August 22, 2008, Newsletter Issue #92: Negotiating and Haggling

Tip of the Week

Some people detest negotiating the price on a car purchase while other people find the process thrilling. No matter what your personal preference is, it is important to go into price negotiations for a used car with enough stamina to insist upon a better deal than what the dealer initially offers you. One of the best negotiating tactics you have is to already have sifted through the various used car auto loans offered by the various lenders you are willing to do business with and to have a loan pre-approved and a check in your hand. This essentially makes you a cash buyer, and it gives you a huge advantage over other buyers who are at the mercy of the dealership for financing.



Do your research beforehand so you don't demand something that is simply unreasonable – like wanting to pay $15,000 for a used car that is worth $35,000 – and arrive at the dealership with documentation in hand of your research such as a copy of a Kelly Blue Book report on the car you want to buy. You also need to be willing to walk away if the dealership isn't offering you what you want. A good portion of the time, when a potential buyer gets up to walk away from the negotiating table the salesperson suddenly agrees to the terms. Don't ever accept an offer which you do not think is reasonable, and remember that negotiating can save you quite a bit of money if you do it correctly.

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