Your Car Buying Goals
When you are at the dealership to buy your car or truck, keeping focused on specific buying goals will help you avoid getting side-tracked by the car salesman's games. So keep it simple. Focus on one of these all-important buying goals:
To buy the NEW car or truck you want at a pre-set amount over the dealer's invoice cost.The actual amount you will pay will depend largely on the availability of the car you plan on buying. It's simply a matter of supply-and-demand. The more plentiful the supply, the less you'll pay.
To buy the USED car or truck you want at a pre-set amount over the wholesale price.
To help you determine the amount you should pre-set as your buying goal, here are some suggested guidelines:
If the car or truck you want to buy is readily available -- that is, if you had little or no problem locating the vehicle you want to buy, then you should probably set your buying goal at $300 to $1,000 over the dealer's invoice cost (new vehicles) or wholesale value (used vehicles).
If the car or truck you want to buy is somewhat difficult to find or is a higher priced vehicle -- then you should probably set your buying goal at $750 to $1,500 over the dealer's invoice cost (new vehicles) or wholesale value (used vehicles).
If the car or truck you want to buy is very difficult to find or is a brand-new model that has just been introduced -- then you may have to pay as much full sticker price (new vehicles) or full retail price (used vehicles). The reason is this: There are many folks out there who are willing to pay top dollar for the privilege of being the first on their block to own that "hot" new car. That makes it difficult, if not impossible, to get a real bargain on a "hot" car or, for that matter, any vehicle that is in short supply. Best Advice: be patient and wait for the buying fever to die down. Once the dealers load up on their inventory, then you'll have the opportunity to save some money.
If there is a Factory-to-Dealer incentive for the vehicle you plan on buying -- then you can lower your buying goal accordingly. A Factory-to-Dealer incentive is a rebate that is given to the dealership for selling certain cars. If you play your cards right, the Factory-to-Dealer incentive can actually benefit you. Here's how: let's say there is a $500 Factory-to-Dealer incentive for the car you plan on buying. That means when you purchase it, the dealer will receive $500 cash direct from the factory. If you know about this incentive and you mention it at the time you are negotiating, you can probably get them to lower their selling price. They can sell you that car at or close to their invoice cost and still make a $500 profit. To find out if there is a Factory-to-Dealer incentive for the vehicle you plan on buying, visit the helpful Edmunds website.
TIP: Get free online price quotes from dealerships in your area. It's a totally free service and it only takes a few minutes. By getting these price quotes, you'll learn the current selling price for the car or truck you want to buy - a valuable piece of inside information. You can use this figure to try to negotiate an even lower selling price - or you can simply buy the vehicle for the given price and avoid the negotiating games altogether.
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