While the moment you get handed the cars to your new car is amazing, the events leading up to it can often be quite stressful. Some people compare the experience of buying a car to doing your taxes. We believe that this comparison is apt because not only is the process time consuming but it can often be overwhelming and confusing at times.
Something that everyone hates is negotiating with salesman because it’s an uphill battle. Car salesmen are way more skilled than us when it comes to haggling and they usually come out on top. In this article, we’re going to help you try and even things out by giving you some negotiating tips. At the end of this article, you should have enough knowledge to emerge a victor from each negotiation.
The More You Know…
Knowledge is power. It is the single biggest advantage that car salesman have over us. A savvy salesman knows everything there is to know about each car in the dealership- special features, fuel efficiency, performance…etc. When they start talking at length about these details, we immediately see them as experts and begin to trust them. As a result, even if they exaggerate a certain detail, we’ll be inclined to take their word for it.
Hence, the best defence for this is to arm yourself with the same amount of knowledge. Learn enough of about your shortlisted choices and cars in general so that you won’t be misled by the stretching of truth. For instance, you’ll immediately know that the salesman doesn’t have your best interests at heart if they say something false like all ‘SUVs are gas guzzlers’.
Always Request A Test Drive
If you’re salesman starts going off the performance of the car, let them know that you’d like to see for yourself. While Nissan, Mercedes, BMW, Toyota, Honda and Kia demo cars have good reputations that precede them, it’s always good to take your choice out for a spin.
If your salesman hops in the passenger seat, consider it your chance to try and talk down on the price. You could perhaps make comments about he/she seemed to have exaggerate on the performance. Put them on the spotlight and make them realize that you’re leading this negotiation.
Know What Your Financing Options Are
Before you walk into a dealership, it’s best to have a pre-approved financing offer from a reputed financing institution. This way, you’ll be able to persuade the salesman to get you an even better financing offer.
In addition, knowing what options are available to you will help you make the smarter decision. For instance, a salesman may try to convince you that a larger repayment period is the most convenient option while leaving out the fact that you’ll end up paying an enormous amount of interest.
Read the Contract Carefully
Don’t just skim over the document. Before you sign and commit to it, make sure that you peruse for hidden fees and loopholes that allow the dealership to exploit you.
Negotiating with a car salesman is always frustrating. Most of the time, they come out on top and we’re left with a deal that’s not ideal. That’s why you should make an effort to put these 4 negotiating tips into practice in your next encounter.