A friend of mine told me a story he’d heard I thought was very interesting. And since it is related to the car industry I thought I’d share. It is an ingeniously simple strategy for avoiding the haggling that ordinarily is part of the car buying process.
- Research the car and create a detailed description of everything you want, from the color down to the options.
- Fax the wishlist to all area dealers that carry the make and model you want with a cover sheet explaining that the reseller which responds with the lowest quote by a certain time will win the sale.
- Arrange to be preapproved and go pick up your new car.
The key, of course, is to only take proposals by fax so that the sales people don’t have the opportunity to do the voodoo that they do on you. (Say that fast three times!)
By the way, I’m guessing most people know this, but by having your financing arranged before going to the dealership, you’ll have the option to either use their bank or your own. In my experience, no dealership will be able to turn down a car loan opportunity no matter how low the rate they have to match because it’s still higher than zero.
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