Shopping for a new car isn’t cheap, especially when it comes to luxury cars like a shiny new BMW. Buying a new BMW is a great experience. You get to show off your style and personality while sitting behind the wheel of a new car you’ve always dreamt of having. If you want to get more bang for your buck when shopping for a new BMW, these tried and true tactics will do the trick.
Do Your Research
Research is one of the most important things you can do when looking for new and used cars for sale. Before you step foot on the grounds of a dealership, open up your handy dandy laptop and begin combing through the internet for different car dealerships. Doing so will allow you to see what other BMW dealerships are selling their cars for, and you can even find reviews from customers on dealerships to see how they interact with customers.
Equip Yourself with Knowledge
While you research different dealers and sellers, equip yourself with knowledge as well. Car dealers will try every trick in the book to swindle you into spending more money. Luckily, buyers like you have more power than ever, thanks to the internet. Online, you’re able to look at car rankings, pros and cons, lease incentives, and so much more when looking at cars. This allows you to show up to the dealership knowing exactly what you want and how much you’re willing to spend.
Shop at the End of the Month
Whether you’re a first-time car buyer or a seasoned veteran, it’s important to know all car dealers must meet a quota at the end of the month. It’s during this time that they will be more willing to lower the price in order to hit the right numbers. By shopping for a car at the end of the month, quarter, or year, a car dealer who hasn’t met his or her incentive or bonus will work harder to put you in one of their cars.
Get a Pre Approved Auto Loan
Aside from selling you the car, dealers will also try and sell you a financing plan, usually one with extra fees and high interest rates. Before heading to the dealer, stop by your bank or a lender to get a pre-approved auto loan. With a financing plan in place, you’ll be able to use it as leverage at the dealership. This tactic will incentivize the dealer to create a better financing plan so you choose them.
You can also snag a pretty good deal when shopping for a BMW by trading your car in. Many dealerships allow you to trade in your car to put that money towards your new car payment. But, wait off until the very end before you bring this up. If a dealer knows you plan on trading in your car, they will either low-ball the amount of money they willing to give you for your car or will raise the price of the car you plan on buying. Once you negotiate a final price that you’re happy with, let them know you’d like to trade your car in to get the best value.
Know when to Walk Away
One of the strongest powers you hold as a buyer is the ability to walk away. Many consumers feel guilty after spending hours at a dealership to just get up and leave. But, if you remember that buying a car is simply just a business transaction, walking away will be much easier. The last thing a dealer wants is to lose a sale. But if you’re stuck in a bad deal, providing your phone number and leaving the dealership will entice the salesperson to call you back with a better offer.
Avoid the Extras
Once you negotiate the price of the car, you may think the process is over. Don’t assume just yet. Most dealerships make a majority of their profits through their financing office. Once it’s time to sign the paperwork, finance officers will tempt you to buy expensive add-ons that will add to the cost of your car. Before you write your name, avoid these common add-ons you most likely don’t need:
The Bottom Line
Now that you know the many ways dealerships will try and squeeze an extra penny out of you, it’s time to put your negotiating hat on and head to business. With these tips and tricks, you’ll be able to drive home in luxury in a brand-new BMW.