When you visit a car dealership, one of the activities in which you'll sure engage is the negotiation period. Before you go, it's important understand what elements can be negotiated on and to know some other important information about this situation. What can you negotiate on in the process?
The Sticker Price One of the biggest parts that you can negotiate on is the actual price of the car. To do this, you can ask if a way exists for the price to be lowered. Additionally, you should also bring information along with you that shows how much the car is selling for at other dealerships and what the fair cost of the vehicle is. You might not be able to get the price all the way down to this level, but you can at least work on meeting somewhere in the middle.
Amount of Monthly Payments If you have saved up a sizable deposit for the vehicle, you are probably mostly worried about the monthly payment amounts. One of the ways to reduce these payments is to negotiate the overall price of the vehicle. The other method is to put a larger amount of money down. Find out if the down payment includes the tax for the vehicle and any other fees, and you might realize that you can put down more money than you had originally anticipated.
Interest Rates When you're buying a car, you might not factor interest rates into the initial cost, but you really should. Your interest rate can be based heavily upon your credit score, so it is a little bit difficult to negotiate that. One successful method might be to have a co-signer, so the credit score is brought up a little bit. If that is not a possibility right now, find out if you could refinance the car loan a little bit later on for better rates.
Length of the Loan The shorter the loan is, the more you are going to have to pay each month. Therefore, find out if you can extend the period of the lease or finance agreement. For example, having six years to pay off $18,000 is a lot better than trying to account for the same amount in a three year time period. Find out what the costs would break down to for a variety of different time periods.
The Miles You're Allowed This component is especially important when it comes to a business because you could be putting hundreds of miles on the vehicle on a daily basis. With a lease, you are generally allowed only to have a certain number of miles on your car during a 12 month period. Find out if this requirement can either be dropped or extended, so you don't wind up paying extra fees as the end of the year.
Staying calm and reasonable is so important during these negotiations. If you don't, then you might wind up not getting any of the costs reduced at the car dealership by any means.
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