 Car Buying Tips: Negotiating A Car Purchase
Posted by carsandtrucks on Monday, January 14 @ 06:24:21 PST
I know most people need to finance the cost of a new or used car or truck. Car and truck salespeople know this also and they take advantage of it wherever they can. Sales people like to learn early in the deal what you hope your monthly payment will be. However, how you convey that information to a salesperson will make a difference in what you pay for the vehicle. Do Not Ever answer the question "What do you need for a monthly payment?" This puts
the salesperson at a great advantage. Lets say the vehicle you are looking at has an asking price of $15000, and you told the salesperson you could afford $350.00 per month. First, the salesperson will try to "bump" you 25-50 dollars per month. If that doesn't work, he will start backing into the monthly payment. In other words he will adjust the price of the vehicle to meet the monthly payment you agreed you could afford. He may also arrange financing terms that will keep you in the monthly price range you announced you had to be at. So by the time the deal is signed you are likely paying more then you need to for the vehicle because you let the monthly payment control the price. To avoid being sold a monthly payment secure your financing before you shop for the car or truck. Visit your bank or credit union for preapproval before you visit the dealer. When the salesman asks "what can you afford for a monthly payment," reply with, "I plan to pay cash, what is your asking price of the vehicle?" This starts the negotiations on the price of the vehicle not the length or amount of the loan. In other words you are now in control of the deal.
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