How to negotiate when buying a car?

When negotiating the purchase of a car, experts provide several key strategies to ensure you get the best deal:

1. Do Your Homework:

   • Research the car’s value using resources like Edmunds and manufacturer websites. Understand the MSRP, invoice price, and available rebates 1.
   • Compare offers from multiple dealerships to find the best price 1.

2. Shop Around:

   • Visit at least three to four dealerships to compare prices and ensure you're getting the best deal. Always ask for a full breakdown of costs to avoid hidden fees 1.
   • Make it clear to dealers that you’re shopping around, which can motivate them to offer better deals to secure your business 2.

3. Negotiate the Price First:

   • Negotiate the final price of the car before discussing financing options like leasing or loans. This prevents the dealer from focusing solely on monthly payments, which can obscure the actual cost 3.
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   • Understand the specific incentives that apply to leasing versus purchasing to factor these into your negotiations 3.

4. Be Wary of Add-Ons:

   • Dealers often add accessories or services that you may not need, inflating the price. Always verify the "out the door" price, which includes all fees and add-ons, to compare offers accurately 1.

5. Mind Your Ego:

   • Avoid letting ego drive your decisions. Focus on what constitutes a fair deal rather than just winning the negotiation. Sometimes, accepting a good deal is better than pushing for minor savings that may not be worth the effort 4.

6. Tools for Negotiation:

   • Utilize online tools for price comparisons and verification of incentives. Websites like Edmunds and Kelley Blue Book can equip you with necessary information to back your negotiations 1.

By following these expert tips, you can effectively navigate the car buying process and secure a deal that meets your needs and budget.