As you’re buying a new car you may think that the advertised price is the best possible price. It can sometimes feel awkward asking for a discount, however even if you’re using a car loan to finance the new vehicle it’s still worthwhile to see if you can get an even better price. If you want some help with price negotiation some of our top tips include:
Don’t be too keen.
By all means show your enthusiasm about the new car that you want to buy but don’t go overboard or get too attached to it that you are unable to walk away. Always act like you’re prepared to walk away and get a better deal elsewhere. This will help you get a lower price.
Do your research.
It seems like at this point, all you’ve done is research. Researching is where you get the discounts. If possible, get at least three quotes from different lenders on the new model that you want to buy. If getting three quotes is going to be too much for you, one other quote should be enough. It’s always handy to see whether or not the dealer is offering you their best price. If they’re not, you have another price point for comparison. While comparing prices, it’s beneficial to look at the inclusions the dealer is offering.
I’m trading in my present car, is it possible to get a discount?
Not if you say it like that. Instead of asking for a discount you’re best to ask for an ‘on the road’ price or a ‘changeover price’ if you’re trading in your present car. This will include all the options you've selected and the statutory and dealer charges, and removes the risk of getting caught out by 'hidden costs' down the line.
Say ‘no’ to extras.
You know you don’t need that extra window tint. You don’t need rustproofing (unless your car will be kept outdoors). You do not need the extended warranty. Although it can be tempting to say yes to some of these extras, you may not get the benefit of all of them and they’ll just blow your budget. However, if you know you’ll get use out of extra airbags and a rear view camera, by all means go for it.
Is that car in stock?
If a car is in stock, you are more likely to get a better price for it as dealers want it out of the lot as quick as possible. However, if you have your heart set on a particular colour and model, this could lead to you waiting before you take delivery of your new vehicle and watching your bill rise in the meantime.
Keep these negotiation tips in mind next time you go and buy a new vehicle. You might be surprised with what you walk away with.
