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When buying a car....

How much do you try to talk them down?  Do you try to get $1000 or more knocked off the selling price?  I am looking to trade in my car for another one and not good at talking down the sales people :(

 

TIA  ;)

Re: When buying a car....

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    It really kinda depends on what they're asking.

    Go online and check out the inventory at a couple of different dealerships. That should give you a good idea of what the going price is.

    Also - the dealership typically has more wiggle room on used cars, than on new cars. Meaning on used cars they can come down more on the price, and still be making the profit they need to make.
    Our last 3 vehicles (between the 2 of us) have been certified used Toyotas. Highly recommend it, especially if you're going used anyway. For example, my Corolla, which I paid $10k for, ended up needing over $3k worth of work over the first 4 years that I had it, due to the previous owner not maintaining it properly. It was all covered under the certified program. I didn't pay a dime, and I got a free rental while it was in the shop.

    I know when we traded in our truck, one thing the dealerships kept getting us on was the trade in value of the truck. They'd give us the sale price we wanted, but really tried to screw us on the value of our truck.

    Check out a couple of sites to get an accurate value on the trade-in of your vehicle as well. KBB.com being the consumer standard.

    Also - shop at the end of the month. The last day of the month if possible. That's when they're all trying to meet their quotas, so they're generally more willing to wheel & deal.

    GL!
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    Here is what we just did. I knew how much extra money I wanted to pay as a down payment- cash. I knew the value of my trade-in via Kelley Blue Book. I knew what the average selling price for the car in the area was going for. Make sure that you are only comparing the exact car- trim levels, accessories, etc.

    I went into the dealership, found the car I wanted. When they started to draw up the paperwork, they said I needed a 1/3 down to get the best financing.

    I stopped him right there. I said I want my monthly payment to be this $xxx. I knew I was able to achieve that based on the car calculators over the Internet with a certain financing rate. I also knew what my credit score was so that I would get the best financing.

    After I told him my monthly payment that I wanted to be at for the car, I really didn't worry about what the selling price nor the trade-in value was. They were either going to lower the price of the car,  give me more for my trade-in, or give me special financing in order to reach that number.

    I pretended to walk away twice from the deal. Packed everything up and said we will go elsewhere. I spat out exact cars at other dealerships for cheaper sticker prices. Spat out the value of my trade-in from kelley blue book, etc.

    I even walked away from the deal when the monthly price was only $10 away.

    The third time, they came back with my monthly payment because they "were able to work it out". I got the car I wanted at the price per month I wanted it at.

    Never accept the first or second price. Just walk away if they won't work with you. There are other dealerships and other cars on the market and in this economy you can really snag a deal.

    Never by new because the value of the car depreciates right when you drive it off the lot. We always buy the year below and get a great deal. Most of the new used cars are off of leases and the owners of the leases have to stay within certain mileage restrictions so the mileage is always really low.

    Good Luck and do your homework! Oh one more thing- make sure you test drive the car as an extended test drive. We were able to take the car overnight and return it in the morning before we started the paperwork.

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    You need to know how much you can afford for a monthly payment but don't use that number to negotiate down.  You need to negotiate the actual price of the car down before you start talking about your monthly payment.  The dealers will always try to talk you into "just $20 more a month" which is actually $2000 on the price of the car!  Set in your head what you want to spend per month and don't go one dollar over.  If they say "but it is only $5 more" then I would say "then you should be able to come down if it's ONLY $5 more..." 

     

    Don't be afraid to walk away.  Do your research on what you can get for your trade-in and take it to more than one place so you can compare deals.  Do your research.  There are some good articles out there about buying a car. 

     

    I have a friend who is a dealer at Kings Toyota.  He gave me a fair deal on my trade in.  Let me know if you'd like his name.  

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    IAM4UK, um, can I hire you the next time I need to buy a car? Smile
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    When we bought our last car it was March 2008, and it's a 2007 (brand new) and we got an amazing deal because of the timing (no dealer wants new cars from the year before hanging out several months into the new year.) We did research ahead of time, knew what they usually sold for, knew what our trade-in should be worth, and just basically went in and said "we want the car for x$" (several thousand below the sticker price.) They tried to bargain and we were ready to leave, finally they just gave us what we wanted.

    We had also pre-arranged financing through our bank (at an excellent rate - I recommend checking into this) and had a check we could write right then for the full amount of the car - this made things easier, and we already knew exactly how much we could spend and the terms of our loan. I should add that we did this after we had reserached, test-driven, etc. several different models and had decided what we wanted (as long as we could get it for x$)

    All the car buying advice will tell you never to negotiate the monthly payment, only the actual price of the car - along with getting the best financing you can. There are so many variables involved with the monthly payment that you have to pay careful attention to the terms you are agreeing to. For example, they can extend the life of your loan to lower your payment, without giving you any discount on the car. If you are eligible for the best financing, that will help you have a low payment, but that doesn't mean you should NOT negotiate the price of the car (or your trade in).

    Car buying is so stressful - good luck!

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    Ditto IAM4UK.  That sounded a lot like the scene when I bought my car.  I walked three times before they gave me the deal I wanted when I walked in there.  Do your homework up front and know the deal you are willing to accept walking in there.  I got mine for $6k under the sticker price, and a little more than their wholesale price (which is less than invoice pricing). 

    They tried to stick it to me on the financing end.  NEVER allow them to tell you what your payments are (you should calculate the payment on the price you are willing to pay before you get there anyway) and demand to know the amount financed, interest rate, and length of the financing. Or better yet, finance ahead of time with your bank or credit union to cut the crap at the dealership.   The dealer got creative and tried to stick me with 14% interest (to make up for the sweet deal they gave me on the car) and just told me the payment.  I told them where to put their car in unclean terms and walked again.  I was pretty insulted because I know my credit scores.  They talked me into "seeing what their manager can do", and I ended up with 2.9% over 4 years and a college grad discount (that I didn't really qualify for because of elapsed time) on top of it.  My bank couldnt even touch that.   Stick to your guns on the deal and on the financing.  They WILL try to BS you on one end or the other.  Stay strong and you will get what you want.  If not...walk away and go somewhere else.

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