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Why new car quotes can differ between car dealers Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and unique content. We also allow you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that appear on this website. We do not contain the universe of companies or financial deals that could be accessible to you. SHARE: Owaki/Kulla/Getty Images

4 min read . Published October 24, 2022

Writer: Kellye Guinan. Written Personal and Business Finance Contributor Kellye Guinan is a freelance editor and writer with more than five years’ experience in personal finance. She also is a full-time worker at her local library, where she assists people in her community gain access to information on financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched facts that break down complex topics into manageable bites. The Bankrate promises

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At Bankrate we strive to help you make better financial decisions. We adhere to the highest standards of journalistic integrity ,

This article may include references to products from our partners. Here’s a brief explanation of how we earn our money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long experience of helping customers make wise financial choices.

We’ve been able to maintain this status for more than 40 years by simplifying the process of financial decision-making

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so you can trust you can trust us to put your needs first. All of our content is created in the hands of and edited by ,

We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans journalists and editors concentrate on the areas that consumers are concerned about most — the various types of loans available, the best rates, the top lenders, the best ways to pay off debt and more . This means you’ll be able to feel secure when investing your money. Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we’re putting your interests first. Our award-winning editors and journalists create honest and accurate content to aid you in making the best financial choices. Key Principles We respect your confidence. Our aim is to provide our readers with reliable and honest information, and we have standards for editorial content in place to ensure this happens. Our editors and reporters rigorously fact-check editorial content to ensure that what you read is accurate. We keep a barrier between our advertisers and our editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate’s team of editors writes for YOU – the reader. Our aim is to provide you the best advice that will help you make smart personal finance decisions. We adhere to strict guidelines in order in order to make sure that the content we publish is not influenced by advertisers. Our editorial team is not paid direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review you can be sure that you’re getting reliable and dependable information. How we make money

If you have questions about money. Bankrate can help. Our experts have helped you understand your finances for more than four years. We strive to continuously give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict , which means you can be sure that our content is honest and accurate. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial team is truthful, impartial and is not influenced from our advertising. We’re transparent about how we are capable of bringing high-quality content, competitive rates, and helpful tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on specific links on our website. So, this compensation can influence the manner, place and in what order the items appear in listing categories, unless prohibited by law for our mortgage and home equity products, as well as other home lending products. Other elements, such as our own website rules and whether the product is available within the area you reside in or is within your self-selected credit score range could also affect the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include information about every credit or financial product or service. Quotes from car dealerships for new vehicles are based on many factors beyond make and model. While every manufacturer sets the MSRP for their vehicles, it won’t be the final cost you’ll pay. The cost of a new car for the average consumer is approximately $48,000, according to the research, but you could see the exact same vehicle with lower or higher price points at different dealerships. The dealer will consider location, wholesale price and other factors to pick a sticker price. It’s up to you to negotiate the price in line with your budget. Car quotes can vary between dealers. The prices of cars are highly flexible. Dealerships are aware of the amount they need to be charging to earn into a profit. They may even pad your interest rate should you opt for . Dealership quotes are based on several factors, so even an average new car is more expensive at one dealer than the other. Manufacturer wholesale pricing isn’t set Manufacturers sell their vehicles at different price points to dealers. The amount the dealer is charged- depends on the established connection between dealer and manufacturer. While one dealership may get a brand new car for $40,000, another dealership could receive it at $50,000. This is mostly due to rebates and other incentives offered by manufacturers. The difference in wholesale price is passed on to the buyer. To improve profit margins the dealer that purchased the car at a higher price may charge you more even if the vehicles are similar. The MSRP, or manufacturer-suggested retail price, is not the maximum possible price. Costs for dealerships and other charges are included in the sticker price. Dealerships collaborate with various lenders. Dealerships act as a middleman to lenders when they offer financing. The interest rates of loans are not fixed in stone and are based on the lender’s criteria as well as the credit bureau’s score is pulled from along with other components of your financial position. Also, a dealer quote on the loan might be higher than if you’d applied for a . Dealerships generally mark up the rate they receive from their lenders to make profits. This will affect the cost of the car and the monthly payment you receive. And if you haven’t applied in advance for financing, your dealership could be offering an interest rate you won’t qualify for. Ideally, you should check your rate before you visit the dealership. Dealerships appraise trade-ins differently If you are planning to trade in knowing that, you should be aware that different dealerships differ in their standards and provide you with different options for the trade-in. If you are using the trade-in as a way to pay for the cost of your new vehicle, the monthly payments won’t be the same between dealerships. You can make the most out of the trade-in you’ve made by shopping around. It is not required to purchase from a dealership that accepts your trade-in. The best option is to trade in your current car at the best price, then make use of it as a part of your down amount. If you sell the car you own and then purchase a new one from the same dealership and negotiate both transactions in a separate transaction. The price you pay for the trade-in shouldn’t affect your next car’s purchase price. Dealership fees vary widely Dealerships have costs for overhead, processing of applications, and other aspects of the buying process. Because these fees vary among dealerships and are incorporated into the overall cost of your car and can affect the purchase price. The majority of these charges can be negotiated — and there are even some that you should try to avoid. VIN etching gap insurance, gap insurance, and extended warranties are all bought individually from third parties. However, some charges, such as the documentation and destination fees, are determined in the hands of your local government or your dealership. They must be paid and are not able to be negotiated like other parts of the cost of the purchase. Therefore, even if you negotiate the price of the car and secure financing from an outside source, you might not get the best deal. This is why shopping around and getting quotes from multiple sellers is important. A lower price may be increasing the total cost. Location matters Dealerships may price the same vehicle differently because of location. Taxes — both local sales tax and other taxes could affect the margin of profit for a sale. Dealers could be able to charge more in areas that have high income. If you’re trying to stay clear of high taxes in your state through travel, don’t bother. You’ll be required to pay the applicable tax rates of the state in which you register your vehicle. If you can find the best price for an automobile that is brand new within a few towns of the other, it’s a different story. Traveling can be worthwhile If you are able to get enough cash to take care of duration, the gas, and delivery costs. Outside financing could help level the playing field One of the biggest factors affecting your monthly payment is your interest rate. Dealerships partner with lenders to provide financing, however to make an income, they typically charge interest. For example, if you are eligible to receive an interest rate of 10, you may be quoted 12 percent by the dealer. It is possible to avoid this by applying for financing with a bank, or an online lender. Because there is no intermediary, you’ll receive a more competitive interest rate. Once you’ve been preapproved with a number of external lenders, you’ll be able to see if the dealer will beat your best rate. Whatever the case, you’ll be able to meet your financial situation with this method. Getting outside financing can mean a lower monthly payment. You’ll also have more standing to negotiate the entire vehicle cost with the dealership. If you only have the money to purchase a car for $30,000 it is possible to be more firm regarding the purchase price, taxes and charges. The bottom line: There are many reasons that the same car could cost more at a different dealership. For the best price, do your research and . With the right negotiation, you could score a solid price. Keep fees and taxes in your mind when you look at the overall price of your next car.

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Written by Personal and business finance Contributor Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She is also a full-time worker at her local library, where she assists her community access information about financial literacy, as well as other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied and well-researched content that breaks down otherwise complicated subjects into bite-sized pieces.

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