Need insights on car buying strategies ! How to negotiate a fair price? And avoid rookie mistakes. Any tips would be greatly appreciated.

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Bring your own financing, don’t let the dealership arrange it for you. Talk to your bank, credit union or lender beforehand.

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I can only speak to my situation a few years ago...
Know what you want (e.g., price point, model, etc...) so you can speak to specifics, having a good down payment and/or good credit helps A LOT - the less risk you are the more they'll work with you, if you check the first two boxes "be firm" - I think me and the Sales Mgr went back and forth ~3x.
Good luck!

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1- Check out the price of the car you want in 5 dealers in proximity and even a couple of hrs away

2- Check comparable models. For example, Honda CR-V vs Toyota RAV4

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3- understand what extras are important for you (sunroof, rims, leather seats, etc)

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Read every word of every document. I’ve bought several new and used cars over time and every time there’s a “mistake” in the papers it’s always for the dealer’s pocket. Also if you buy new, you don’t need the undercoating, nitrogen in the tires or the other 427 add-ons they will hit you with.

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Always be prepared to walk. Buying a car is the dumbest game. I’ve had dealerships unwilling to close a $500 gap between their number and my number, manager comes out and says price is firm, they’d lose money selling at my number, etc. and it’s not until I’ve physically walked out of the dealership (or even started driving home!) that they’re willing to negotiate further.

Silly, but the best way to be able to do this is to not get your emotions tied up in the process - they want you to settle and feel like you’re making a bad decision by not taking their offer. Just remember you’re the one with the pocket full of money, you’re under no obligation to settle for anything other than what you’re comfortable with.

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Also, I think it’s important to recognize that this market is very different than the usual car market - last week I bought a brand new, 2022 model from a dealership that was CHEAPER than the used 2020 and 2021 models they had on the lot (to make it even weirder, the used cars were lower trim levels). Something that you might not think about if you’re new to buying, but know that this isn’t the norm - just keep all your options open when you’re shopping!

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Act dumb of the salesperson tries to add costs for any reason, ask them to explain everything in detail. Wear them down, they are trying to get you in and out quickly.

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Shop online before going in person to test drive. I had a salesman try to sell me a base model for $2k more than a different dealership had for the next model up. I was able to call BS and walked after they said the other dealership wasn’t showing the real price. The salesman was wrong and I ended up with a nicer car for $2k less.

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