Buying a car? Here’s how you can get the best deals

Everyone wants to get the best deal, but it is not as simple as blindly haggling for a lower price. In the previous article titled ‘5 common questions when purchasing a pre-owned car’, we touched on the benefits and queries regarding used cars, and as mentioned, this time we are going to show you the steps to snag the best deals for both new and second-hand cars.

1. Homework/ Research

Before you start negotiating with the salesperson at the showroom floor, you need to come prepared with a “weapon”, aka a good amount of knowledge about the cars you are considering. This is to ensure that you can accurately determine if the offers they are suggesting are genuinely the best, or that you should still try to push for a better one.

a) Find out what comes with the car

It is an open secret that dealers often throw in free optional upgrades or items with car purchases. Thus, it will be beneficial for you to find out what are the usual items included when buying a car. Having this information will ensure that you do not get short-changed.

Imagine spending the effort to haggle a certain amount off the price tag only to end up with a less equipped car. Or, negotiating for something that is already included for every prospective buyer. You don’t want your time, money and effort to go down the train.

b) Compare pricing

Pricing of cars often fluctuate due to many reasons, and hence, you should research for the expected pricing for that particular year and month before negotiating. For example, is that $4,000 off the retail price really a steal, or is it actually a dud?

It will be wise to compare the prices offered by different dealers for the car you want. Going to events such as Cars@Expo where you can find all the dealers under one roof will save you the hassle of travelling all over Singapore when researching on your next car. Also, you can check out various online forums and social media pages to stay up-to-date on the latest deals and discounts to get the best bang for your buck.

c) Compare the different loan options

There are usually a couple of different loan options available when buying a car, ranging from bank loans to in-house loans offered by the car dealers.

It will be wise to look up the interest rates of the bank loans offered so that you can make an informed choice when going through with the purchase.

2. Actual buying process

Now that you have done your due diligence in completing your research about the A to Zs on the desired car, you can now wisely negotiate for the best deal. Try chatting up the dealer via social media, or a call, before viewing the car in-person.

a) Look out for promotions

Before heading straight to the showroom to purchase the car, you should see if there are any ongoing or upcoming events or roadshows where discounts and promotions that sweeten the deal are offered. We aren’t joking when we say that the Internet is your next best friend when it comes to knowing your stuff.

If an event had just ended recently, don’t be afraid to ask the salesperson at the showroom if they are able to match those promotions. Afterall, there’s no harm trying.

b) Negotiate wisely and reasonably

Every true blue Singaporean enjoys a good bargain, and will never settle for less. However it is important to be reasonable, and trying your luck by asking for ridiculous discounts might backfire and for extreme cases, you might even be backlisted.

Let’s be real: Nobody likes ‘lowballers’, hence some salesperson may even refuse to give you a better deal, just to spite you. Ultimately, if that is to happen, you will surely be the one to get the short end of the stick.

c) Patience is a virtue

If the deal is not up to your liking, you can always walk away. As car pricing rises and falls, don’t be afraid to wait for a better deal to occur. Whether it’s lower COE or changes in rebates and regulations, you never know when things might work out in your favour. 

Be patient, and unless you desperately need to get a car, you can always wait for events and promotions or for the price to decrease before making your purchase. Never rush into a deal or signing up for something you know you will regret later.