Bartering over the price of a car is a tradition at most dealerships. Sometimes the price of the car will not even be visibly listed. Negotiating can save a large amount of money on the suggested price. Buyers who want the best deals need to be prepared to negotiate. For those who have never bartered before or are not comfortable with the process, there are some tips to keep in mind when going over price.
Research the Competition
A very effective tool when negotiating is to look over a list of offers from competing dealerships in the area. It also help to either call or make a visit to several dealerships to find out the different offers or deals available. Most salespeople will attempt to match or beat the price of competitors while negotiating.
Know the True Market Value
It is important to know the true market value or fair market value of vehicles before going to a dealership. The fair market value of new Hyundai cars in Dallas is an average of what consumers are actually paying for the vehicles. This information can quickly show when an offer is a good or bad deal. You don’t want to pay more for your vehicle that others feel its worth.
Add Interest Rates into the Negotiations
It is possible to negotiate about more than just the price of a car. Dealerships are often willing to include interest rates when bartering. This is important for buyers who must use dealer financing. Negotiating lower interest rates on financing can often save hundreds or thousands of dollars over the life of the loan. Make sure you do the math, dealers will often offer a lower price, but with higher interest rates or vice versa. Find out which method would cost your less in the long run.
Avoid Busy Dealerships and Overly Aggressive Salespeople
Bartering over the price of a car is difficult when the dealership is very busy. It is better to arrive during weekdays and in the morning when the dealership is not crowded. Additionally, intimidating or overly aggressive salespeople should be avoided. Buyers who feel uncomfortable should ask to speak to another salesperson.
Stay Calm and Appear Impartial
Salespeople will attempt to read expressions and trigger emotional responses that lead to impulsive or unwise spending decisions. It is important to remain relaxed and calm while bartering. Body language and facial expressions should be neutral and impartial so as little information is revealed as possible during negotiations. They may temp you with one time deals or limited time offers, but in most cases you can come back and make the same deal later, so don’t rush any decisions or put a time limit on things.
Be Prepared To Leave
Buyers should always be prepared to leave a negotiation. It is usually best to leave after 30 to 45 minutes of bartering since little progress is normally made after this. Threatening to leave can sometimes lead salespeople to compromise and make a deal. Leaving and returning a few days later can sometimes improve negotiations.
It is important to remember that both sides want a good deal when bartering car prices. Most salespeople are very willing to make concessions to close a fair deal. Generally they work on commissions so they want to make the sale to improve their numbers. Buyers should always do research to find out how much cars are selling for and how much dealers are paying before starting negations. If you aren’t the type of person who barters, take a friend or family member with you who is more comfortable with the process. There are always steps you can take to get the most for you money at a dealership.