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What are some effective negotiation strategies for customers seeking specific car models?

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If you are looking for a specific car model, you might face some challenges in negotiating the best price and financing terms with the dealer. However, with some preparation and research, you can increase your chances of getting a good deal and driving away with your desired vehicle. In this article, we will share some effective negotiation strategies for customers seeking specific car models.

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1 Know your budget and options

Before you visit the dealer, you should have a clear idea of how much you can afford to pay for the car, including the down payment, monthly installments, interest rate, fees, and taxes. You should also compare the prices and features of different models and trim levels that meet your needs and preferences. This will help you narrow down your choices and avoid getting swayed by unnecessary upgrades or extras.

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Michael Bannister

Corporate Trainer M08005516/13072
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Go to your bank and get a pre-approval so you have an option or point of comparison. The sweet spot for financing is 4 to 5 years max. Do not extend the payment period to beyond 60 months. Set parameters and stay within them

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2 Do your homework

One of the most important steps in negotiating is to do your homework on the market value, demand, and availability of the specific car model you want. You can use online tools and resources, such as Kelley Blue Book, Edmunds, or CarGurus, to find out the invoice price, fair purchase price, and average selling price of the car in your area. You can also check the inventory and incentives of different dealers and manufacturers. This will give you a realistic expectation of what you can negotiate and what you should avoid.

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Michael Bannister

Corporate Trainer M08005516/13072
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One of the most important steps in negotiating for a consumer is to know your financial limits and do not exceed them. Then find a vehicle that fits your financial limits and work with that. Be realistic, remember a vehicle is a depreciating asset and you should not invest hard cash if not necessary.

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3 Be flexible and patient

While you might have a specific car model in mind, you should also be flexible and patient in your negotiation process. You might not find the exact color, feature, or trim level you want at the first dealer you visit, or you might encounter a high demand and low supply situation that limits your bargaining power. In that case, you should be willing to explore other options, such as ordering the car from the factory, waiting for a better deal, or choosing a similar or alternative model that meets your criteria.

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Kimberly Nugent

District Manager at Assurant
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One of the best things to establish in negotiations is wants versus needs. Having your customer give a little bit more information to you about their needs may open up more options than the customer originally thought about. As a consultative sales, professional, part of the job is showing them options that the customer has not previously considered. This can also be a profit opportunity for the sales professional.

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Michael Bannister

Corporate Trainer M08005516/13072
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Always have 2 or 3 options in mind. Don't make a decision without exploring all your choices. The dealer is not your friend, most likely once you pick up the car they may never see you again unless you live close by and their service department is any good. Most dealers will never reach out to you again once the sale is done. Most have no retention or loyalty process. You are a transaction, next. Make sure the decision is in your favor.

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4 Don't reveal your cards

One of the common mistakes that customers make when negotiating is to reveal their cards too soon or too much. For example, you should not tell the dealer the maximum amount you are willing to pay, the monthly payment you are comfortable with, or the trade-in value of your current car. These information can be used against you to inflate the price, lower the trade-in offer, or increase the interest rate. Instead, you should focus on the total price of the car and negotiate it down as much as possible before discussing other factors.

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5 Walk away if needed

Sometimes, the best negotiation strategy is to walk away if you are not satisfied with the offer or the service. Walking away can show the dealer that you are serious about your budget and expectations, and that you are not afraid to look elsewhere. It can also create a sense of urgency and competition, and prompt the dealer to make a better offer or follow up with you later. However, you should only walk away if you have a backup plan and are ready to lose the deal.

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Michael Bannister

Corporate Trainer M08005516/13072
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Don't buy with emotion and rationalize the purchase later. It just doesn't work that way. Walk away and come back another day.

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6 Review the contract carefully

After you reach an agreement with the dealer, you should review the contract carefully before signing it. You should check that the price, fees, taxes, interest rate, loan term, warranty, and extras are consistent with what you negotiated and agreed upon. You should also look for any hidden charges, penalties, or clauses that might affect your rights or obligations. If you find any discrepancies or issues, you should raise them with the dealer and resolve them before finalizing the deal.

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Michael Bannister

Corporate Trainer M08005516/13072
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Always, always, always read and ask questions before you sign. Getting your money back after the fact is near impossible. Do not buy insurance disability or life, look at the entire cost of rhe purchase not just the payment. You don't need rust proofing or hydrogen in the tires or wheel locks or other non sense they offer.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some effective negotiation strategies for customers seeking specific car models?

1

2

3

4

5

6

7

1 Know your budget and options

2 Do your homework

3 Be flexible and patient

4 Don't reveal your cards

5 Walk away if needed

6 Review the contract carefully

7 Here’s what else to consider

Automotive Sales

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What are some effective negotiation strategies for customers seeking specific car models?

1

2

3

4

5

6

7

1 Know your budget and options

2 Do your homework

3 Be flexible and patient

4 Don't reveal your cards

5 Walk away if needed

6 Review the contract carefully

7 Here’s what else to consider

Automotive Sales

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