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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 better financial choices by offering you interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial offerings that could be open to you.
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4 min read published September 20th, 2022.
Writen 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 details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-researched, and well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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A new car purchase is exciting but negotiating for a lower price can feel daunting. Preparation is the key to having confidence and getting the price you deserve. 7 steps for negotiating your car’s price. Make yourself more successful when negotiating by and exploring your options. These steps should help you feel more prepared to negotiate with the seller and ensure you get a deal that fits your budget. 1. Find the basics before negotiations can start take a look at the type of vehicle you’d like to own. If you don’t have your dream set of wheels picked out, consider your needs and your lifestyle. Are you likely to drive long distances, or in heavy traffic and need an energy-efficient vehicle? Is it just you and your partner, or will you require something bigger to transport your children or relatives? Are there any features that are not negotiable? These are just a few things to think about in deciding which brands and models . Also, you can run the numbers to determine the approximate amount . Use an auto loan calculator to estimate a monthly payment Be sure to take into account the other option in determining a budget. Decide on the amount you want to spend and keep that figure in mind when you negotiate. 2. Be preapproved for financing second thing you must do is look into financing. You should think about financing prior to visiting a dealer to buy a car. Many car dealerships offer in-house financing, however it’s . Dealerships usually raise their loan rates so they can profit. 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 remain firm. You’ll know exactly what you will have to pay, which means less temptation to purchase upgrades or expensive accessories. Preapproval also gives the buyer the ability to negotiate – dealers could offer to beat or match other offers that you receive to win your business. Check out what monthly payments may be like at different rates and loan conditions. 3. Do some research on the car’s worth Find out the value of your car and write down the following numbers (MSRP): Manufacturer Suggested Retail (MSRP) : The suggested sales price per the manufacturer, also known by the term “sticker price.” in the 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 vehicle Find the MSRP on the price sheet that is attached to the window of the vehicle. You can identify an invoice’s value and the fair market price through online research or with tool. If you’re looking to buy a brand new car, consider the invoice price as a starting place. Ideally, the price you decide on should be in the range of the MSRP and this number. If you’re buying used the vehicle, you may be more flexible when it comes to negotiating according to the car’s make, model and mileage as well as the condition. 4. Research dealerships Even if a dealership has good prices on vehicles you like but it might not be the best option. Beware of dealers that charge high dealer fees or have poor reputations. Read online reviews to get insights from customers who have been there. Also, ask about dealer costs before you begin shopping for an automobile. 5. If you don’t are certain of the automobile you’re looking to buy, right down to the make, model and VIN You can shop around. Visit a few dealerships within your local area in the span of the course of a few weeks. Get a feel for the cars that are available, and then speak to a few different sales representatives. Create a list of your top options and research the MSRP, invoice price and the fair market value. It can be used to ease the process. You’ll have the pricing information you need to negotiate the most favorable price and the dealer will know you’ve doen your research. It is harder to bargain — and more difficult to overpay — when buying a car if you rush the buying process. 6. Find out about tips for negotiation People expect you to negotiate the cost of your car. Don’t be afraid to ask however, make sure you have the plan. Come prepared with cost report or comparison sheet. Visit websites like and . If you are aware of what the fair cost for the car is or that another dealership is offering a better deal, communicate the information. It will give you an advantage when negotiations. Keep your cool. Even if it is difficult about asking for a better deal don’t reveal it. Be confident and tell them the amount you’d like to pay. The word “firm” also refers to confidence in knowing what you deserve. For instance, if you know you have good credit utilize that to your advantage when it comes to discussing financing from a dealership. Be prepared to last for the long haul. It’s not uncommon to find the negotiation process to be lengthy. Plan for an extended time at the dealership by being well-rested and minimizing any chances of becoming irritable or rushing because of thirst, hunger or other issues. If you’re not able to get the price you’d like do not be afraid to walk away. There is a chance you can find a new car and a better deal elsewhere, or return to the dealer next time and attempt to bargain again. The fact that you walk away proves that you’re serious about getting a good bargain. 7. Alternate salesperson if you’re dealing with a pushy salesperson who’s making you feel uncomfortable, find someone else who can assist. It’s a good idea to move your business to a different dealership for a fair treatment in the process of shopping and negotiating the best deal on the car you want. Steps to follow when buying a car requires effort, but when you are paying that much you must be certain that you get the car you want at the price you want before you close the deal. Be sure to take time prior leaving the dealership to make yourself comfortable so you can bargain with confidence and be knowledgeable of the amount you need to be paying. Don’t be afraid to ask for the price you want and leave if needed. Learn more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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