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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 aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide original and reliable content. This allows you to conduct research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they be displayed within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not include the universe of companies or financial offers that may be open to you.
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4 min read Published September 20th, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and informative facts that break down otherwise complex topics into manageable bites.
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A new car purchase is exciting , however, negotiating the lowest price may be intimidating. Preparation is the key to being confident and negotiating for the price you deserve. 7 steps to negotiate the price of your car. Get yourself set for success when negotiating by and researching your options. These steps will allow you to be more prepared to negotiate with the seller and help to negotiate a deal that’s within your budget. 1. Determine the most important aspects before the negotiation process can begin take a look at the type of vehicle you’d like. If you don’t have your dream set of wheels take a look at your requirements and lifestyle. Will you be driving long distances or in high traffic, and require an efficient vehicle that is fuel-efficient? Is it just you and your partner, or do you require something bigger to transport your children or relatives? Are any features non-negotiable? These are just a few questions to ponder before deciding on which models and models . Also, run the numbers to figure out . Make use of an auto loan calculator to calculate a monthly payment, and don’t forget to take into account the other option when deciding on a budget. Decide on the amount you want to spend and keep it in mind when you negotiate. 2. Get preapproved for financing The next thing to do is look into financing. Consider getting for financing before going to a dealership to purchase a vehicle. Most car dealerships offer in-house financing, however it’s . Dealerships typically mark up their loan rates so they can gain. There are better deals from banks, credit unions and online lenders, so compare the offers online and in person. A credit line will allow you to keep your foot on the ground. You’ll know exactly how much you have to spend, which means less temptation to purchase upgrades or expensive additions. Preapproval also gives you negotiating power -the dealer may offer to match or beat the other offers to earn your business. To find out what your the monthly installments could be at various rates and loan terms. 3. Research the car’s value Conduct research to find the value of your car and write down the following figures: Manufacturer Suggested Retail Price (MSRP) : The suggested sales price per the automaker, sometimes referred to as the sticker price invoice price : The amount that the dealer is paid by the manufacturer to purchase the vehicle Fair market value : The cost that other people pay for the same or similar car. Look for an MSRP printed on the sheet attached to the vehicle’s window. It is possible to determine the invoice price and fair market value using an online search or by using a the aid of a tool. If you are looking to purchase a new car, use the invoice price as your starting place. Ideally, the price you decide on should be in the range of the MSRP and this amount. If you’re purchasing a used vehicle the vehicle, you may be more flexible when it comes to negotiating in accordance with the vehicle’s model, make and mileage as well as the condition. 4. Check out dealerships. Even if the dealership offers good deals on cars you love but it might not be the most suitable choice. Beware of dealerships that have steep dealer costs or have bad reputations. Check out online reviews for insight from past customers. Also, inquire about dealer fees before you begin shopping for the next car. 5. Check around, unless you know exactly what automobile you’re looking to buy, right down to the model models, VIN and model, shop around. Visit the dealerships within your local area over the course of a few weeks. Get a feel for the types of cars available and talk to a couple of different sales representatives. Make a shortlist of your top choices and look up the MSRP as well as the invoice price and fair market value. This will help you in the process. You’ll have the pricing information you need to get the best price and the seller will know you’ve doen your research. It’s more difficult to negotiate — and easier to overpay for a car when you hurry through the purchasing process. 6. Find out about tips for negotiation The salesperson will want you to negotiate the price of your car. Don’t be afraid to ask, but make sure you’ve got a plan. Be prepared with prices reports or comparison sheets. Check websites like and . If you know what a fair price for the vehicle is, or the dealership you are considering offers a better deal, share the information. This will give you a leg up in negotiations. Be firm. Even if it is difficult about seeking a better price don’t reveal it. Be confident and tell them what you’re willing to pay. The word «firm» also refers to the confidence that you know what you deserve. For instance, if you know you have credit that is good, use it to your advantage when it comes to discussing financing from a dealership. Prepare yourself for the long haul. It’s not uncommon to find the negotiation process to take time. Be prepared for a long stay at the dealership by staying rested and taking care to avoid the possibility of getting angry or racing because of thirst, hunger or other distractions. If you’re not able to get the price you’d like do not be afraid to walk away. You may find another vehicle and a lower price elsewhere, or return to the dealer next time and attempt to bargain again. By leaving, you show that you’re serious about getting an excellent bargain. 7. Change salespersons if needed. If you’re working with a pushy salesperson who’s creating a negative impression, look for someone else who can assist. It could be best to take your business to a different dealer to ensure that you are treated with respect in the process of shopping and negotiating the best deal on the car you want. Next steps Buying a car requires effort however, when you’re spending that much money you must be certain that you get the car you want at the cost you want before you close the deal. Take time before getting to the dealership to prepare so you can bargain with confidence and be knowledgeable about how much you should pay. Don’t be afraid of request the price you’d like and walk away if necessary. Learn more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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