7 Steps to a great new car deal
Want to save thousands on your next car, but not sure how?
1. Decide exactly what you want
Your dealer wants to hear that you have decided to buy now. Colour and options desired should all be decided. You don’t want to spend hours in the showroom and the internet is a much better place to make a sensible decision on what you need and what is just wasted money.
2. Know what price you want to pay.
When you get offered a great deal you should accept it. Demanding another 10% off will just leave you without a deal. A bit of research will help this journey. E.G. knowing that BMW 520 is usually available cheaper than a 518 on finance is something you should have already discovered.
3. Ask for the best price
Once you have the best price they can offer either accept it or tell them you’ll consider it and return later. Few dealers can offer 30% discounts, but most can do 5%. Knowing the brand’s margins, model support and volume bonuses well help you understand what is possible.
4. Be prepared to compromise
Dealers have lots of stock, if they have a car to clear you would buy then a great deal should be easy to achieve. Stock is building up and dealers are desperate to clear it. Engine changes can leave cars with higher CO2 bands impossible to sell into fleet markets. As a private buyer a modest increase will cost little.
5. Phone a few other dealers
Once you know what’s available calling another five or six dealers will give you a good understanding if there is anything more available as a discount. Competition is important to getting the best deal.
6. Leave something on the table
The salesman doesn’t need a mega bonus, but leaving enough to pay the bills is only reasonable. If you didn’t get paid you wouldn’t be buying this car.
7. Part exchange value
Don’t forget that you part exchange deal can hide the true new car deal. Getting multiple quotes will help you understand the value. But don’t waste your time trying to sell a high specification recent car out of brand. If you have 10k worth of options only a franchised dealer can get anything material back.
If that’s not for you AutoeBid New Car Broker can do the work for you in the UK. Dealers compete for your business and negotiate your part exchange. We have learnt a few things since 2003, saving millions of pounds for our customers.
Also see Barclays’ guide to buying a new car. https://www.barclays.co.uk/journal/buying-a-new-car