Published: November 2022
Developing Good Negotiation Skills Help when Buying a New Car
Buying a new or quality used car is a pleasure, and there’s no doubt that driving a new car (or at least one that’s new to you) is one of the most exciting experiences a buyer can have. However, the road to that momentous and eventful day can be filled with a whirlwind of chaotic emotions: excitement, adventure, and sometimes even high anxiety.
Embarking on a car purchase can be risky if your negotiating skills aren’t up to par, but with these tips, you can hopefully take the fear out of the car buying process.
When buying a new car, most people first have a clear idea of the car they want: make, model, mileage, year of manufacture, color, and price range all play a role in the buying decision. After visiting several local parking lots, the buyer’s idea of the ideal vehicle becomes thicker and more realistic. The seller also has their own criteria for the vehicles they offer in terms of the price they want to receive based on the vehicle’s perceived market value, which plays a role in the buying decision. After visiting several local parking lots, the buyer’s idea of the ideal vehicle becomes thicker and more realistic. The seller also has their own criteria for the vehicles they offer in terms of the price they want to receive based on the vehicle’s perceived market value. With these practical tips, a seller can maximize their buying power and hope to get behind the wheel of their dream car.
First, if you point out discrepancies in the information you have provided to the seller about a potential vehicle purchase, the seller may not be as quick to point out problems that are not obvious. Likewise, take your time buying a car—after all, it’s not the same as spending ten dollars on new pants. Along with buying a home, buying a car is one of the most expensive purchases a consumer can make and should not be taken lightly. Never make an offer immediately; go home, talk it over with a friend or relative, and think about it overnight. If, after careful consideration, you are still interested, make a second appointment.
When it comes time to make an offer, never pay the seller the full asking price. Most prices for a given vehicle have some wiggle room. Don’t be afraid to ask the seller how much leeway they have in negotiating the price. Even if the seller doesn’t accept your initial lower offer, it’s likely that they will make a counteroffer even lower than their initial offer. This back and forth can continue until both parties have found a price they are happy with. It won’t always work, but draw a financial line between what you’re willing to pay for a particular vehicle and (most importantly) don’t allow yourself to cross that line. Remember, if the seller is not willing to give up enough on the price, there are plenty of other cars on the market.
It can be daunting to develop good negotiation skills when buying a new car, but with practice it will get easier, and in no time you will be surprised at how well you can negotiate as a dealer—especially when the car you’ve always wanted is offered at a great price that you personally made possible.