When it comes to buying a car, be patient, and don’t be afraid to walk away.
First of all, patience is a blessing when it comes to buying a car. Any buyer that doesn’t have to buy right away has the advantage. Sellers have to sell within a certain amount of time. A private seller might only have the weekend to sell a car, while dealerships usually have no more than sixty days to sell a used car. As for new cars, the dealership has only three or four months before they decide that it’s an old piece of inventory and they have to sell it. So if you have patience, and you don’t have to buy the next deal that comes your way, you might be able to go back to a dealership in a month or two and make an offer that’s a little low and get the car just because it’s a little old.
One of my best car buying tips is that you should always be willing and able to walk away from an offer. This can be your best negotiation strategy. By walking away, you make sure that you’re getting the seller’s best offer. Here’s why:
- Most sellers (private or dealership) realize that if you leave, you’re probably not going to come back. They have one shot to sell you a car.
- Sellers know that they need to make you their best offer before you go – they feel that if they tell you their best price and you still leave, then it just wasn’t meant to be.
- Here’s the best part of the “walk away” strategy: if you tell a salesperson or a private seller, “Thanks, but this just isn’t the deal that I’m looking for,” and you leave, they might call you in two hours to say they’ve got a better price.
- If you don’t hear from the seller, and you really want the car, you can always call them back and tell them you’ve changed your mind, that you realized it’s a nice car and a pretty good deal, that you’re willing to take it now, etc.. You can do this and know that you’ve negotiated for the best price while also saving face.
As always, take your time when buying a new or used car. Do your car research, get multiple used car financing quotes, and feel free to contact us with your questions.