The best bet is to run a wholesale report from carcostcanada.com
Once you've figured out the dealer cost subtract any incentives then add 3-4% markup and that's where you should start your negotiations.
Depending on how good or bad of a sales month they're having or what time of the year it is they're usually happy with a 4% profit.
And NEVER EVER
agree to pay any dealer "admin" fees. That's just another way for them to make profit and put more $$$ right into their pockets. I've always been successful in getting the dealer to waive their admin fees. Most people see "fees" as non-negotiable but it's the complete opposite. Admin fees are just another way for dealers to pad their own pockets. There are certain fees like air tax, fuel tax, etc that are governed by the province and you can't get those waived.
One last tip, and this is probably the most important one... never negotiate based on monthly payments. Most sales reps will immediately try to figure out what your monthly budget is and try to get you focused on that... in return you completely lose focus on the final purchase price and walk away with a big smile on your face thinking that you just out smarted the sales rep. But guess who's really smiling??? It's the sales rep & the dealer!!! Cause they probably convinced you that if you just put down an extra grand or two you can stay within your monthly budget or they've extended your loan term by another year to get the monthly payments down. Guess who's the winner in that case?? Yup, you guessed right... it's the dealer.
I can't stress this enough, always always negotiate based on the final purchase price. Use a calculator or a spreadsheet and calculate your own monthly payments. Don't let them know what your monthly budget is cause then they'll always come out on top.
One sure sign that you got ripped off is the day that you go to pick up your car and the dealer gave you a nice bouquet of flowers and a bottle of wine. They were so pleased with the profit they made on the deal that they don't mind buying you flowers and wine. They've found a sucker and want you to come back in the future for your next vehicle purchase
If this sounds familiar to you than I'm truely sorry... you got ripped off!!!