If I am paying cash for my new car, how much of a discount should I expect?
Paying cash for a new car can actually be a disadvantage - and you may end up paying more for your new car than if you chose to finance it through the dealership. That's because dealerships often make more profit from the financing of the vehicle than from the actual sale of the vehicle itself. So if you take away their financing profit, then they'll want to make it up by selling the vehicle at a higher price.
Here are three strategies for buying a new car with cash:
- Don't tell them that you'll be paying cash until after you negotiate the purchase price. Leading them to believe that you will consider financing with them may help you to negotiate a better deal.
- Simply be honest. Tell them that you'll be paying cash - then point out that you have your insurance and other details arranged. Tell that that all they have to do is give you a great price and you'll drive the car home right now.
Best of luck!
- Avoid the negotiating games altogether by getting some free price quotes (via email) from dealerships in your area for the exact car or truck you want to buy. Then simply choose the lowest price or best offer and buy the vehicle outright with no games, no hassles.
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