Senin, 16 Mei 2011

How to Negotiate a Great Deal on a Toyota

How to Negotiate a Great Deal on a Toyota

How to Negotiate a Great Deal on a Toyotathumbnail
Negotiate a Great Deal on a Toyota

With the high escalating price of gasoline going through the roof, today's vehicles MUST be efficient and economical. Toyota is regarded as one of the most fuel efficient car manufacturers and most desirable...but getting discounts can sometimes be challenging, if not impossible. Follow these simple steps and the last thing you will see as you drive off in your new Toyota vehicle is the salesman scratching his head, waving good-bye in your rear-view mirror!

Difficulty:
Moderately Easy

Instructions

things you'll need:

  • Knowledge of personal finances
  • Invoice price from internet
  • Patience!
  • Name of competition in area
  • Strong Will and Determination
    • 1
      Know as much info on yourselves as well as the vehicle

      Step1
      Know as much info on yourselves as well as the vehicle.
      RESEARCH Remember...Knowledge is Power! Do your homework. Most import dealerships tend to be more aggressive than domestic makes. Mainly, because they don't have the "rebates, employee discounts, or other promotions". Hopefully, you have an idea which Toyota vehicle best suits your lifestyle and budget before stepping through the doors, but if you don't, research, study, ask other Toyota owners what they think of their vehicles...this may take several days or weeks. A good source for vehicle pricing is Kelly Blue Book (kbb.com) Dealers will recognize this as a viable 3rd party source. Find your vehicle (with desired options) and print a copy...take this with you!

    • 2
      Select the right vehicle with options that best suit your needs, not wants

      SELECT
      Ok...you found the right vehicle. Make sure you know what method of payment method (yes, you do have to pay for something)you feel comfortable with. Best suggestion is securing financing from your own bank, if possible. If not, you will have to go through the dealer. They have an assortment of banks that they use depending on your credit score (not an issue here if your paying cash). Don't discount the idea of leasing...here's a rule of thumb: if you plan on keeping the vehicle for several years, then buy it. If you are those who like a new vehicle every 2, 3 or 4 years, then lease. Leasing gets you a great deal with a smaller monthly payment...plus, you have options at the end of the lease term a)turn it back in, b)trade it for another vehicle, c)buy it (you should know the buyout price after you sign all contracts, and d) sell it yourself...maybe to a neighbor or friend. Don't worry about mileage either. Only time this comes into account is when you turn it in and walk away...if you go over the mileage, which is usually 12,000 miles per year, you will have to pay anywhere from .15 to .20 cents per mile. If you do any of the other three options, mileage shouldn't be a concern.

    • 3
      The test drive lets the salesman explain various features

      TEST DRIVE
      Now the salesman has you where he wants you...he will do everything possible to get you to test drive, which is ok...you should. Their strategy though is to get YOU to love the car...its smell, feel, take mental ownership...be careful here. Stay focused. Do Not Act Excited..stay calm and unimpressed. It is important for you to drive the vehicle you will be investing thousands of dollars into.

    • 4
      Negotiate your best possible deal from the invoice price, not MSRP

      NEGOTIATE
      Ok, here we go. Take a deep breath. You are in un-charted waters here. This is their "arena"...or so they think. By this time, you should know your finances, the vehicle's invoice price, etc. Remember this simple rule..he who speaks first, loses! Don't show all your cards yet. Let them bring up price first and tell them you have been to "Dealer X" and have their best price...These guys hate to lose a deal to a competitor and will do anything to keep you inside the dealership...be patient. You need to negotiate up from the vehicle's invoice price (That's what They paid)instead of negotiating down from the MSRP or sticker price. Most dealers will sell at invoice if they have a surplus or its near the end of the month. Actually, they sometimes get what's called Dealer Cash on selected models from the manufacturer, but you would never hear this. A fair price to pay is anywhere from invoice to $200 over invoice depending on availability of the vehicle. Also, don't be intimidated when the salesman leaves and comes back with a manager...this is the closer, the hammer, the guy who will try to convince you with every excuse in the book to settle at their price. Its called a T.O. or Turn Over. Here is where you stick to your guns and let them know you aren't buying today, and get ready to leave. You will see them jumping through hoops trying to make you stay. Percentage wise, the ball is in your court because they won't see you again...they assume you will buy elsewhere if you leave. Tell them you know your credit score, have financing already secured at your bank and still wish to check with the other dealer (remember Dealer X?)

    • 5
      Seal the Deal with a handshake

      THE HANDSHAKE
      At this point, a deal has been made and you are ready to sign contract papers. They will put you "In the Box" or the Finance Manager's office. He will try one more time to sell you additional warranties, insurance, and possibly paint protection...DECLINE,DECLINE,DECLINE. Also, be on the lookout for "documentation fees" as they can go as high as $400. This is mere profit that usually goes into the Manager's pocket as pure profit. If you suspect they are charging an exorbitant Doc Fee, best bet is to stand up and walk out...I guarantee they will do remarkable feats to get you to stay...After the final form is signed, hands will be shaked and congratulations! You are the proud owner of a new Toyota vehicle!

Tips & Warnings

  • Bring in Kelly Blue Book listing off internet

  • See if dealership has special internet pricing before vising store

  • Investigate and secure your own financing, if possible

  • Have another Dealer's price to compare and let salesman know it

  • Never show emotion, stay calm

  • Be careful of long, high interest finance rates from Dealer...better to get your own

  • If a trade is involved, research as well using KBB as a guide. Wash it and make it look as presentable as possible

  • Watch out for the "closer" or sales manager who will be brought in to finish the negotiation process. Always be ready to jump up and leave if you feel pressured and make it look as presentable as possible

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