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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 goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing original and objective content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they be displayed within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you.
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Alan Schein Photography/Getty Images
4 min read Published September 20th, 2022.
Authored 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 ways and pitfalls of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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The purchase of a brand new car can be exciting , however, negotiating the lowest price may be daunting. Preparation is the key to being confident and getting the price you deserve. 7 steps to negotiate your car's price. Make yourself more successful when negotiating by and exploring your options. These steps should help you be more prepared to negotiate with the seller and ensure you negotiate a price that's within your budget. 1. Figure out the essentials Before the negotiation process can begin take a look at the type of car you want. If you don't already have your dream set of wheels picked out think about your needs and your lifestyle. Are you likely to drive long distances or in dense traffic and require an energy-efficient vehicle? Is it just you and your partner, or do you require something bigger to carry your children or family members? Are any features non-negotiable? These are only some of the questions to consider in deciding which brands and models to choose . Also, you can run the numbers to figure out . Use an auto loan calculator to estimate the monthly cost Don't forget to take into account the other option when you are deciding on your budget. Determine the maximum amount you will pay, and keep this number in mind when you negotiate. 2. Pre-approve for financing next thing you need to look into financing. You should think about financing prior to going to a dealership to buy a car. Many car dealerships offer in-house financing but it's . Dealerships typically increase their loan rates to gain. There are better deals from banks, credit unions and online lenders. Compare the offers online and in person. The financing you secure will help you keep your foot on the ground. You will know exactly how much you have to spend, which will mean less temptation toward upgrades and costly additions. Preapproval also gives you the power to negotiate. The dealer might be willing to match or beat the other offers that you receive to earn your business. to see what the monthly payment could be at different rates and loan terms. 3. Do some research on the car's worth Do some research to determine the car's worth and then write down the following numbers as follows: Manufacturer Suggested Price (MSRP) is the suggested sales price per the manufacturer, also known as the sticker price Invoice price: The amount the dealer pays the manufacturer to purchase the car. Fair market value : The the average price that others pay for the exact same or similar vehicle Find your MSRP in the pricing sheet that's attached to the window of the car. It is possible to determine an invoice's value and the fair market price through online research or with the aid of a tool. If you're looking to buy a brand new car, you can use the price of your invoice as your starting base. The ideal price to settle on should be between that MSRP and this number. If you're purchasing a used vehicle, you could be more flexible when it comes to negotiating in accordance with the vehicle's make, model, mileage and condition. 4. Check out dealerships. Even if the dealership offers good deals on the cars you want but it might not be the best choice. Beware of dealers that charge steep dealer fees or have poor reputations. Check out online reviews for information from previous customers. Also, inquire about dealer fees before you begin shopping for an automobile. 5. Shop around Unless you have a clear idea of the car you want, down to the model or model and VIN You can shop for a while. Check out some dealerships within your local area in the span of a few weeks. Find out what cars are available and speak with a few different sales representatives. Create a shortlist of your top choices and study the MSRP invoicing price, fair market value. This will help you in the process. You'll have the details you require to negotiate the most favorable price and the seller will know you've conducted your own research. It is harder to negotiate -- and easier to overpay for a car if you rush the buying process. 6. Learn about negotiation strategies Salespeople want you to negotiate your car's price. Don't be afraid to ask, but make sure you've got a plan. Be prepared with prices reports or comparison sheets. Check websites like and . If you are aware of what the fair cost for the vehicle is, or that another dealership is offering an offer that is better, you should communicate this information. This gives you an advantage when negotiating. Stay firm. Even if you are nervous about asking for a better deal, try not to reveal it. Make sure you are confident in telling them what you're willing to pay. The word "firm" also refers to confidence in knowing what you deserve. For instance, if you believe you have good credit, use it to your advantage when it comes to discussing financing from a dealership. Prepare yourself to last for the long haul. It's not unusual for the negotiation process to be lengthy. Plan for an extended time at the dealership by staying rested and taking care to avoid the possibility of becoming angry or speedy due to thirst, hunger or other distractions. If you're not able to get the price you want, don't be afraid to leave. There is a chance you can find a new car and a better deal elsewhere, or go back to the dealership another day and try to negotiate again. Walking away shows you are serious about getting the best deal. 7. Switch salesperson if necessary If you're working with a pushy salesperson who's infuriating you, find someone else to assist. It could be best to take your business to a different dealer for a fair treatment while shopping and negotiating the best deal on an automobile. Next steps Buying a car is a laborious process, but when you are paying that much you must be sure to get the car you want at the price you desire before you close the deal. Make time prior to leaving the dealership to prepare to bargain with confidence and be knowledgeable about the price you will be paying. And don't be afraid to ask for the price you want and leave if needed. Find out more
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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 a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing concise, well-researched and well-edited information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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