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

13.2K views
June 27, 2019
by
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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Key Insights

  • 😨 Researching the value of the car is essential in negotiating a fair price.
  • 🚙 Adhering to the 2410 rule helps ensure affordability and prevents overspending on a vehicle.
  • 😑 Gathering offers for your trade-in and obtaining pre-approved loans gives you leverage during negotiations.
  • 👋 Prioritizing the price of the vehicle over other factors helps in getting the best deal.
  • 🤱 Beware of additional fees and challenge unnecessary charges.
  • 😨 Buying a used car can be a more cost-effective option than buying new.
  • 😨 Avoid buying a car that is beyond your financial means.

Transcript

okay so let's talk about how to buy a car and how to get the best possible deal when negotiating for buying a vehicle now let's be honest the car buying process for most people it can be stressful it can be time-consuming and it can be just outright not fun but hopefully this video can give you some ideas as to how you can get that best possible pr... Read More

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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