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Determining The Invoice Price
New Cars and Trucks
The dealer's wholesale cost - the amount he pays for the new cars and trucks he sells - is called the invoice price.
Wouldn't it be great if, when you walked into the dealership to buy your new car, you knew exactly how much the dealer paid for the car you're going to buy - his invoice price? Well, you can. Easily.
Learning the dealer's invoice price for the vehicle you want to buy is one of the most important things you can do.
Fortunately, there are several good websites that offer this valuable information. One of the best is the very helpful Edmunds website. Since 1966, Edmunds has published vehicle invoice prices in the form of a magazine-like publication. These days they're offering the same exact information free-of-charge online. Their site is certainly worth a visit.
Used Cars and Trucks
Prices for used cars are determined, to a certain extent, by the various Used Car Pricing Guides. In reality, however, actual prices are influenced more by the marketplace (supply-and-demand) than by any other factor. Still, knowing the Guide's prices for the vehicle you plan on buying is one of the most important pieces of information you can have when negotiating the price of your used car.
The "grand-daddy" of all Used Car Pricing Guides is the famous Kelley Blue Book. Previously available only to dealers, this important and helpful pricing guide is now available free-of-charge on their website.
In the Kelley Blue Book Guide, there are two different figures for each vehicle: the trade-in ("low") price and the retail ("high") price. Generally, dealers try to purchase vehicles at a price lower than the trade-in price and then resell them at a price close to the retail price. The trade-in ("low") price will be your starting point for your negotiations with the salesman.
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