So at this point you should know the car you want to buy, have it priced out per part 3, and have the MSRP, Invoice and TMV price.
The next step as I mentioned before is to send letters to 3 different dealers in your area telling them you are looking to buy asap and that you are contacting 3 different dealers to see who can offer the best price. I wanted to give a sample letter to send to the dealerships, so here you go. Feel free to edit as needed, but the basic premise is the same…you are being upfront and honest about what you are doing, and whomever gives you the best price will win your business.
I am currently in the market for a new
with the following options: , and plan on making this purchase in the next 2 weeks. I wanted to contact you to give you a chance to bid for my business, as there are several dealerships in this area and I want to be sure to buy at the dealership that offers me the best price. If you are interested in earning my business, please reply by to me in the next few days with your offer on the car I am looking for. This should be an out-the-door price and should be for a car you currently have available on your lot or at your disposal. Once I receive any and all bids, I will contact the dealer with the best price and with the closest match to my option requirements to set up a time to come in and purchase the car. My financing is already arranged so I am ready to pay cash for the car.
Rest assured, I will be buying this vehicle in the next two weeks, so please be sure to get back to me as soon as possible. I look forward to hearing from you and possibly buying this car from you. Also, please keep in mind that since I live here in the area, all my service will be done at the dealership that I buy from.
Go ahead and send out these letters to a few dealerships. I guarantee you will hear back from a few if not all of them very quickly. Do not bite at the first one that comes in; you did say you would give everyone a few days to get back to you. If their proposal shows up and it contains all sorts of games and different quotes, you can reply ONCE by saying that you would appreciate a solid out-the-door offer and that is the only way you will be buying. If they do not send what you are looking for the second time, do not reply at all anymore. Let them think they can play games with you…it’s fine. Because you are not going to play back!
Once you get that final best offer for your business, go ahead and set up an appointment with the sales manager to come in and pick up/pay for your new car. Since you already have arranged the terms and you are bringing your own financing, this should not be the “normal” 4 hour trip to the dealer to buy a car. In no time flat you will be on your way home in your new wheels!
I know some of you will say that this won’t work…but it does. We have done this several times now for new cars and we have never failed to get at least 2 dealerships competing for our money. What do you have to lose? Next time you are going to buy a car, follow all the steps outlined in this series and see what happens. I think you will be pleasantly surprised!