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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 better financial decisions by offering you interactive financial calculators and tools that provide original and reliable 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, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation could affect how and when products are listed on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not include the vast array of companies or financial deals that could be accessible 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 using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances with concise, well-researched, and well-studied information that breaks down complex topics into manageable bites.
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Buying a new car is exciting , however, negotiating the lowest price may be intimidating. Prepare yourself to having confidence and pushing for the price you deserve. 7 steps for negotiating the price of your car. Make yourself more successful in negotiations by exploring your options. These steps should help you feel more prepared for negotiations with the seller and ensure to negotiate a deal that fits your budget. 1. Determine the most important aspects before negotiation can begin consider the kind of vehicle you'd like to own. If you don't already have your ideal set of wheels take a look at your requirements and the way you live. Are you likely to drive long distances or through heavy traffic and need an energy-efficient vehicle? Are you only traveling with your partner, or do you need something larger to transport your children and family members? Are any of the features negotiable? These are only some of the questions to consider before deciding on which models and models to choose . Also, run the numbers to determine the approximate amount . Utilize the auto loan calculator to estimate a monthly payment Be sure to think about the other aspect when deciding on a budget. Decide on the amount you want to spend and keep it in mind when you negotiate. 2. Get preapproved for financing The next thing to consider is financing. Consider getting for financing before going to a dealership to buy a car. Many car dealerships offer in-house financing, but it's not . Dealerships often raise their loan rates so they can gain. You will find better offers from banks, credit unions and online lenders. So, compare the offers online and in person. A credit line will allow you to remain firm. You will know exactly the amount you'll need to pay, which means less temptation toward upgrades and costly accessories. Plus, preapproval gives the buyer the ability to negotiate - dealers might offer to beat or match other offers you get to earn your business. Check out what monthly payments may be like at various rates and loan conditions. 3. Research the car's value Do some research to determine the value of your car and write down the following figures: Manufacturer Suggested Retail Price (MSRP) : The suggested sales price per the automaker, sometimes referred to as the "sticker" price. Invoice price : The amount that the dealer is paid by the manufacturer to purchase the car. Fair market value : The cost that other people pay for the same or comparable vehicle . Find your MSRP in the pricing sheet that's attached to the window of the car. It is possible to determine your invoice's price as well as its fair market value by conducting online research or with the aid of a tool. If you want a new car, consider the price of your invoice as your starting base. Ideally, the price you settle on should be between that MSRP and this amount. If you're purchasing a used vehicle or a used vehicle, you'll negotiate with more freedom, depending on the vehicle's make, model mileage, and condition. 4. Check out dealerships. Even if the dealership offers good deals on the cars you want, it may not be the best choice. Beware of dealerships that charge excessive dealer costs or have bad reputations. Review online reviews to gain insights from customers who have been there. Also, inquire about dealer costs before you start shopping for a new ride. 5. If you don't have a clear idea of the automobile you're looking to buy, right up to the manufacturer models, VIN and model, shop for a while. Take a look at the dealerships within your local area in the span of a few weeks. Learn about what cars are available and then speak to a few different sales representatives. Create a shortlist of the top three options. Then study the MSRP, invoice price and the fair market value. It can be used to ease the process. You'll have the information you need to get the best price and the seller will know that you've done your homework. It's harder to bargain -- and more difficult to overpay -- for a car in the event that you rush through the purchase process. 6. Find out about tips for negotiation People are expecting you to negotiate the cost of your car. Don't feel bad asking, but make sure you have an idea of what you want to achieve. Be prepared with price reports or comparison sheets. Check websites like and . If you know what the fair cost for the vehicle is, or the dealership you are considering offers the best price, then share that information. It will give you a leg up in negotiating. Be firm. Even if you are nervous about seeking a better price, try not to show it. Be confident and tell them what you're willing to pay. It also implies faith in knowing what you deserve. For example, if you believe you have credit that is good make use of this advantage when discussing financing with a dealership. Prepare yourself for the long run. It's not uncommon that the process of negotiation to take a long time. Prepare for an extended stay at the dealership by staying healthy and well-rested. This will reduce the chance of becoming irritable or rushing because of thirst, hunger or any other distractions. If you're not able to get the price you desire, don't be afraid to leave. You may find another car and a better deal elsewhere, or you may go back to the dealership for a second time and bargain again. By leaving, you show that you are serious about getting a good deal. 7. Alternate salesperson if you're working with a pushy salesperson who's creating a negative impression, look for someone else to assist. It could be best to take your business to a different dealership to ensure that you are treated with respect in the process of shopping and negotiating the most favorable price for a vehicle. Next steps Buying a car requires effort, but when you are spending this much money it is important to make certain that you get the car you desire 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 spend. Don't be afraid of request the price you'd like and leave if needed. Learn more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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