I am used to accepting things as they are. For example, whenever I am shopping, I usually take the MSRP or listed price for granted and just pay for the item. If you know how the system works, then you can make it work for you. When you walk into a supermarket, retail store, or car dealership, you have the power of research, strategic comparison shopping, and negotiation on your side.
Did you know that the Manufacturer’s Suggested Retail Price is only a price point suggestion that is recommended by product manufacturers? It is also a price point standard that is designed to make sure that stores sell the same items at relatively the same prices. That way, one store is not selling the item at wildly higher prices over another.
Gaming the System
After a car is manufactured, a MSRP, or sticker price, is prominently displayed on the windshield. It’s a price point. Depending on the options and extras that you buy, the sticker price can increase. Do you really need paint sealant or corrosion protection? If you stand your ground and negotiate, you might pay sticker price amount or a little below it.
The average price of a new car is about $37,000. If you are going to pay that much, then you should know how to negotiate. Every few years, I verbally negotiate with car dealers like the fight sequences in 1970s kung fu action films. You must have leverage, know the worth of the item you are negotiating over, and have an understanding of how the system works to make negotiating work for you.
Along with mastering negotiation, you should know the best times of the year to buy a car. During certain times of the year, dealers are desperate to move product.
Memorial Day is a Great Time for Deals and Negotiation
Why is Memorial Day a great time to buy a car? There are several reasons. For one, dealerships use this time to begin clearing out their inventories from last year. Most usually begin bringing in next year’s model over the summer. If you don’t mind buying a new, but year-old model, you can save a lot. For example, a new 2018 GMC Acadia could be on sale with over $6,000 in cash back incentives during Memorial Day.
You should know as much as possible about the vehicle you want to buy to get the best deals. Additionally, you should also know how car dealerships operate. Memorial Day is the first big holiday shopping season of the year after a long winter. Most car dealerships award bonuses to salespeople with the most sales on three-day holiday weekends.
They need you to make a deal during Memorial Day more than you need them to sell a car. Keep that in mind when you are negotiating.
Keep Your Leverage
Negotiation is all about leveraging knowledge, research, and timing with good luck. Just because its Memorial Day doesn’t mean you will automatically get the greatest deal. Don’t be afraid to walk away if a salesperson tries to raise the sticker price. You should research, shop around, and compare dealership prices on Memorial Day. Some local dealership is going to give you the deal of a lifetime if you know what you are doing.
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