As some of you know, I bought my first brand new car a few weeks ago. As none of you know, Cory and I did a lot of work to save a good deal of money on said brand new car. Cory read this article a few months ago, and from it we picked up a few pointers on how to save money on such a big purchase.
And who doesn’t like to save money?
First, it’s important to do your research. In regards to the car – price, safety ratings and MPG were most important. We used reviews from Consumer Reports to narrow our search.
In regards to the money – we financed the car. Cory, being a finance man, crunched a lot of numbers and did a great deal of research to find the best interest rate.
Next, we constructed an email. (Tip: create a separate email account for this project.) Once we chose our car type (ie: Honda) we emailed all the appropriate dealerships within 50 miles of our home.
My name is Cory and my wife and I are in the market to buy a ‘HONDA’ (make, model, year, color) on DATE. We are emailing all of the ‘Honda’ dealerships within 50 miles of our home and the salesperson who offers the lowest OTD price will earn our business.
The OUT THE DOOR price is extremely important to mention, and it’s also key not to mention your budget. Once you mention the amount you’re willing to spend, the dealership will mold their offer around that price.
We also made a point not to give out any phone numbers, as we wanted to control the conversation. Email allowed us to control when we talked, what we talked about, and helped us avoid any “pushy-ness” that can come along with talking to a salesperson.
It sounds bold and slightly uncomfortable, but what got us the best deal was sharing offers with all of the dealerships. When we got one offer, we’d email the other salespeople saying “Dealership A is offering $XXXX – can anyone beat this price?”
And yes, most of the time, they can
In the end, we saved money! Because we put in the leg work before we went to the dealership, we ended up with an incredibly low interest rate and we saved $2,000 compared to the lowest price we could find online.
Shoot, I’ll take it! 😀
Have a great weekend, my friends!