Dear FutureMoneyTrends.com Member,
I have used this 2 times in my life: once for myself, and once for my uncle. It is very simple. First, find the car you want over the Internet – search for it within 100 miles of your house. My hope is that you are searching for a used car, but don’t worry; this works for both used and new. Although I have to mention that most millionaires purchase used cars, including myself. I purchased my 2011 SUV in 2011; however, it had 22,000 miles on it. I saved about 15k by not being the one to break it in that year, which to me was totally worth it.
Once you have a car picked out, you need to request the best pricing from each dealer via email or a phone call, but preferably email. It will usually take about 24 hours to receive a few email replies. Once you have the prices, then take the top 2 and 3, and see if they can beat the #1 dealer (the one with the lowest price). Once you receive those replies, then show it to the #1 dealer, via email, and see if they can beat the other two. You will do this until all of the dealers give you a final price – a price where they tell you they can no longer help you.
Now that you have negotiated the best price, it is time to really put the fire under them. Remember, I am usually doing this all in a matter of 1 to 2 days. Car dealers usually pressure you into buying – now it is time to pressure them into selling. Call each one and let them know that you plan to purchase your car in 1 hour and need to know what dealership you will be driving to. Ask them if they can go any lower to beat the other guy, or give you any added value to make you drive to them right now and purchase the vehicle. If they are close to you, don’t forget to ask for free oil changes for life. At this point, you will get the very best price. You can now head over to an auto dealer, avoid all the in-person negotiating, and purchase your vehicle knowing that you had other dealers who wanted your business literally tell you they can’t beat the deal you are getting.
Good luck on your next car purchase, and try to keep it down to a once-in-a-decade type experience.