To show that she meant business, Paredes first applied for a loan through a credit union. On the lot, a salesperson might not take a millennial car buyer seriously. And don’t lose sight of the total car price by focusing only on the monthly payment. Understand that your total car costs will be more than your monthly car payment. She then used her “cheat sheet” to check the numbers given to her at the dealership. Before heading to the dealership, Paredes used an online auto loan calculatorto estimate monthly payments and printed out the results. Younger car buyers should understand how the monthly payments will fit into their budgets. Here is a roadmap for millennials - or anyone new to car-buying - to connect the cold world of data with the human dance of negotiation, whether or not they bring mom or dad along for the ride.
He’s himself a millennial who’s worked as a dealership service advisor. But millennials have a secret weapon that forms a strong foundation for effective negotiating strategies: a penchant for online research.Įven with the added transparency the internet provides, “negotiating is still very important in car buying,” says Greg Kopf, a brand ambassador for online auto parts retailer CarID. According to a recent survey commissioned by, 1 in 4 millennial car buyers (in this case, ages 18-34) don’t feel comfortable negotiating and would prefer to have their parents help make the deal. “I was afraid they might try to take advantage of me.” “I’m young, I look young and I’m a girl,” she says. So Paredes, who works in the theses and dissertation office at California State University, Long Beach, brought her uncle along as her wingman.
#Nerdwallet car loan calc professional
When 29-year-old Cecilia Paredes decided to buy a 2018 Mini Cooper with cool black rims, she knew she’d be facing a professional negotiator - the car salesman.
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