4 Ways ChatGPT Helps Financially Savvy People Negotiate a Car Purchase (and Save Big)
Written by
Laura Bogart
Edited by
Kristen Mae
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It’s no secret that buying a car can be incredibly stressful. There are hours of research to determine which car best serves your needs, and comparing prices among local dealerships. And of course, you’ve also made all the financial preparations to ensure you’ll qualify for a loan — everything from boosting your credit score to having cash on hand for a down payment.
But the idea of actually sitting down at the table to negotiate prices for the car of your dreams? Well, that’s enough to make anyone nervous. The stress about being taken advantage of can be even more pronounced if you’re a woman, a person of color, or part of another marginalized group. However, you might be surprised to learn that you have an unexpected ally in negotiating for your next car: ChatGPT.
Many financially savvy people are using AI to help them negotiate the fairest price for their new wheels. You can too.
Meet Your New Research Assistant
While it goes without saying (though we’ll say it anyway), you’ll always want to fact-check and corroborate what you find with ChatGPT. Still, your AI assistant can be a great way to get started with the research process. You can plug in the name of a car — or even basic information about the kind of car you’re looking for — and get key details.
For instance, typing in a prompt as simple as, “Can you recommend reliable four-door cars that are known for longevity?” will yield a list of 10 different models, with subheads focused on their reliability, longevity, and features. This isn’t an end-all-be-all list, but it gives you a great starting point for further research on potential models.
Using ChatGPT also lets you explore pricing trends and customer reviews, offering clear, actionable insights when you head to the dealership.
Your Friendly Negotiation Coach
You may have all the information you need about the car you want and its pricing, but when it comes time to negotiate, you find yourself awkward and tongue-tied in front of a salesperson who’s trained to upsell you with weapons-grade precision. Fortunately, you’ve been doing some training of your own with your personal Mr. Miyagi: ChatGPT.
With ChatGPT, you can develop tailored arguments aimed at getting your preferred price or adding features to your purchase. Just input relevant information, like competitor pricing and current market conditions, and ChatGPT will generate talking points and counteroffers.
A write-up in the DealerRefresh forum explains how using ChatGPT can make you a more skilled negotiator: “It can significantly enhance buyers’ confidence and negotiation skills during face-to-face interactions with dealership personnel.”
In that write-up, the author goes one step further, suggesting that ChatGPT can act as a financial Cyrano, whispering strategies in your ear as you negotiate at the dealership: “With a smartphone or tablet, users can input key information, such as the proposed price, desired features, or any questions they may have, into the ChatGPT interface. The model can quickly analyze the situation and provide timely recommendations, ensuring buyers remain well-informed and poised throughout the negotiation process.”
Timing Is Everything
Sometimes, getting the best deal on a car comes down to timing. Certain moments, like seasonal events, end-of-year promotions designed to clear old inventory, or even New Year’s sales, offer better opportunities to secure deals. ChatGPT can advise you on the times when dealerships might be more receptive to negotiating.
Getting a Fair Trade-In Offer
What if you’re not purchasing a new car outright but hoping to use a trade-in to offset the cost, why not ask ChatGPT for tips on how to get the best trade-in offer?
When GOBankingRates asked ChatGPT how it can help during a trade-in, it shared the following response: “If you’re trading in a car, you can ask ChatGPT for advice on how to negotiate the trade-in value. You can learn what to expect for your vehicle’s value based on factors like its age, condition, and mileage. Trade-ins can affect the final deal significantly. ChatGPT can help you assess your car’s trade-in value, ensuring you’re not shortchanged and guiding you on how to maximize your trade-in offer.”
That’s a pretty clear answer — the kind of response that makes ChatGPT your car-buying ride-or-die companion.
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