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Step 8: Pricing the car |
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Once you know the car you want and select the model, options and color, it's
time to get serious about price. Preparation is the key; only begin
negotiations when you know exactly what you want, and do not allow yourself to
be swayed once you've made up your mind.
Always start with the on-the-road price of the car. Once you have settled that,
it's time to move on to discussing the possibility of trading in your old car.
Salesmen will always ask about the trade-in first, so that they can factor it
into the deal - so try to keep it out of the equation as long as you can.
Remember it is often better to sell the car privately - you may get a better
price for it - and use the cash towards your purchase.
A cash buyer is usually in a better position. Even if your savings don't cover
the purchase price, it may be wiser to seek a bank or building society loan
instead of dealer financing. Salesmen who arranges finance for you is likely to
be making a commission out of the deal. However, do consider
manufacturer-backed low-interest finance options, but check out the conditions.
Sometimes dealers will add 'free' options and extras to make the deal seem more
attractive. Is he trying to shift unsold stock that he's keen to get rid of
simply by promising you a few mats or mud flaps?
Visit dealers at the end of the month when they may be keener to sell cars in
order to meet their sales targets. Keep an eye on market trends and watch out
for models that are about to be replaced or are slow sellers, as dealers will
be more willing to negotiate.
Shop around before entering final negotiations. Once you've settled on a car
and its specification, ring around different dealerships to see if you can get
a better price. It's possible some dealers may have a special offer on that
model, or already have the car in stock. If you do get a lower quote the dealer
you are buying from may be able to match or better it.
The research you've done so far will give you a comfort level on what the right
price of your next vehicle should be. A knowledgeable and reputable dealer will
be able to negotiate a fair deal with you and try their best to convert you
into a loyal return customer.
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