You’ve achieved a certain level of success, and you want a luxury car. That’s understandable. However, finding a deal is often more challenging than it would be for a regular automotive brand. Getting the best deal requires research, patience, and knowing the market.
You can find that deal by following a few rules to maximize your chances of getting the best price possible. This article will walk you through what you need to do to get the best deal on a luxury car.
Know the Dealer’s Invoice Price
Knowing the dealer’s invoice price is one of the most powerful tools in your arsenal when shopping for a deal on a luxury car. The dealer’s invoice price gives you an idea of how much the dealer paid for the vehicle you’re thinking about buying.
Two great resources for researching prices are the Kelley Blue Book and the Edmunds pricing guide. Having an estimate of how much the dealer paid for the luxury car you’re considering purchasing will ensure you don’t overpay for your new car.
Choose a Less Expensive Luxury Brand
You can save a considerable amount of money by choosing a less expensive luxury brand over the top luxury brands. For instance, choose a new Lexus instead of a new Mercedes-Benz. That can save you $10,000 or more.
A similarly sized, but less expensive Lexus offers more standards at the entry-level than higher-priced brands such as Mercedes-Benz or BMW. This shows that paying more doesn’t necessarily get you more, and that’s important when luxury shopping. You need to read the fine print, make comparisons, and never assume that a more expensive brand is actually giving you a better value.
Get Your Timing Right
Many luxury car shoppers are unaware of the importance of timing their new car purchase. You can often get the best prices by waiting until the end of the month or quarter. Dealers will often offer specials at the end of the month to meet their sales quota.
Dealers often receive incentives for meeting specific goals. They may be more willing to negotiate if they’re nearing the next incentive bracket. Large luxury dealers often receive higher incentives, making them more likely to offer better pricing.
Do Your Homework
Before setting foot in the dealership showroom, be sure you’ve done as much research as possible on the luxury car you’re hoping to buy. Dealers are more likely to negotiate with well-informed customers.
You will also have an advantage by knowing whether the dealer is indeed offering you a good deal. Knowledge is power during car negotiations; use it to your advantage.
Don’t Buy the First Car You Test Drive
Comparison shopping is so critical to getting a better deal on a luxury car. You can shop around online and gather quotes from various dealerships before visiting a dealer’s showroom. If you find a better price from a competing dealership online for a similar vehicle, print it out and take it to the dealership with you.
Use the information you’ve gathered to ask the dealer to meet or beat the price. Shopping around is one of the most critical steps in the car negotiation process. You really don’t want to buy the first car you test drive. That’s what so many people do, and it often results in overpaying for the privilege.
To maximize your chances of getting the best deal, be sure to do your homework. Know the invoice price, go with a less expensive luxury brand, and the time your purchase to catch the best sales.
If you don’t think the dealer is offering you the best price, don’t be afraid to walk away from the negotiation. Following these rules will ensure you get the best deal possible on a luxury car.