Saturday, May 03, 2008

My New Car Buying Tips

As I stated in my last post, we recently purchased a new car. In the process of researching for this purchase I realized that I had numerous resources at my disposal that would save me a considerable amount of money relative to MSRP. Here they are in order of accessibility to the average person.

1) Negotiate, Negotiate, Negotiate

The worst thing that you can be when buying a car is what car dealers call a "lay down". Those that refuse to negotiate are just wasting a tonne of money. A dealers cost is typically 5-10% below MSRP. Negotiate accordingly.

2)Savings Plans through your employer/organization.

Most, if not all of the major car makers have savings plans that they offer to corporations and groups that they do business with. The typical discount is 4% below MSRP or 4% above dealer cost. You can typically negotiate a better price, but if that really isnt your thing, be sure to look for this. Honda has a particularly good program on eligible vehicles that allows you to negotiate your best deal and regardless of price paid, you get a rebate.

3) & are both websites that will provide you with what the dealer paid for the car. Armed with this information you should have the upper hand in the negotiation for your new car. Dont feel like negotiating? No problem, has pre-negotiated deals with some dealers. From what Ive read, it is very difficult to beat the price they have already negotiated. The cost of membership for these sites is $39.95 for 5 reports through CarCostCanada and $65 for 5 quotes through APA.CA. For the extra $25, go with APA for their pre-negotiated deals.

4)Employee Pricing

The employee pricing programs offered by most car companies apply to more than just the employee, they often apply to extended family so be sure to ask around if you know somebody who works for a car manufacturer. In my case I was eligible for Ford's Z-Plan. Z-Plan is for Ford retirees and I am obviously not a Ford retiree, but as the grandson of a Ford retiree I qualified. Those eligible for Z-Plan pay dealer cost. In my case I paid about $2500 below MSRP (pretty good for a 25K car).


At 8:55 PM, Anonymous Nicole Vickers said...

I can say that by now, you're still cool with the car you bought. I'm about to buy a new car sometime in the coming months from this Indianapolis car dealer, so I thought of checking online for some useful negotiating tips. It's not that I'm bad with negotiating, but like you said, I'd like to have the upper hand in dealing with the car I really want.

Good thing there are lots of going on here in auto sales. Indianapolis is indeed a haven for car dealership. Thanks so much for these tips, Jeadie.

At 5:25 AM, Blogger Sara William said...

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