But leave very slowly — this might prompt a better offer. Instead of stewing in a cramped sales office, put an end to it immediately. Tell the salesperson your time is limited and you need an answer immediately or you will leave. Raise your opening offer by smaller and smaller increments. Often, upon reflection, they will accept your offer later. Another approach is to look for a way to sweeten the deal without raising your price. For example, you could point out that a smog inspection is required but you would be willing to pay for that.
Or point out that registration fees are due soon so you will have to pay those fees if you buy it now. As you near an agreement, the salesperson might try to complicate the deal by offering extras such as a free maintenance plan. Ask for a breakdown of the fees or an out-the-door price, which will smoke out any extra fees. You should be paying only the price of the car, sales tax in most states , a documentation fee and registry fees.
These are high-profit items for the dealer and you can usually buy them later for a lower price. Also, this is when you can compare any financing offered by the dealer against your preapproved loan terms. In most cases, you need to get a clear title and a bill of sale. Negotiating for a used car with a private party is more relaxed than going up against a car salesperson.
This makes it especially important to check pricing guides beforehand. However, here are a few more tips on how to negotiate for a used car:. Keep it light. Stick to numbers and facts. Avoid bare-knuckle negotiators.
Be prepared for the offers to be far higher than your target price. And be prepared to wait several minutes at each step. One gambit you can use is to mention that you have competitive bids in hand from other dealers, without disclosing what they are.
Explain that you are looking for the lowest markup over your bottom price. As an alternative, ask if the salesperson is willing to beat a price you got from a legitimate buying service.
If so, tell him what it is, or better yet, show them a print out. Try not to be argumentative. If you use the average transaction price as a starting point you likely will have a quick negotiation process. From the outset, you want to stay on course and prevent the negotiation from veering off-track.
If the salesperson asks about a trade-in , for instance, insist on locking down the new-car price first. As for financing, explain that you are preapproved for a loan and prepared to pay in cash, but that you may be willing to consider financing through the dealership provided the offer is competitive.
But make it known that coming to terms on the purchase price is the primary focus. Reassure the salesperson that if you can both agree to terms you know to be fair, you can look forward to making a quick sale. You may be shunted to a more senior sales associate or manager. If that happens, simply repeat the same ground rules to that person.
He may even try to tell you that your numbers are wrong. If so, show a printout of your sources of information.
Because the manager wields the real power to approve deals, you can expect this. You also have some wiggle room. After all, the target price that you calculated allowed for a reasonable dealer profit.
It might help to state a rationale for your flexibility on price. For example, you could say that you value the fact the dealership is conveniently close or that you like the color of a particular car. If the negotiations are going nowhere, this is the time to excuse yourself and get up to leave. This could motivate another visit to the sales manager for a lower price. If you encounter these tactics, head to another dealer:. You might consider saying thanks, taking the offer in writing, and trying to best it at another dealer.
Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. When shopping for a vehicle, there's one very good reason to consider buying used versus new: depreciation.
That might be depressing news for the original owner, but it represents a screaming deal for the prudent used-car buyer. That creates buying opportunities for savvy car shoppers who know how to negotiate used car prices.
When negotiating prices on used cars, it's helpful to know how much they typically sell for. Prices for used vehicles — and new cars — rose during thanks in part to a wave of consumer spending triggered by the release of economic impact payments. Decreased supply of used vehicles paired with more consumers having ready cash to spend in the form of stimulus checks helped raise used car prices year over year.
In terms of how much should you pay for a used car, that depends entirely on your budget. If you're paying cash for a used vehicle, then the amount you have on hand will likely determine how much you can spend. If you're planning to get an auto loan, then you may have a larger used car buying budget to work with. Remember to check the best car loan rates to compare financing options. If you're planning to finance a used car purchase, consider getting prequalified or preapproved for a loan, as this could be a useful bargaining chip when negotiating prices.
So, how do you make sure you get a good deal when buying a used car? That means researching what make and model you are interested in and how much they sell for in your area.
If you're wondering whether it's worth the added time to do your homework on used vehicles, consider what you may be able to gain by doing so. By researching specific vehicles that have the features and mileage you are looking for, you introduce competition to the car-buying process. A seller might not match the lowest price you find, but it cannot hurt to ask.
Edmunds is a good resource for auto shoppers. It, along with Kelley Blue Book and National Automotive Dealers Association , track new and used car purchases to provide granular pricing information. Beyond the valuable research tools available on the internet, you may choose to look at an online marketplace for buying and selling cars. Used car sites simplify the shopping experience with detailed searchable listings, car reviews, buyers guides, and more, meaning your vehicle could be just a few clicks away.
Some of the automotive magazines — particularly the largest, Car and Driver — are also useful for their lengthy backlog of reviews with a slant towards driving enthusiasts. Once you have determined what you want to buy, and what it typically sells for, it's time to do some research in-person. Specifically, this means taking a used vehicle for a test drive and giving it a careful visual inspection. It's also important to ensure that everything the seller says about a used vehicle is true.
Get the vehicle history report Carfax and AutoCheck are two popular choices to confirm the odometer reading, ownership history, and reports of accidents and flood damage. If buying from a private seller, you can also ask to see a copy of maintenance records.
This can help you get a better sense of what a used vehicle is truly worth, in terms of market value, and whether you're willing to pay that price, based on its condition. If a seller seems reluctant to offer details about the vehicle, that's a sign that you may want to look elsewhere to buy.
Consider having any used vehicle you plan to purchase looked over by a certified mechanic who can point out any major issues, if they exist. Buying a used vehicle from a private seller may be an option if you plan to pay cash. But consider how much a private seller is likely to charge for a vehicle versus a dealership. Depending on the seller, it's possible that you may be able to negotiate them down on the price if they have a fairly urgent need to sell. On the other hand, if a seller claims there's no pressing reason for the sale, other than wanting to get rid of the car, you may have a tougher time talking them down.
In terms of where to set your negotiation starting point, it may be helpful to choose a set dollar amount that represents the absolute maximum you're willing to pay. Then you can set your starting price below that amount so you have room to work your way up. Negotiating used car prices with a private seller could lead to a better deal but keep in mind that you may not get any type of warranty with the purchase.
There are some advantages to purchasing a used vehicle from a dealership instead of a private seller. So automatically, you may have a better chance of finding something that fits both your needs and price range. Dealers are also more likely to clean and perform a basic inspection of a car, plus they are governed by Federal Trade Commission rules as well as state and local regulations.
Buyers should ask how warranties will be honored and where any needed repairs will be made, however. The amount you can knock off the price ultimately depends on what the car is worth, how strong your financing position is, and how long the car has been on the lot. Here are some things that can help as you prepare to negotiate:. Negotiating a used car price is something of an art, and it's important to have confidence as you begin to bargain.
Don't allow a salesperson to intimidate you into making a deal that you're not comfortable with. CPO vehicles are thoroughly inspected, any maintenance issues are addressed, and they are cosmetically sound — no shredded interiors, bashed fenders or missing trim.
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