Planning to buy a Hyundai for your next vehicle? Then, good for you! After all, the brand is one of the most reputable automakers in the world today, with some of the best makes and models that you can have in terms of design, technology, reliability, and safety.
However, a car could be one of the biggest purchases you make in your life. In fact, you can consider it as another significant investment to make next to your home. With that in mind, you should make sure you get the most value for your money when buying it. How? You should know how to negotiate successfully before you walk into any of the Hyundai dealers Gold Coast has today.
Negotiation Strategies to Use When Buying a Car
To eliminate the anxiety when buying a car, you should be well prepared with some strategies that you can use when dealing with dealership sales representatives.
1. Negotiate for the price, first.
Before you walk into any car dealerships Queensland has today, you should at least know the average price of the car you are buying. With such knowledge, you have a base price to offer to the sales personnel.
2. Try to make the monthly payment term as short as possible.
An extended loan of 6 to 10 years will inflate the total amount of interest you have to pay. Not only that, but you could face the possibility of paying for repairs even before the purchase is fully paid. So, you’ll be paying far more in the long run.
With that considered, make your loan term as short as possible.
3. Get your financing ready.
Usually, a dealership will offer to arrange a car loan for you. While this sounds like a favour, they are actually selling you another product to make more money.
Rather than agreeing to such a deal, get yourself a pre-approved car loan before you shop. You can surely find better financing solutions from your local bank or credit union.
4. Time your purchase right.
Like used car dealers Qld has, new car dealers also have targets to hit during certain periods of the year. Usually, they want to move their units out at the end of each month or at the end of the financial year. Making your purchase during these times will allow you to enjoy special deals, discounts, and free extras.
5. Say “no” to costly, unnecessary add-ons.
Some dealers would throw in some extras for a cost. If you think that you do not need them, then feel free to decline.
6. Read the paperwork thoroughly.
It can be exciting to finally take home that car for sale Queensland dealerships have, but you should not haste. When signing the paperwork, read it first and check if all the numbers and information are correct.
Knowing the True Dealer Cost for Hyundai Cars
While most people think that a vehicle’s invoice price reflects what the dealership pays for it, it is not! Truth is, this amount already has a mark-up and other fees built into it.
Knowing the cost placed by Hyundai dealers Gold Coast has today on their vehicles will give you more leverage when it is time to negotiate for the final price. However, car sales stickers can be confusing, with terms you are not familiar with.
Dealer Invoice Price – This represents the cost paid by the dealership to purchase a vehicle from the manufacturer. It already includes any accessories the unit comes with.
Manufacturer’s Suggested Retail Price (MSRP) – While the full name makes its meaning obvious, this term is usually used only by its acronym, which most people do not know. Regardless, this is the price suggested by the manufacturer to the dealership to establish a car’s market value.
Manufacturer and Dealer Incentives – Manufacturer incentives are discounts offered by the automaker to get their older models moving, while dealer incentives are commissions received by the dealership for selling a number of particular makes and models.
Dealer Holdback – This is an additional amount placed on a car by the dealer to cover the additional expenses they spent on it.
Regional Ad Fee – This is an itemised cost used by the manufacturer to advertise certain models in targeted areas.
Destination Fee – This is the cost charged by the manufacturer for delivering units to the dealership.
By knowing more about these terms, you will be able to establish a base price to negotiate with the dealership sales personnel.
Knowing how to negotiate can save you thousands of dollars on purchasing your next car. So, before you leave home to visit Hyundai dealers Gold Coast has today, make sure you have done your homework and are well prepared.
While it may seem that dealerships have all the power in the negotiation process, they actually don’t. The final decision is actually up to you. So, if you think you can find a better deal elsewhere, do not hesitate to walk away. You’ll never know, they may chase you up to consider your offer!
For more useful tips on car buying and ownership, check out our other articles!