Negotiating new car prices has become an American pastime.

• Time of Year: The last quarter of the year - when a dealer is trying to get rid of inventory to make room for the new models
• Time of the Month: The last week of the month - Salespeople are hungry to make their quota and they'll do anything to make a deal.
• Day of the Week: Saturday - This is the busiest day of the week for a dealership. Salespeople are primed and ready to get as many cars off the lot as possible.

1. You're the boss.
2. The best time to buy a car is usually the 4th quarter of the year, on the last Saturday of the month.

• Don't give too much away regarding your budget. If a salesperson knows your soft spot (ie. you have no money for a down payment) they'll use that against you in the negotiations.

• Don't make an offer before the salesperson makes his. The salesperson wants to know what you're willing to pay and if it's more than his expectations he'll gladly take the extra profit.

• Don't negotiate the monthly payment. Negotiate from the total selling price (MSRP). If you negotiate from the monthly payment you aren't seeing the big picture and will end up paying more over the term of the contract. Negotiate from the total cost, also known as the manufacturers suggested retail price. This will help you get the best new car prices.

• Always know all of the terms of any lease or finance before you sign the deal. The critical pieces of information are the interest rate, length of the term, the monthly payment and the down payment. Compare what you'll pay over 4 or 5 years to what the cash price is. You'll be surprised at the difference.

• Always have the invoice price of the vehicle (or wholesale price if a used car) before you negotiate. This will give you a rough estimate how much money the dealer will make on the sale. The dealer might say your invoice price is wrong, but it isn't as long as you got it from a reputable source. The biggest secret in car sales is the invoice price and they don't want anyone knowing it.

• If you're trading in a vehicle watch out if they offer you a very high price for it. If they offer you a very high price ask them if they'll give you cash. They won't. Dealers often offer high prices for trade-ins knowing that they'll be able to squeeze in some extra costs on the new vehicle to make up the difference. If you have a trade-in, sell it privately. You can easily make a few thousand dollars more by selling it yourself.

• Go at the end of the month. Salespeople want to meet their quota so they'll do just about anything to get you to buy a car or truck.

• Don't go into a dealer just looking for a "best price". Salespeople get this all the time and know you're just going to go to the dealer down the road to see if they'll beat it. Salespeople don't want to sit down and quickly give you a price because they see it as a waste of their time. If you do your research you don't need to do this. The more time you spend with a salesperson, the more likely they'll do what they have to do to get you the best new car price. If you spend 2 hours with them on a Saturday they don't want you leaving without you buying something. It would be a waste of two hours on the busiest day of the week.

• Show some respect to your salesperson. They don't like being seen as the enemy and most of them a nice people. Most salespeople won't negotiate a good deal with customers they don't like and respect. The best new car prices go to those that show understanding and respect. But remember that you're the boss.

• Be creative with your negotiations. If they won't move on the price see if they'll throw in some accessories, an extended warranty, or a few free oil changes. These don't cost the dealer much but they are valuable to a customer.

• Do as much research before hand. If a salesperson knows you've done your homework they know you are serious and ready to buy. You'll get the best service and ultimately the best new car price.

• Just like any business, dealers are entitled to make a profit. If they make no money, they'll go out of business. You don't expect Sears to make nothing on a vacuum, or Best Buy to make nothing on a stereo. Be up front and tell the salesperson you know they deserve a profit but it needs to be reasonable. You want this to be a win-win situation. With the invoice price in hand you can see exactly what they'll make on your deal.

• Stay calm and don't get too attached. Let them walk you through their sales pitch but always remember you can walk away at any time if your not getting what you want.

Follow these tips and you'll get the lowest and best new car prices.