Here are some tips on how to be a smart car buyer:
•Be patient and persistent. The key to finding a good deal is being in the right place at the right time. If you’re more anxious to buy than the seller is to sell, you’ll reduce your chances of getting the best price you can.
•Decide on your top price, a number you feel is fair for the vehicle, with monthly payments you can afford. Keep in mind that the dealer needs to make some profit. Then begin your negotiation at least 20% below what you’re willing to pay. Remember, the dealer is likely to make a high counteroffer.
•Know your amount of “cash on hand.” If you have the resources to write a check for a significant amount on the spot it will probably get the seller’s attention and may strengthen your ability to negotiate the price.
•Be prepared to cancel the deal. If something doesn’t feel right, or you have a “gut feeling” that your purchase will be a mistake: walk away! Remember, you can always find another car.
Have any other tips you’d like to share or your own story about buying a vehicle? Post them as a comment!