Over at the Get Rich Slowly blog, they have an excellent email from a reader illustrating the importance of never caving in to the high-pressure tactics of a car salesman.
If we were to distill the essence of the advice, it would be:
1) Constantly press for a lower price. Mark-ups on cars are huge. They can afford it.
2) If someone says to you “You need to sign now to get this price,” tell them you’ll sleep on it, then casually walk away.
3) Take your quote from one car dealership to another. Play car salesman against each other.
4) The same advice goes for trading in and old car towards a new one, except in reverse: always raise the ante. If the car salesmen really freeze up, you can always go to another, or reapproach them.
The full email is worth reading, since it’s essentially a parable of the wisdom of such advice. Go on over and check it out.
Reader Submission: Fritz Buys a New Car [Get Rich Slowly]