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New car buying, the bane of modern society.Have you been considering purchasing a new automobile lately? Has the thought of having to duke it out with the local car dealership sent shivers down your spine? If you're like me and others that I know, going to the new car dealer is like going to the dentist for a painful operation.
Horror stories abound of hapless souls wandering into a dealership fully clothed and barely leaving with just the shirt on their backs.
In this article I will show you that all you will need in your arsenal to beat them at their own game is a little knowledge, and a fax machine. You see, I learned the hard way by sitting in the dealers office (Hot seat) for hours on end while the salesperson went back and forth to his manager to try to get me the best (don't bend yourself over too far) deal.
Items needed :
A word Processor or sheet of paper, and a pencil.
One fax machine
Access to Consumer Reports (Online Edition)
Your first step is to know exactly what you want in your vehicle down to the most minute of details so that you can price the vehicle out with the options that you choose.
Order a sample report report from consumerreports.org which cost $15.00 (2007 prices)
This is a comprehensive report detailing what the dealer actually pays for a vehicle, and what they try to soak you for including the options available.
Next take your report and type, or write a generic letter for each dealership that you intend on contacting. Let them know that you know what the actual dealer cost is for the vehicle plus your options vs. what they are asking you to pay. (Dealer markup)
Your report will list a simple formula for getting the best margin. Sample Fax Letter
Next call the dealership and work with a single salesperson, and let them know that you will be faxing them an offer letter shortly for your chosen vehicle.
Once the generic letter is drawn up fax no fewer than 10 dealerships the letter that you have created stating what you are willing to pay for the vehicle plus options. Follow up with a phone call to your intended target.
Here is where the beauty of the entire system gets powerful and starts to flow.
If they accept your offer ask them to sign it and fax it back to you before going in to finalize any deals. This way you can protect yourself from the inherent unscrupulousness of the majority of sales people out there in the auto industry.
And also keep in mind, one sure way to kill any deal that you may obtain is to finance thru the dealership themselves. This guarantees that any savings that you realized in the initial deal gets added back to the contract thru deceptive mathematics.
Oh did I forget to mention?.... enjoy your new car!
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2 comments:
My husband & I have bought several new vehicles from dealers and if a dealer isn't willing to show us the dealer invoice for a vehicle, we're willing to walk away. Pretty much all dealers can sell a vehicle at this price and still make money because of the "kick backs" they get from the manufacturer. We always use a family discount that we qualify for and purchase our new vehicles at 3% below dealer invoice and then also use all discounts & rebates that we can.
Excellent post Sharon and I agree.
The technique I list here allows you to shop and secure a deal without ever leaving your home. Saving you both time and money.
Thanks again for the advice!
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