Buying a new car is a great feeling. It’s also an expensive commitment. We want to help you enjoy this moment and save thousands of dollars in the process. Here’s what you should if you are looking to buy a new car.

Check Prices

A great way to get discounts is to check new car prices online. There are free services that will connect you with up to five local dealers who will then email competing car prices to you. Feel free to include as many dealers as you can manage. Ensure that you set up a new free email address that you will use only for this. It will let you track all cars purchase conversations easily without disrupting daily life. You could also get a temporary number for this. And let the dealers start sending their prices for comparison.

Dealer Bids

Once you have all prices, tell them you intend to close this deal in a few days and let them share clear final quotes.

Rank Prices

Now rank all offers from the lowest price to the highest price. Ensure all quotes are for the exact same car with the exact same specifications and include all add-ons and fees. Make sure to compare it to the MSRP. Taxes will be calculated later.

Competition

Now turn up the heat. Contact each dealer and let them know the best price you’ve received so far. Start with the dealer who quoted the highest price and work your way down. Ask each of them to beat the best offer you have. Use a combination of email and phone calls to do this. Put a deadline on your purchase time, so they know you’re serious. Ensure that they respond in a few hours. Repeat this step every time you get a better offer.

Close the Deal

Once you’ve got a good deal, ask the dealer to email you the VIN number, MSRP, all taxes and fees, and the final out the door price. Carry a print out of this along with a valid driver’s license, proof of insurance, pre-approval letter with an interest rate, credit card, checkbook to the dealership to close the deal.