3 Pro Negotiation Tips To Pay Thousands Less on a New Car
The average new car now hovers around $50,000, according to the latest data from Kelley Blue Book. This means you might be in for sticker shock when you head to the dealer -- but you don't have to pay full price.
Through the years, personal car-buying expert Tomislav Mikula has shared dozens of tips for saving money on your car purchase through his TikTok channel. He has noted that you should always go in ready to haggle, as paying the MSRP means you're likely not getting a good deal. Consider the four negotiating tactics below the next time you're on the hunt for a new vehicle.
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1. Seek Out Incentives
Many automakers will release incentive deals for their new cars, which often entail hefty savings.
"If you're buying a new car, new car incentive rates are almost always the way to go," Mikula said in a previous TikTok video.
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2. Don't Pay for Add-Ons
Many dealers will try to upsell you during the buying process. Simply turning down these add-ons can save you a lot of money.
"New cars are extremely negotiable," said Mikula. "I'm not paying any of those fees or add-ons. Dealerships are still going to try to charge them -- they want to maximize the profit -- but understand you can negotiate."
3. Start a Bidding War
Mikula's favorite tip for saving thousands on your next car doesn't involve you even setting foot into a dealership -- this can all be done via phone, email or text. In another TikTok video, he explained the best way to save his clients money on their car purchases is to start a bidding war between dealerships.
"I always say negotiation is like a game of chess," he continued. "All you have to do is contact multiple dealerships. I recommend, if it's a common car, five dealerships, if it's an uncommon car, 10 dealerships, and ask them for their best out-the-door price."
While some dealerships won't give you this number, Mikula noted a vast majority "will absolutely play ball." The first price quoted to you will likely not be super competitive, but this is just the start of the negotiation game.
"Find the best quote and send it to all the dealerships, asking who would beat that price," he said.
You keep doing this over and over again until you have a price no other dealership is willing to match. At that point, you have a winner.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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