LITTLE ROCK, Ark. — If you are in the market for a new car, you need to know as much as possible before you head to the car lot. Doing your homework can help you get the best deal.
Victoria Keith with the blog Ask Victoria advises buyers to talk less and listen more.
“It could cost you a little or it could cost you a lot – but it will cost you,” says Keith.
Keith shares three things you should not say while shopping at the car lot:
1. Never talk about your credit score: Never tell the salesperson that you have challenged credit or that you don’t know what your credit is. The salesperson will tend not to work as hard because they know you will be happy just to be approved. You lose negotiating power when you do that.
If the salesperson directly asks you about your credit, you can tell him you are here to look for a car and you’ll talk about credit later.
2. Never state what kind of payment you are seeking: Never tell the salesperson that you need a certain payment. Keith advises to tell him, “First, let’s see what the bank says.” The bank may approve a certain interest rate that will give you a lower monthly payment than what you tell the salesperson.
Ashley King admits that she has told a salesperson what she wanted her car payment to be in the past.
“Before I was in car sales, I was guilty of it too. That is why I’m here sharing this information,” says Keith.
3. Never disclose that you have a down payment. If you tell the salesperson up front that you have a certain amount of money down, the bank may say that is what they need. Let the salesperson tell you what the bank wants so that you have negotiating power.
King asks about when you are trading in a vehicle. Keith advises to work the numbers on the vehicle you are interested in buying first, then share that you will be trading in a vehicle. This again will give you negotiating power.
“I guess it is no coincidence that those three things are usually the first three questions a salesperson asks,” says King.
“They have armed themselves with all of the details that they need to make the deal work in favor of the dealership and not the customer,” shares Keith.
For more car-buying tips, visit https://askvictoria.net/ and follow her on social media @AskVictoria1.