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Posted on 2017-12-08

How to: Negotiate your New Car

Even though buying a new car should be a really great experience, it’s often not. Before entering a new or used car dealership, or before meeting a private seller, we mentally prepare ourselves to go head to head with car salespeople who unfortunately have bad reputations for not giving customers a fair go.

It’s funny though. Sometimes, even when think we’ve got a great deal and walk away excited and proud of our purchase. Then we talk to our family and friends and quickly realise that the ‘great’ deal we struck could have been better. You need to learn to negotiate.

These simple negotiation and research tips will have you feeling more confident during your next new or used car purchase.

Pick a car that is in stock

Stocked cars have already been purchased by the dealer, they are paying interest on it, and the salesperson will have more room to move on price. If you want to save, always opt for a stock car as opposed to a model not yet stocked. If a car isn’t in stock, dealerships have greater scope to add additional costs to your purchase.

Inform yourself of the true value of the car beforehand

Research the makes and models that you are interested in and have a good understanding of the new and used sale price beforehand. This information will allow you to not be swayed by a dealer if they give you an inflated value of the car you want. This is important for used cars in particular.

Research the seller

You should research both the dealer and the individual salesperson by reading online reviews. Check out the company website for customer testimonials, as well as business Facebook pages, and also forums such as carsales and other automotive search sites. Good dealers and salespeople will always promote customer reviews.

Don’t tell them everything you know

Only tell the dealer what they need to know. You don’t need to tell them that you might consider a lower priced model or a higher priced model. If they are unwilling to negotiate the price you are after, make sure they know that you are willing to walk away and go elsewhere. After you have done your research and have a good understanding of what the car you want is worth, start with the lowest offer you know is reasonable and negotiate from that point. Once you have all the knowledge you need you can have greater peace of mind that the deal you are making is actually a good one!

If you need help with financing your car, our brokers can help. We can help you find a loan amount and loan options with a range of product features fit for your unique lifestyle. Call us today to get started.

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