Before you can grab the keys to your dream car, you first have to make a purchase. Last month, we shared our top four car-buying considerations that all consumers should keep in mind when it’s time for your next vehicle. Of course, for many of us, one of the most intimidating parts of the car-buying experience comes down to negotiating the actual price.
We’ve broken down a few pointers for getting the best possible price so that you can drive away happy.
Get a pre-approval from your credit union or bank.
Before you set foot in the dealership, you’ll first want to know what you can afford to purchase or lease. By getting a pre-approval from a lender you trust, you will be able to negotiate from a position of strength and will know what interest rates and loan terms are available to you. With a pre-approval, you also won’t feel the same amount of pressure from the dealership to buy immediately. It may be tempting to accept zero percent interest at the dealership, but these promotions do not always have your best interests in mind as the borrower. Often by accepting a zero percent interest promotion, you will not be eligible for the car’s rebate, and you may be subject to shorter loan terms and higher monthly payments.
Do your research.
Before you arrive at the dealership, know the fair price for the vehicle you are interested in purchasing. This will not only show you what your dream car is worth, but will also help you determine the value of your existing vehicle if you’re planning to trade in. A few websites we recommend using are The National Automobile Dealers Association (NADA), Kelley Blue Book and Edmunds. Don’t be afraid to ask for a price that research shows is fair, and remember that you can walk away at any time before the contract is signed.
Timing is everything.
Consider your timing when purchasing your next car. Holidays can be a great time to buy because there are often more sales taking place, allowing dealerships more flexibility in negotiating the price. End-of-model-year, which is typically around the end of the calendar year, is also a good time to consider purchasing. As manufacturers bring in the next year’s models, there are usually more incentives for the dealer to sell the current year’s models.
Be wary of pressuring sales tactics.
Don’t be overly enthusiastic when negotiating the price of the car, and avoid revealing too much about the maximum amount you are willing to spend. By freely giving up too much of this information, you may lose the upper hand in the negotiation. Instead, let them know you are only there for a test drive and that you’ll be back to discuss prices later on. The seller may try to impose a deadline on you to pressure you into buying now, so keep your cool and let them know you can always visit another dealer.
For more tips on purchasing your next car, check out this recent episode of the Making It Count Podcast with Addition Financial on Apple Podcasts, Google Podcasts or Spotify.
If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches. Plus, you’ll earn $100 just for opening your first checking account with Addition Financial! Learn more about the perks of credit union membership here.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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