First off! Dont ever negotiate from MSRP! Always Negotiate off of invoice!
2nd off! Know exactly what model/make/options you want
You will want to go to the popular forums for the Brand of car (Nissan-BMW-GM Etc) and go to the appropriate sub forum for the model (370z-M3/4-Silverado-etc) and usually you can find posted sheets of invoice, interest rates, moneyfactors etc for everything including the options. These are ironically usually posted by sponsor dealers as advertising!
Also please know that "invoice" number is NOT the true number either as that invoice number does not include holdbacks,dealer only incentives, bank kickback for financing etc. Its not unheard of to get 1-2% below invoice...Another thing that helps is to go to huge chain dealerships, or automalls that are owned by companies like "penske AG"
http://www.penskeautomotive.com/ This is because they only make money on the hold backs, and kickbacks for volume so it is very very easy to negotiate off of invoice because they need to "MOVE" as many vehicles as possible.
Don't be afraid to travel a few hours for a good deal, another thing I can recommend is to send your offer out to all the dealers around, Don't use the main emails from the website, use the little chat features to "talk" to a salesmen and get their direct email address, then send your offer for a car.
If your financing your car, get 3rd party financing lined up (pre-approval) your bank/credit unions are a good place to go for this. You can then negotiate everything (make sure they know you have pre-approval) the dealership will still want to run your credit, but this is good for you as usually they can and WILL beat the bank where you got your pre-aproval from! Just know that you will want to do all of your financing and shopping within 30 days, this allows banks to to make hard inquires against your credit without damaging your credit with multiple pulls. FICO allows unlimited auto/mortgage loan inquiries within 30days of the first "PULL"
If you are leasing a car you will HAVE to use the auto manufactures bank, but as long as you know the moneyfactors for top teir credit (Above 700) you can make sure they arent marking it up! Just know that interest rates/moneyfactors change among credit scores. the lower the number the higher your going to pay..generally if your score is below 640 you wont get leasing and you will get nailed on interest.
If you are trading in your car, make sure the dealer doesnt know about it until you negotiate the final deal on the car your buying then hit him with a trade in, but make sure you average KBB-Galves-NADA numbers together, this usually gets you within a few hundred dollars of their secret book number..NEVER rely on one number from online..Also take the car to carmax if you have one near you to get their number!
Also, Dont be afraid of ordering a car...usually the cars on lots are stripers or fully loaded and rarely have what you actually want. What many people dont understand is most dealerships actually like you ordering a car because its "free money" to them. the car goes into the system as "sold" they get their numbers and helps their quota. They just have to place the order and have it arrive on their lot with very little time invested in the deal.
Dont EVER buy a car between january-may this is because all the quotas and holdbacks etc get reset January 1st. Also the best time to start negotiating is around the 20th of the month as the managers are looking at sales numbers and need to start hitting them. If you aren't picky and can deal with whats on the lot you can get a smoking deal on December 31st
for my jeep i went to a dealer in DC and got 5% under invoice, was literally the smoothest transaction I have ever done, Did everything by email and only ever met my salesmen on the day of delivery. I generally do this with all my car purchases! My rule of thumb is ill negotiate 2% under invoice with a maximum cap of $500 OVER invoice.
One last thing, make sure you know your laws. NJ Doc fee is capped out at 350 however NY is capped out at 75...This is also a negotiable fee, although I dont beat the dealer up to much over this.
Finaly- dont ever be afraid to walk away from a deal. By doing everything over email it pulls out the emotional aspect of the caar buying experience, over email it allows you to stay in control of every aspect. use the forums to your advantage, alot of times sponsor dealers will automatically give you their best deal!