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10 Tips to Clinch the Deal at the Car Dealership

To avoid anxiety when buying your next car at the dealership, you should do your homework. Begin by researching the vehicle you want to purchase prior to signing the dotted line—right down to the trim level, options, and color. Knowing the best deals for trade-ins, financing, and auto insurance is also critical, especially in today’s economy. And it doesn’t end there. You also need to be a strong negotiator. To help you clinch the deal, here are 10 things you should know:

1) Investigate deals and special offers. When there’s a new car on the way, or a vehicle isn’t selling as fast as automakers desire, they’ll offer money-saving discounts and cash back offers. However, a salesperson might not volunteer that these offers are available.

2) Not every car costs the same to insure. Getting insurance quotes prior to visiting the dealership can save you from sticker shock after you’ve already committed to an expensively insured new or used car.

3) Know your credit score and finance early. Smart buyers know to obtain pre-approved financing before visiting the dealership. With NIHFCU’s pre-approval, your off to a great start. In addition, NIHFCU members have access to their free credit score with My Credit Rx.

4) Timing could be your key to savings. Take a look at the calendar before heading to the dealership. Like many businesses, car salespeople have commissions and bonuses based on the end of month, quarter or year. Buying a car during that time may give you better odds of negotiating the best price.

5) Negotiate the price first. Be aware of what’s included within the price. For example, check the window sticker for additional charges like freight, documentation fees, and other miscellaneous costs. If the dealer has added something to the car you don’t want, you can request to have it removed. 

6) Don’t focus on the monthly payment. Instead, look at the car’s total cost, including financing, fees, and add-ons. Avoid extending your loan for many years which can lower the monthly payment, but inflate the total amount of interest you’ll pay

7) Get a reasonable trade-in price. An experienced salesperson might show you a great price on your new car by lowballing your trade value. During the conversation, be undecided about you’re trade-in. Ask to structure the deal by omitting it. Then, include the trade-in after the price is agreed upon.

8) Avoid Costly Extras. Once your ushered to the dealership’s financing office, you may be pressured to buy add-ons. Some may be cheap, while others cost thousands of dollars. The dealer wants to include the add-ons in the deal and possibly with your financing. But know that most of these are provided by third-party companies and can be purchased elsewhere at lower prices.

NOTE: Beware of Yo-Yo Financing. You’ll be asked to sign documents with the lower rate listed, but within a few days or even weeks you’ll get a call from the dealer saying there was an “error in the paperwork” and that they can’t offer you that interest rate. They will then pressure you to agree to a larger down-payment or higher interest rate.

9) Conduct online research. Searching for a used car? To save time, separate the cars you’d consider with the ones you wouldn’t. Visit websites like the National Motor Vehicle Title Information System where you can view vehicle history reports that show any past issues with a pre-owned car.

10) Avoid the haggle by using NIHFCU’s car buying service. You’ll discover a wide array of vehicle loan options on new, used, or refinanced auto loans. For more than 80 years, we’ve made a tradition of helping our members get on – and stay on – the road for less.


Resource: usnews.com


The material presented here is for educational purposes only, and is not intended to be used as financial, investment, tax or legal advice. Speak to your advisor.
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