Overcoming The Price Objection

Every dealer competes on price. The store down the street will do all they can to beat your price and you'll do everything to beat theirs. While price is always relevant, it is far from the only factor. Customers want a great price, but they also want to buy from a salesperson and dealer who are honest, reliable, and offer quality service and follow-through well beyond the sale.

A common mistake salespeople make is jumping into the price tag before determining customer's wants and needs. It's much more important to find out why they came into the dealership instead of what their budget is - you can worry about that later on in your sales process. Identifying your prospect's hot buttons - safety, luxury, fuel economy, warranty, towing capacity, all-wheel drive, etc. - will build trust and help them decide on the right vehicle. Here are some questions that will lead you to these hot buttons:

What are you looking for? 
This one is pretty obvious and works well when the prospect has a specific type of vehicle in mind. Customers who are more reserved, though, may not be willing to reveal what their hot buttons are until trust has been established.

How do you currently use your car? 
Commuting to work? Joy-riding? Going camping? This reveals which features are important to the prospect - or at least the ones that were once important to them. They may want a new car for completely different reasons, so be mindful of that.

How many adults do you need to seat? 
You will find out quickly who will be driving and what their cargo needs are.

What type of mileage do you get on your current vehicle? 
Whether fuel economy is a hot button issue or not, their answer to this question will make it clear what type of MPG they're looking for.

Who did you finance your _______ with? 
This is an easy way to find out what their budget/payoff is without sounding too nosy.

No matter the situation, treat every buyer with respect. And most importantly, don't take the objection that "price is the only issue" seriously. Sell the value in yourself, your dealership, and the experience they'll receive when they buy from you.