Step 5: Try Negotiating a Lower Price
If you think you can negotiate an even better deal, you have another option: Request Internet price quotes from at least three local dealers. Take the lowest price, call the other dealerships and say, “If you beat this price, I’ll buy it from you.” The dealer almost certainly will give you a better price.
Some shoppers find this time-consuming and stressful, so consider whether the potential savings are worth the time and effort. It’s good to remember that a good deal isn’t just the lowest selling price. It’s a combination of the most streamlined, enjoyable shopping experience and the lowest total out-the-door cost.
Step 6: Review New Car Fees and Check Dealer Financing
Besides the cost of the car, you have to pay sales tax, registry fees and a documentation, or “doc” fee. Now ask the Internet sales manager or the dealership’s Price Promise contact to supply a breakdown of all the fees, or a “worksheet,” which lists the purchase price, the vehicle’s invoice and all related fees. Review the figures carefully before signing the sales contract.
Back in Step One, you were pre-approved for financing. But who knows? Maybe you can get an even better interest rate at the dealership. To see if that’s possible, you can let the dealership run a credit report and assess what interest rate you qualify for. If it is lower than your pre-approved loan, go for it. If not, you already have a good loan locked in.
If the price, financing and fees look right, it’s nearly time to say yes to the deal. But before you do, consider making the sale contingent on having your new car delivered to your home or office. This is a great time saver and allows you to close the deal in a relaxed environment.
Step 7: Sign the Paperwork
This step will take place at your home if you have the dealership deliver the car, or at the dealership if you prefer to pick it up there. Either way, make sure there are no dents or scratches on the body or the wheels. Check that all the equipment is included, such as floor mats, owner’s manuals and rear-seat DVD headphones. Your new car should also come with a full tank of gas. If anything is missing or needs repair, ask for a “Due Bill” that puts this in writing.
In cases of home delivery, the salesperson arrives with all the necessary paperwork. If you opt to pick up your car at the dealership, you will sign paperwork in the finance and insurance office, where the finance manager may try to sell you additional items. These typically include extended warranties, fabric protection or additional alarm systems. These extras can often be purchased elsewhere for less. One product that can have real value is an extended auto warranty, which provides peace of mind to many buyers and could save you money in the long run. Remember, though, that its price also is negotiable and you can always buy it later. You can learn more about the products offered by the finance manager in “Negotiating a Dealer’s New-Car Add-Ons.”
Review the contract carefully and make sure the numbers match the worksheet and that there are no additional charges or fees. A good finance manager will explain each form and what it means. Don’t hurry. Buying a car is a serious commitment. And remember, there is no cooling-off period. Once you sign the contract, the car is yours.
Step 8: Take Delivery of Your New Car
You are probably eager to begin driving your new car. But this is an important step: Let the salesperson give you a tour of your new car. This could include showing you how to connect your smartphone to the car’s Bluetooth system and learning how to use other important features and safety devices. Yes, you can review all this in the manual later, but it’s quite helpful to get a hands-on demonstration. If you don’t have time for a complete demonstration when you sign the contract, ask to visit the dealership a week later for this important step.
As you drive away, there is only one more thing to do: Enjoy your new car.