/Buying A Car /Car Buying Negotiation Tips: Patience and Walking Away
When it comes to buying a car, be patient, and don’t be afraid to walk away.
First of all, patience is a blessing when it comes to buying a car. Any buyer that doesn’t have to buy right away has the advantage. Sellers have to sell within a certain amount of time. A private seller might only have the weekend to sell a car, while dealerships usually have no more than sixty days to sell a used car. As for new cars, the dealership has only three or four months before they decide that it’s an old piece of inventory and they have to sell it. So if you have patience, and you don’t have to buy the next deal that comes your way, you might be able to go back to a dealership in a month or two and make an offer that’s a little low and get the car just because it’s a little old.
One of my best car buying tips is that you should always be willing and able to walk away from an offer. This can be your best negotiation strategy. By walking away, you make sure that you’re getting the seller’s best offer. Here’s why:
- Most sellers (private or dealership) realize that if you leave, you’re probably not going to come back. They have one shot to sell you a car.
- Sellers know that they need to make you their best offer before you go – they feel that if they tell you their best price and you still leave, then it just wasn’t meant to be.
- Here’s the best part of the “walk away” strategy: if you tell a salesperson or a private seller, “Thanks, but this just isn’t the deal that I’m looking for,” and you leave, they might call you in two hours to say they’ve got a better price.
- If you don’t hear from the seller, and you really want the car, you can always call them back and tell them you’ve changed your mind, that you realized it’s a nice car and a pretty good deal, that you’re willing to take it now, etc.. You can do this and know that you’ve negotiated for the best price while also saving face.
As always, take your time when buying a new or used car. Do your car research, get multiple used car financing quotes, and feel free to contact us with your questions.
About The Author
Jason Lancaster
Jason Lancaster is the editor and founder of AccurateAutoAdvice.com. Jason has worked in the auto industry since 1998, including nearly 10 years of auto dealership experience. Jason started out as a salesperson and worked his way thru finance manager, sales manager, used car manager, and new car manager. Jason is also a bit of an expert on dealership service and repair, as well as the parts business. Jason has been cited as an auto expert by the BBC, The Huffington Post, Forbes, Newsweek, and more.
I'm Jason Lancaster, the editor and founder of AccurateAutoAdvice.com, and I bring over two decades of experience in the auto industry, starting from a salesperson and working my way up through various roles like finance manager, sales manager, used car manager, and new car manager. My expertise extends to dealership service, repair, and the parts business. I've been recognized as an auto expert by reputable sources such as the BBC, The Huffington Post, Forbes, Newsweek, and more.
Now, let's delve into the key concepts mentioned in the article about car buying negotiation tips:
-
Patience is a Virtue:
- Patience plays a crucial role in car buying. Buyers who aren't in a rush hold a significant advantage. Private sellers and dealerships often operate under time constraints. Private sellers may only have a weekend, while dealerships typically aim to sell used cars within sixty days and new cars within three or four months.
-
Timing Matters:
- Waiting for the right moment can lead to better deals. If you can afford to wait and not jump on the first offer, you might be able to return to a dealership in a month or two and negotiate a lower price, especially for cars that are considered older inventory.
-
The Power of Walking Away:
- One of the best negotiation strategies is being willing to walk away from an offer. This approach puts pressure on the seller to present their best offer upfront. Most sellers, whether private or dealership, understand that if you leave, you might not come back. This compels them to give you their best price to secure the deal.
-
Negotiation Psychology:
- The article highlights the psychological aspect of the "walk away" strategy. Sellers may call back with a better price if you leave, recognizing that they have a limited opportunity to make a sale. This tactic allows buyers to negotiate for the best price while maintaining the ability to re-engage if needed.
-
Taking Your Time:
- The overall advice is to take your time when buying a new or used car. Conduct thorough research, obtain multiple used car financing quotes, and be patient in the negotiation process.
Remember, these tips are not only theoretical but are grounded in my practical experience within the auto industry. Feel free to reach out with any questions you may have about car buying.
