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Why should you not tell the dealer your desired monthly payment?

Posted on January 14, 2021 by Author

Table of Contents

  • 1 Why should you not tell the dealer your desired monthly payment?
  • 2 Why is it that you should not tell the salesperson what you want your monthly payment to be before you negotiate the final price on the car?
  • 3 Should you tell a car salesman how much you can afford?
  • 4 Do car salesmen keep the down payment?
  • 5 How do you haggle with a car dealer?
  • 6 How do you trick a car salesman?
  • 7 When should you start talking about monthly payments when buying a car?
  • 8 Why do car dealers ask for cash when buying a car?
  • 9 How can I ask the salesperson how much my car is worth?

Why should you not tell the dealer your desired monthly payment?

“Don’t tell the dealer what you’re willing to pay per month. This is the biggest mistake a shopper can make. Often the dealer will focus on a monthly payment scheme, insisting you are receiving a great deal, but at the end of the day you won’t really know what you paid, advises Gentile.

Why is it that you should not tell the salesperson what you want your monthly payment to be before you negotiate the final price on the car?

If you’re only focused on the monthly payment, the dealer can adjust the purchase price, the interest, terms on the financing, and the trade-in allowance to get you the exact monthly payment you’re looking for. The problem is, you’ll get ripped off.

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What you should never say to a car salesman?

10 Things You Should Never Say to a Car Salesman

  • “I really love this car”
  • “I don’t know that much about cars”
  • “My trade-in is outside”
  • “I don’t want to get taken to the cleaners”
  • “My credit isn’t that good”
  • “I’m paying cash”
  • “I need to buy a car today”
  • “I need a monthly payment under $350”

Should you tell a car salesman how much you can afford?

Tell the salesman you work in teaching. The point is to go against the natural instinct to be proud of your success. Instead, make the salesman think you have just enough income to afford the car, but only barely.

Do car salesmen keep the down payment?

If you’re buying a vehicle from a dealership, any cash down or trade-in equity that you want to use is put toward the car’s selling price. This means the dealership takes the down payment and it knocks down how much you need to finance with your auto lender.

Why do car salesmen want money down?

A down payment may help you to more easily qualify for an auto loan, especially if you have lower credit scores. Without a down payment, the lender has more to lose if you don’t repay the loan and they need to repossess and sell the car. Cars can begin losing value as soon as you drive off the lot.

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How do you haggle with a car dealer?

Negotiation tips:

  1. Do your research.
  2. Get the CARFAX Canada report.
  3. Consider other factors.
  4. Take the car for a pre-purchase inspection.
  5. Remember the sales tax.
  6. Know your walk away price.
  7. Work as a team.
  8. Ask the tough questions.

How do you trick a car salesman?

6 Tactics of a Used Car Salesman

  1. 1) The Hard Sell. This is the salesperson that simply won’t leave you alone.
  2. 2) Selling on Payment Instead of Price.
  3. 3) The Trade-In Trick.
  4. 4) Bad Information.
  5. 5) Hidden Fees.
  6. 6) The Waiting Game.
  7. Now for the Good News.

How do you talk a car dealer down in price?

Explain that you are looking for the lowest markup over your bottom price. As an alternative, ask if the salesperson is willing to beat a price you got from a legitimate buying service. If so, tell him what it is, or better yet, show them a print out. Try not to be argumentative.

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When should you start talking about monthly payments when buying a car?

“Under no circumstances should you start talking about monthly payments,” says John Nielson, Director of Auto Repair and Buying for AAA. “You should just focus on negotiating the purchase price.

Why do car dealers ask for cash when buying a car?

“When dealers are negotiating the purchase price, they anticipate making money on the back end, via financing,” Bill explains. “So if you tell them up front you’re paying cash, the dealer knows he has no opportunity to make money off you from financing.

What do car salespeople do to get you to buy a car?

Car salespeople may employ any number of tactics when getting you to buy a vehicle. Here are some of the most common tactics you could encounter. 1. Playing out the clock Some car salespeople use time as a tool, says Bartlett.

How can I ask the salesperson how much my car is worth?

You can consult a used car pricing tool, like the “What’s My Car Worth?” feature on our used car page . Similar phrases, such as “I took the bus here” or “I just totaled my last car,” can also give the salesperson the idea that you are desperate to buy.

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