I’m a car finance expert – how to negotiate your next car deal and save yourself THOUSANDS
ARRANGING car finance can be a tricky process, but if you do your homework and strike the right deal it could save you a fortune.
For those not looking to buy a car outright, exploring various finance packages is definitely worthwhile, but whichever path you choose to take, it’s vital that you’re able to negotiate like a pro on the price you pay.
Knowing how to thrash out the best price for your new wheels is all about confidence and understanding what you should be looking out for when car hunting.
Handily, an expert at Zuto car finance has put together a guide to help you confidently negotiate.
Lucy Sherliker, Head of Customer at Zuto car finance explains: “When it comes to purchasing a new car, we all know it is worth negotiating to ensure you get the best deal.
“However, many prospective buyers lack confidence when it comes to knowing how to do this effectively, and an understanding of what you should be looking out for.
“Improving your negotiating skills when it comes to car ownership is key, helping you secure the best car finance deal possible.”
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So, what exactly should you be keeping in mind when you negotiate on the price of a car to ensure you bag the best finance deal?
Lucy offers an interesting Q&A session below:
Q: How can you best prepare for a negotiation in the car buying process?
A: Run a background check on the vehicle to understand market value
Lucy advises: “Prior to starting any conversation on price, you should run a background check on the vehicle. There are lots of sites available that will help you get a rough idea of market value which will help you to understand how reasonable the car price is.
Q: What tactics work well in the negotiation process?
A: Keep note of differences between the advertisement and viewing
Lucy says: “Sometimes you may find that when viewing a car, there are some things that don’t quite match the initial advertisement. Many people fail to note the original posting and specifications detailed, but it is well worth doing as this can often be a good bargaining tool.
Q: What should you look out for when hoping to negotiate a quoted car price?
A: Any signs of minor damage, service history and availability of second key
Lucy explains: “Whilst it’s important to remember that damage will not always bring the cost down if this matches the vehicle listing, it’s still worth checking for the following:
- Scuffed alloys
- Dents
- Scuffs on bumpers
- Tyre tread of less than 4mm
- Brake wear and tear
- Missing second key
Q: Are there any particular questions you should ask the car dealer when negotiating?
A: Always research and ask how long a car has been on the market
Lucy says: “Aside from questioning the overall condition of the car – including mileage and any wear and tear – you should try and figure out how long they have had the car.
“If the car has been sitting there for 30 days or more, it may be due a price reduction.”
Q: Should you close a deal on your first visit or walk away?
A: Walk away – but follow up over the phone
Lucy advises: “Many people struggle to know whether to walk away or close a deal when negotiating but you should never feel pressured to give a final decision in the moment.
“In fact, often the best deals take place following this initial negotiation, so ensure you feel comfortable and confident walking away, allowing time to consider the deal and follow up with confidence.”