How I did it: I researched cars online using Edmunds, Consumer Reports, and several other websites. After settling on the 2009 Honda Fit and saving up my down payment (20%), I kept the entire negotiation process strictly over email to eliminate some of the pressure. I spent about a week forwarding quotes between dealers and finally ended up with one that was below invoice. Because of my short credit history, I had to finance through Honda, but I ended up with a great rate. Went to the dealership this weekend and picked it up.

Lessons & tips: I'm definitely an advocate of the email method. Dealers can put a lot of pressure on you when they're able to speak with you in person or even over the phone. With email, you're reading and responding on your own terms and you have time to research your options fully during the process. All dealers have internet departments now, so that makes it really easy. Just do your research up front, know what's a fair price, and be firm. You're the one with the buying power.

Resources: Edmunds, Consumer Reports, dealership websites

Aug 31, 2009, 12:00PM PDT | 0 comments