Unlock the Secrets to Buying a New Car Without Breaking the Bank

Let the Salesperson Pitch First

When interested in a vehicle, it's crucial to let the salesperson pitch a price before making an offer. As Caldwell explains, "Whoever goes first is generally in the weakest position." Blurting out a number right away gives the upper hand to the salesperson. Instead, start by saying, "I'm interested in this car. What's the best deal you're gonna give me?" This allows you to assess the situation and potentially get a better deal.

For example, imagine a situation where you immediately state, "I'm willing to pay $35,000 and that's it!" The salesperson might simply agree, and you could end up leaving money on the table. But by waiting for their offer, you can negotiate more effectively and get a more favorable price.

Harness the Power of Your Credit Score

If you have a good credit score, don't be afraid to use it to your advantage. Caldwell suggests, "If you have good credit, just be like, 'Well, run my credit.'" A solid or high credit score indicates to the salesperson that you can afford the car and are likely to qualify for top-tier financing. This makes the transaction more straightforward and less challenging.

For instance, a great credit score shows that you're an ideal customer, and the salesperson knows they can get the deal done quickly. It's a good idea to flaunt your credit score early in the negotiation process to gain an edge.

Embrace the Power of Walking Away

Car dealerships are not like Amazon; every customer is valuable to them. Caldwell emphasizes that "walking away is the most powerful tool you have." If the price or the interaction feels off, don't be afraid to leave. You don't have to shop in a 10-mile radius; you can explore options across the country and have a car delivered to you.

Although it may not feel great to walk away, sometimes it's worth it if you know you can get a better deal. Salespeople know that losing a customer is not an option, so they will often follow up with a better offer. Be emotionally prepared to walk away and trust that you'll get the best deal.

We also chatted with Caldwell about the importance of research before heading to the dealership and what to know when buying a car online. Make sure to subscribe to "Am I Doing It Wrong?" on your preferred podcast platform to stay updated on all our investigations and tips.

For more from Jessica Caldwell, visit Edmunds.com and find her on X/Twitter. If you need help with something you've been doing wrong, email us at AmIDoingItWrong@HuffPost.com, and we might investigate the topic in an upcoming episode.