Haggling over the price is a standard part of the car-buying process in Canada. And if you do some savvy negotiating, you might find that the sticker price is far from set in stone
So whether you’re in the market for a brand new car or looking for used car financing, you have to remember: engaging in negotiations with the salesperson can often lead to a better deal.
Here are some valuable tips that can help you secure the best possible deal on a new or used car.
Start by researching the vehicle you’re interested in. Dig into the details and look up what these cars go for; check wholesale and retail values.
Next, check out online reviews and price comparisons. You may find that if the car is in high demand, there’s not much wiggle room regarding the price. But if it’s not flying off the lot, you’ll have some bargaining power!
(If you’re considering a used vehicle, CarEvo’s online car loan calculator in Canada can help you estimate monthly payments.)
When it comes to car buying, timing can make a difference. A general rule is to shop for a car at the end of the month. Salespeople often have monthly targets, and they’re more likely to lower prices at the end of the month to meet those goals.
But don’t wait until the last day of the month; some dealerships have fiscal months that end a few days before the calendar month. Aim to shop a few days to a week before month’s end for the best chance of securing a fantastic deal.
Yes, dealership financing is convenient, but it may not be your best option. Take the time to compare financing options from banks, credit unions, or reputable online lenders before driving off in your dream car.
Not only can a third-party lender offer better terms in many cases, but getting pre-approved by a few lenders before visiting the dealership also puts you in a better position to negotiate, both the car’s price and your interest rate.
If you’re eyeing a used vehicle, make sure it has a vehicle history report. Ask your dealer for it, or visit CARFAX Canada to download the report. This report will tell you if the car was recalled because of defects.
With this information, you can decide whether or not the vehicle is worth your money, and you can use it as leverage during negotiations.
Another valuable tip for negotiating the price of a used car is to hire a mechanic for a professional inspection. If the mechanic identifies any issues, you can factor their findings into your negotiations.
Being prepared to walk away is one of the most potent bargaining tools you can have in your arsenal when negotiating. Make it clear to the dealer that you’ll only close the deal if they meet your target figure.
Politely decline any offers that don’t meet your targets and be ready to walk away.
The road to a new car usually involves weeks of research, test drives, and haggling with salespeople. But at CarEvo, we’ve simplified the process, making it stress-free and efficient—even for people who need bad-credit car loans.
Get pre-approved for a car loan from us and browse our lot with confidence. Plus, we’ll deliver your dream car straight to your door.
