Overall, Degen said, it makes sense to wait if you are able to and you don't like what you're seeing right now.
You don't want to rush into something and then need to resell it in a year or so at a steep depreciation. Sign up now: Get smarter about your money and career with our weekly newsletter. Don't miss: Inflation is continuing to rise—here's how it could affect your money. Skip Navigation. Jennifer Liu. Sign up now: Get smarter about your money and career with our weekly newsletter Don't miss: Inflation is continuing to rise—here's how it could affect your money.
VIDEO Millennial Money. If you're thinking about buying a new or used car, be sure to check out our Buying or Leasing a Car topic area. Before you step into a dealership, decide which car you want to buy. Or, at the very least, narrow your choices down to just a few. Here are a few ways to comparison shop outside of a dealership. Often, the hardest part of buying a new car is negotiating the price with the dealer. Here are some tips:. Know what you want before you walk into the dealership.
Know what car you want or a few you're interested in , what special options you want, what equipment you must have like certain safety features , and what you can afford. Use the invoice price as the starting point for negotiating.
It's far better to work up from the dealer's cost than to negotiate down from the asking price. You can find the dealer's invoice price and the dealer's true cost after rebates on the Internet from websites like CarPrices. Don't buy in a hurry. Take time to compare prices at several dealers.
And remember this general rule of car buying: If you take a long time to decide and you're willing to walk away from the dealership, the lower the price will go. Of course, you have to spend considerable time with a salesperson before you walk out—he or she won't care until after investing significant time in you. Resist the urge to buy more car than you can afford.
Don't buy a more expensive car by financing it for a longer period of time. You'll pay a bundle in interest that way. Check dealers' prices using the Internet. If you know the exact model and options you want, email several dealers asking them to quote you their price. Include any dealer within driving distance. Once you've received the quotes, you might be able to negotiate with the dealers to get the best price.
Negotiate the price of the car, not the monthly payment. If the dealer asks what monthly payment you can afford, don't answer; switch the conversation back to the price of the car.
Know your credit score before you apply for financing. Magnesium shortage? Labor strikes? If you could wave a magic wand and imagine what Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Submit Comment. Negotiating tips, money-saving tricks, and car buying advice. One new guide each week. No spam ever. The YAA platform is still in development.
If you'd like early access, share your name and email and we'll contact you as soon as possible. What Are Edmunds Values? March 16, Written by: Ray Shefska. Categories: Dealership Operations. What is Edmunds? Are Edmunds Values Accurate? Not sure where to begin? Take a look at our curated 'Start Here' resources or explore and ask questions in the community forum. Start here.
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