(WTNH) — If you have your heart set on buying a new car, Consumer Reports says you should expect to pay quite a bit more. The stalled and uncertain production at major car manufacturing plants from the computer semi-conductor chips shortage is impacting the industry. We are stretching your dollar with how to negotiate your best deal.
Ivan Drury, the Senior Director of Insights at Edmunds.com said, “We’re going to have this start-stop situation. The lines come back on, they get shut off again. Some automakers are reworking their vehicles to need fewer chips, certain options aren’t being offered, but it’s not been enough to completely curb all of the issues.”
With less supply comes increased demand, sending car prices skyrocketing. Here’s how to be ready to negotiate your next set of wheels:
Consumer Reports suggests going into a meeting with the dealer with ground rules. Know approximately what they paid for the vehicle you want and what you’re prepared to pay. Point out that your price includes a fair profit.
Get offers from multiple dealers. Even better is to have a printout of those offers so they know you could make a deal with someone else.
Be firm and stand your ground. Remind the salesperson you’re ready to complete the purchase on the spot if your price can be met. Otherwise, you’ll need to think it over.
And, as always, know when to walk and when to say yes. Remember, if your price leaves the deal with minimal profit, it’s unlikely you’ll get a better offer somewhere else.
The upside to this? If you’re looking to sell a car, now is the time. With so few new cars available, people are paying a premium for pre-owned, with prices up 29-percent from a year ago.