How to Buy/Lease a Car

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Buying a brand new car can be incredibly annoying with all the haggling.

Here are some steps to follow when trying to get the best price:

1. Use the Internet to do your research on which car you want and exactly what level you want (color, features, and packages). Check out edmunds.com and many other car forums.

2. Go to the car dealership and test drive Don’t negotiate with them. Walk out and tell them you are not interested.  Go to cars.com and search for the exact New Model of your car. You will know the cheapest price they are currently selling for. This is good information but the price will be dictated by the amount of demand and how you position yourself in negotiation.

3. I personally always lease because as investors you want to put the lease amount of cash down so you can put into your next turnkey rental or syndication deal.

4. Look up all the car dealerships around your zip code within a 500 miles radius to find the dealerships with the largest volume.  You might need to build a list of 20 dealerships and
find out the person responsible for Internet or fleet sales along with their email addresses.

5. Come up with a concise email explaining exactly what you want to “BCC everyone.”  If you can time it do it the end of the month or quarter when dealers are most desperate to sell.

Here is an example email:

Hi,

I am very interested in purchasing the car below: 2010 Mercedes C Class, Exterior –  Black Sapphire Metallic, Navigation, and Sport Package.

I can be a little flexible with the exterior color. 

I’m a SERIOUS BUYER and will be paying fully in CASH.  My zip code is 12345 for pricing calculations. 

I need you to provide me with an out the door (tax and title fee) quote by tomorrow the latest since I’m looking to get this car by the end of the week.                                                                                       

I will need your phone number to contact you. For your information, I’m request pricing from many of your competitors so be sure to provide me with the lowest quote possible. Be sure the out of the door price is approved by the Manager.   I’m ready to buy and I do not wish to waste anyone’s time.

Thank you for your time,                                            
                                                                                                                       
                 Hustler

7. Once the offers start to pour in, take some time to think it over. Don’t make a fast commitment and wait for all the offers to come in. Pick some of the top offers and time to negotiate further. Give them a call and get them to lower the price some more.  Some dealers will try to not get into a bidding war or require you to come into the facility.

 

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