Ask the Car ChasersTips on how to negotiate and buy a car.
Flat 12 Gallery owner and CNBC's host of "The Car Chasers," Jeff Allen, and his classic-car-dealer father, Tom Souter, offer up tips on how to best buy a car.
As the owner of Flat 12 Gallery, a classic car shop in Lubbock, Texas, Jeff Allen has been successfully buying and selling unique cars for years. With no sure bets in the fixing and flipping game, each buy is a gamble. For Jeff, however, the business isn't just a passion: it's part of his genetic makeup.
Now, as the host of "The Car Chasers," a new series on CNBC Prime, Jeff and his team will take you inside the business, revealing some of the tricks of their trade.
His father, Tom Souter, aka "Roundman," runs his own classic car dealership around the corner in Lubbock. The father-son duo regularly wheel and deal with each other, often eyeing the same car, or buying and selling to each other.
Souter says cutting a deal with his son is like being locked in a closet with a porcupine. "It's gonna hurt but you know it won't kill you," Souter said.
Here, both Allen and Souter offer up tips on how best to purchase a car. The next time you're on the hunt for a good deal, keep these negotiating tactics in mind.
Whether you're buying a new or used car, the duo suggest that buyers follow these rules to help get the best bang for their buck.
Jeff and Tom's Tips for Buying a Car
1. Know your price point;
2. Be willing to walk away;
3. Make an offer and wait for a response. Usually the first person to speak after making an offer loses;
4. Cash is king - always carry it with you for a purchase if you can;
5. The first offer is not the last offer, so do not jump on it;
6. Listen more and talk less;
7. Cars can be an emotional investment for some, but keep your cool to get the best deal. Remember, buying and selling is all business;
8. Always test drive any car before buying it to make sure you're comfortable with it;
9. Do your research: Allen and Souter say people often buy a car they fall in love with because it looks pretty. In a few days, weeks or months later, however, they realize it lacks practicality (or other qualities), and is not what they wanted.
10. If you intend to fix and flip, Allen's number one rule is to buy a car you like so that you'll be happy keeping it if you can't find a buyer. But Souter's number one rule is to buy a car – any car – that will make you money.
Tune in for the series premiere of "The Car Chasers" tonight at 10pET/PT on CNBC.
- Jeff Allen