Buying a car is an exciting time, but one that’s also fraught with considerations – mainly the price. Therefore, it’s essential to know how to negotiate for the wheels of your dreams, to ensure you get the car you want at a price you can afford. But how? In this article, we’ll outline tips and strategies for negotiating the best deal on your next car…
Researching your desired car
Before setting foot in a dealership, you need to find out what it is you’re actually looking for – otherwise you could be there some time! There are several steps to this process, and these include:
Identifying your needs and preferences
If you’re looking for a family car, you might prioritise boot space, in-car entertainment, and enhanced safety features, whereas if you’re after your next city runaround, you might instead be putting dinky dimensions, good fuel efficiency, and parking assistance at the top of your list. By narrowing down your criteria, you can better create a shortlist of suitable vehicles.
Exploring different makes and models
Next, match up your wish list to cars that fit the bill. This might take a little bit of hunting around online using websites such as AutoTrader, but a pattern should emerge of cars with features that you’re looking for. This way, you won’t get sidetracked when it comes to looking at cars in real life!
Reading reviews and reliability reports
A salesperson can only go so far; what you really need is evidence of real world use of the cars you’re looking at. Use the internet to find reviews of the cars on your shortlist, obtaining an idea of reliability through auto magazine articles reporting on how the car has been put through its paces.
Setting your budget
It’s crucial to get clear about your budget before negotiations begin; then you can stand your ground, or be open to flexibility as required. Whether you’re paying for your car outright, or taking advantage of the various car finance deals out there, these are some of the factors to consider in your budget:
- Deposit amount (this is the amount you pay upfront if you’re taking out car finance)
- Monthly payments (if you’re spreading the cost)
- Insurance premiums
- Vehicle Excise Duty (otherwise known as car tax)
- Maintenance and repairs costs
Often, you can use online calculators to estimate your total costs. This research will generally dictate whether you’re seeking a new or a used vehicle, too.
Finding the right dealership
Next up, it’s time to make your search official, and head to a dealership where you can view, test drive, and ultimately purchase your next car. You can find reputable retailers by conducting simple searches online. For example, if you lived in Cambridge, you’d use terms such as ‘used cars in Cambridge’.
Tips for finding reliable dealerships include:
- Reading online reviews
- Asking for recommendations from others, such as on your local Facebook group
- Visiting dealership websites to get a feel for what they can offer
Inspecting and test driving the car
When you’ve found a car (or several) that you like the look of either by visiting a dealership or by browsing their website, it’s essential to get eyes on it to determine if it’s for you or not. There are key aspects to check, such as the exterior and interior condition, as well as questions to ask the dealer about its mechanical history – you want a car with a clean bill of health!
Nothing beats a test drive; without one, you won’t truly know how a car performs. A test drive is your one shot to really test the car to determine its suitability, so be sure to head for road types it’s likely to encounter regularly with you, and complete manoeuvres you need it to. For example, if you have a driveway that’s awkward to get into, you want to be sure that the car has a neat turning circle!
While you’re on your test drive, keep an ear out for unusual noises or vibrations, and take note of comfort, visibility, and any convenience features you had on your wish list. Don’t be afraid to ask the sales team lots of questions – this could be your next car after all!
Knowing the car’s value
This is where we start to get to the nitty gritty of negotiating the best deal on your next car, as all this prep should stand you in good stead for understanding the car’s value. Do your research on vehicles of similar age, condition, and mileage, so you know if the car dealer has overvalued the vehicle, or put a low valuation on it that could indicate problems under the bonnet.
Preparing for negotiations
Fail to prepare, prepare to fail; that’s what they say, and this is so true when it comes to getting a good deal on your next car. You should do the following before entering into negotiations with a car dealer:
- Setting a maximum price you’re willing to pay.
- Identify deal breakers, such as parking assistance, fuel efficiency, or even add-ons like warranty and paint protection.
- Knowing your financing options.
When it comes to negotiation around cars, you do need to be ready to walk away; don’t accept a price you can’t afford, or one that you think is inflated, simply because you’ve got your heart set on the vehicle. Another suitable option will come along.
Deploy negotiation tactics
Salespeople have tactics for closing a deal, so prepare some tactics of your own to keep things fair. For example, you could:
- Start with a lower offer.
- Highlight flaws or issues to justify a lower price.
- Being polite but firm.
- Using silence to your advantage, prompting movement on the price from the salesperson to fill it; they’d usually rather compromise than have you walk away.
Finalising the deal
Before you sign on the dotted line, take a moment to review the situation once a price is agreed upon. This includes:
- Reading the contract thoroughly.
- Understanding all terms and conditions.
- Ensuring all verbal agreements are in writing.
Don’t rush the paperwork process to get behind the wheel quicker; this is a big and likely ongoing investment, so you need to be aware of the small print, and happy that it’s well within your affordability.
To conclude
Research, preparation and patience are key to negotiating a good deal on your car; whilst it may seem time consuming or even frustrating at times, getting the perfect car at the perfect price will be worth it in the long run.