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How to negotiate the best price on a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing original and objective content. We also allow you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may be displayed within the listing categories, except where prohibited by law for our loans, mortgages,, and other products for home loans. But this compensation does affect the information we publish, or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that could be open to you.



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4 minutes read. Published September 20th, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances with concise, well-researched, and well-studied data that breaks otherwise complicated topics into bite-sized pieces.









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A new car purchase is thrilling, but negotiating for an affordable price can be intimidating. Preparation is the key to having confidence and pushing for the price you're worthy of. 7 steps for negotiating your car price Set yourself up for success when you negotiate by researching your options. These tips will help you feel more prepared for negotiations with the seller, and will help you get a deal that's within your budget. 1. Determine the most important aspects before the negotiation process can begin consider the kind of vehicle you'd like. If you don't have your ideal set of wheels picked out take a look at your requirements and the way you live. Will you be driving long distances or through high traffic, and require an efficient vehicle that is fuel-efficient? Is it just you and your partner, or do you require a larger vehicle to carry your children or family members? Are any features non-negotiable? These are only some of the questions to consider in deciding which brands and models . Also, run the numbers to figure out . Use an auto loan calculator to estimate the cost of a monthly installment Don't forget to consider the other when deciding on a budget. Determine the maximum amount you will pay, and keep that figure in mind when you negotiate. 2. Pre-approve for financing second thing you must look into financing. Think about getting financing before going to a dealer to buy a car. The majority of car dealerships provide in-house financing, but it's not . Dealerships typically increase their loan rates so they can gain. You will find better offers from credit unions, banks and online lenders. So, compare deals and on the internet. A credit line will allow you to keep your foot on the ground. You'll know precisely how much you have to spend, which will mean less temptation toward upgrades and costly add-ons. Preapproval also gives you the power to negotiate. The dealer may offer to match or beat the other offers that you receive to gain your business. to see what the monthly payment could be at various rates and loan terms. 3. Find out the value of the car Do some research to determine the car's value and jot down the following figures: Manufacturer Suggested Retail Price (MSRP) : The suggested sales price per the automaker, sometimes referred to as the "sticker" price. in the invoice price : The amount the dealer pays the manufacturer to purchase the vehicle Fair market value : The cost that other people pay for the same or comparable vehicle Find your MSRP in the pricing sheet attached to the window of the car. You can determine your invoice's price as well as its fair market value through online research or with tool. If you're looking to buy a brand new car, consider the price of your invoice as your starting place. In the ideal scenario, the price you choose should be between and the MSRP and this figure. If you're purchasing a used vehicle, you could have more flexibility when negotiating, depending on the vehicle's make, model mileage, and condition. 4. Research dealerships Even if a dealership has good prices on cars you love, it may not be the best option. Beware of dealerships that have high dealer costs or have bad reputations. Review online reviews to gain information from previous customers. Also, inquire about dealer costs before you decide to purchase a new ride. 5. If you don't know exactly what vehicle you're looking for, down to the make models, VIN and model Shop for a while. Visit a few dealerships in your region in the course of a few weeks. Get a feel for the types of cars available and speak with a few different sales representatives. Make a shortlist of your top options and study the MSRP invoicing price, the fair market value. This will help you in the process. You'll have the details you require to negotiate the best deal and the dealer will know that you've done your homework. It is harder to bargain -- and more difficult to overpay for a car in the event that you rush through the purchase process. 6. Read up on negotiation tips The salesperson will are expecting you to negotiate your car's price. Don't be afraid to ask for a price, but ensure you have an idea of what you want to achieve. Be prepared with prices and comparison charts. Look up websites such as and . If you are aware of what the fair cost for the vehicle is, or you find another dealer offering an offer that is better, you should give the information. This gives you an advantage when bargaining. Be firm. Even if it is difficult about seeking a better price, try not to reveal it. Be confident and inform them of what you're willing to pay. The word "firm" also refers to the confidence that you know what you deserve. For instance, if you believe you have good credit make use of that to your advantage when it comes to discussing financing from a dealership. Prepare yourself to last for the long haul. It's not uncommon that the process of negotiation to take a long time. Prepare for an extended stay at the dealership by staying well-rested and minimizing any chances of getting angry or racing due to thirst, hunger or other issues. If you aren't able to negotiate the price you desire do not be afraid to walk away. You may find another vehicle and a lower price elsewhere, or visit the dealership for a second time and negotiate again. Walking away shows you're serious about securing an excellent bargain. 7. Alternate salesperson if you're working with a salesperson who is creating a negative impression, locate someone else to assist. It could be best to move your business to a different dealer to ensure that you are treated with respect while shopping and negotiating the most favorable price for the car you want. Next steps Buying a car is a laborious process and time, but when you're spending this much money, you want to be certain that you get the car you desire at the price you want prior to closing the deal. Take time before arriving at the dealership to prepare so you can negotiate with confidence and knowledge of the amount you need to be paying. Don't be afraid to ask for the price you'd like to pay and then walk away if you need to. Find out more


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy the car they want.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers to control their finances by providing precise, well-studied information that dissects complex topics into manageable bites.






Auto loans editor




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