For drivers on a bad credit car loan, every penny counts. That means that negotiating with the dealer can be one of the most important steps in purchasing a vehicle.
ABC News recently teamed up with Edmunds’ senior consumer advice editor Philip Reed in order to learn more about his strategy for getting a car at a great price. The website purchases lots of vehicles for various purposes, and Reed does much of the negotiating in order to save the company money.
One of the main strategies that Reed recommended was to always leave the lot. Even if a dealer makes an intriguing offer, a buyer puts themselves in a much better position to negotiate by leaving the lot and coming back later. Many times, the dealer will then contact the buyer and come down in price in order to draw them back.
It also helps to shop multiple dealerships – and let any salesman know it. A dealer that is afraid of losing a buyer’s business to a competitor could be willing to make some concessions. Buyers should be sure to leave the salesman their cell phone number so that they can get in touch.
Even if it doesn’t result in a lower offer, a buyer can always go back and take the original one.