Researching new car prices online is easy when you want to buy a car. The hard part is negotiating the best deal.
There are some tricks of the trade that car salespeople know work better than others. We rounded up some of those tips from salespeople and people who buy a lot of cars, and offer eight car buying tips that could help you get a better deal than you expected:
1. Don’t buy based on the monthly payment.
This is the most common “trick” dealers use to try to get a higher selling price based on the monthly payment rather than the vehicle’s sale price, says Rob Drury.
“First, the payment is the primary budgetary concern for most buyers, so it is normally easy to shift the buyer’s focus to it,” Drury says. “Raising the monthly payment by only $20 typically raises the purchase price by about $1,000.”
Also, inflating the assumed interest rate in calculating the payments at the beginning of the negotiation allows “wiggle room” to either maximize the purchase price or sell warranties or accessories, he says. “If financing, budget for and select a vehicle based upon monthly payment, but always be conscious of the selling price prior to sealing the deal,” Drury says.