How To Buy A Car (Negotiate Like A Pro) | Summary and Q&A

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June 27, 2019
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Nate O'Brien
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How To Buy A Car (Negotiate Like A Pro)

TL;DR

Learn how to negotiate and get the best price when buying a car by doing your research and focusing on the price of the vehicle.

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Questions & Answers

Q: Why is it important to research the value of the car before buying?

Knowing the true worth of the car enables you to negotiate with the dealer based on accurate information, potentially saving you money and getting a fair deal.

Q: What does the 2410 rule mean?

The 2410 rule suggests that you should aim to afford a 20% down payment, four-year loan payments, and that the cost of owning and operating the vehicle should not exceed 10% of your income.

Q: Why is it recommended to obtain a pre-approved loan before visiting a dealership?

Having a pre-approved loan gives you bargaining power and allows you to compare and potentially negotiate lower interest rates offered by the dealership's finance department.

Q: How can you negotiate the price of the vehicle effectively?

Focus on the price of the vehicle first and hold your ground on what you are willing to pay. Be confident, willing to walk away, and use research and bargaining chips to negotiate the best deal.

Summary & Key Takeaways

  • Building knowledge about the value of the car is crucial before entering a dealership; use resources like Kelly Blue Book to estimate the worth of the vehicle you want.

  • Use the 2410 rule as a guideline: be able to afford a 20% down payment, four-year loan payments, and ensure that the total cost of owning and operating the vehicle is no more than 10% of your income.

  • Understand the value of your trade-in and gather offers from different buyers to use as bargaining chips at the dealership.

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