dealer’s price should help. That is your invoice price minus any dealer rebates or hold backs. This will help in doing your research and then being preparing for negotiation.
4. Get Competing Car Price Quotes
The fourth step is to get competing car price quotes. You can email several dealers by giving them your car specifications or go to dealer websites for their quotes. Just focus on the price and do not look at trade-ins or financing. You can even put a credit-card deposit over the phone if they meet your targeted car price. That should be an incentive for them. You should also continue matching the car price even if you think you found the optimum one. It would not hurt and may even help you get a better deal.
5. Research your Dealership
Fifth step is to watch the dealership details. Find out as much as you can about the dealership and the staff you will be dealing with. Google them and read their consumer reviews on Yelp, BBB and Angie’s List. This should help you inform who you would be doing business with.
6. Be Vigilant and Stand Your Ground
Lastly, be firm and stand your ground in the dealership’s finance department. You have done your research, so use it. Look out for any extra insurances they offer you or any other hidden costs. Be vigilant and careful at all times. You will be paying for the car price for a long time, so make sure it does not become a headache.
If you want to be sure you are making the right purchasing or leasing decision, feel free to contact us for a free no obligation consultation. Our agents can help by doing all the leg work for you while giving you piece of mind that you are getting the best possible deal while preventing any costly mistakes.