Worst Deal of the Month: 2010 Toyota Prius
This is typically when demand is at its highest and supply is very limited. In this type of environment, many dealers take advantage of the situation and start price gouging their customers.
The "Cash for Clunkers" program depleted inventories of high mpg cars, especially the 2010 Prius. Inventory was already low before the government program, now it's ridiculous.
We're hearing reports that some Toyota dealers are charging markups of up to $10,000 on the 2010 Toyota Prius.
We don't understand why someone buying a $26,000 car would agree to a 40% markup, but you'd be surprised how uninformed some buyers are. Many car shoppers don't understand the law of supply and demand. If they wait until next year, after demand has died down and supply increased, they're certain to get a much better price on the vehicle.
If you're hard-headed and want to buy a 2010 Prius no matter how bad you'll get ripped off, our recommendation is to get in touch with AT LEAST 10 dealers. Have them work against each other to offer you the best price. You may be able to get one around MSRP if you're lucky.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid