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How to negotiate the best price on a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity, and other home loan products. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be available to you.
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Alan Schein Photography/Getty Images
4 min read Published September 20, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched facts that break down otherwise complex topics into manageable bites.
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A new car purchase is exciting , however, negotiating a lower price can feel like a daunting task. Prepare yourself to being confident and negotiating for the price you're worthy of. 7 steps to negotiate your car price Set yourself up for success in negotiations by looking into your options. These steps will allow you to feel more prepared to negotiate with the seller and help you get a deal that is within your budget. 1. Find the basics before negotiations can start consider the kind of vehicle you'd like. If you don't have your ideal set of wheels think about your needs and your lifestyle. Are you likely to drive long distances or through heavy traffic and need a fuel-efficient vehicle? Is it just you and your spouse, or do you need something larger to carry your children or relatives? Are any features non-negotiable? These are only a few questions to ponder before deciding on which models and models to choose . Also, run the numbers to figure out . Utilize an auto loan calculator to calculate the monthly cost, and don't forget to take into account the other option when you are deciding on your budget. Decide on the amount you want to pay, and keep this number in mind while negotiating. 2. Get preapproved for financing The next thing to look into financing. You should think about financing prior to going to a dealership to purchase a car. Most car dealerships offer in-house financing, however it is . Dealerships often raise their loan rates to earn a profit. There are better deals from banks, credit unions and online lenders, so compare deals and on the internet. Securing financing will help you keep your foot on the ground. You will know exactly how much you have to pay, which means less incentive to upgrade and costly add-ons. Plus, preapproval gives you negotiating power -the dealer may offer to match or beat the other offers you get to gain your business. Check out what monthly payments may be like at various rates and loan terms. 3. Find out the value of the car Conduct research to find the car's worth and then write down the following figures: Manufacturer Suggested Retail Price (MSRP) This is the suggested sales price per the automaker, also referred to as the "sticker" price. Invoice price : The amount that the dealer pays the manufacturer to purchase the vehicle Fair market value : The the average price that others pay for the exact same or similar car. Look for an MSRP printed on the sheet that's attached to the window of the vehicle. It is possible to determine the invoice price and fair market value by conducting the internet or using a tools. If you are looking to purchase a new car, use the invoice price as your starting base. Ideally, the price you decide on should be in the range of that MSRP and this figure. If you're purchasing a used vehicle the vehicle, you may be more flexible when it comes to negotiating in accordance with the vehicle's model, make mileage, and condition. 4. Find out about dealerships. Even if a dealership offers great deals on vehicles you like however, it's not the best option. Beware of dealerships that charge steep dealer costs or have bad reputations. Read online reviews to get insight from past customers. Also, ask about dealer fees before you start shopping for an automobile. 5. Check around, unless you are certain of the vehicle you're looking for, up to the manufacturer models, VIN and model, shop around. Take a look at some dealerships within your local area over a few weeks. Get a feel for what cars are available and speak with a few different salespeople. Create a shortlist of your top options and study the MSRP as well as the invoice price and fair market value. This will help you in the process. You'll have the information you need to get the best price and the dealer will be aware you've doen your research. It's more difficult to negotiate -- and easier to overpay on a vehicle in the event that you rush through the purchase process. 6. Read up on negotiation tips Salespeople are expecting you to negotiate the price of your car. Don't feel bad asking, but make sure you've got a plan. Be prepared with price report or comparison sheet. Look up websites such as and . If you know the price that is fair for the vehicle is, or you find another dealer offering a better deal, communicate that information. It will give you an edge when negotiating. Keep your cool. Even if you're nervous about seeking a better price don't reveal it. Be confident and inform them of the amount you'd like to pay. Firmness also means the confidence that you know what you're entitled to. For instance, if know you have credit that is good utilize that to your advantage when discussing dealership financing. Prepare yourself for the long haul. It's not unusual to find the negotiation process to take a long time. Prepare for an extended stay at the dealership by being healthy and well-rested. This will reduce the chance of becoming irritable or rushing due to hunger, thirst or any other distractions. If you can't get to the price you want do not be afraid to leave. You may find another car and a better deal elsewhere, or you may go back to the dealership another day and try to bargain again. Walking away shows you are serious about getting the best deal. 7. Switch salesperson if necessary If you're working with a salesperson that is creating a negative impression, look for someone else who can assist. It's best to bring your business to a different dealer for a fair treatment in the process of shopping and negotiating the best price on a vehicle. Steps to follow when buying a car is a laborious process, but when you are paying that much you must be sure you are getting the car you want at the price you want prior to closing the deal. Take time before arriving at the dealership to get ready so you can bargain with confidence and be knowledgeable about how much you should spend. Don't be afraid of insist on the price you'd like and walk away if necessary. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers to control their finances with clear, well-researched information that dissects complicated topics into bite-sized pieces.
Auto loans editor
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