Negotiating the price for a used car is hard for many people. Shopping with knowledge will help you find the deal you want and curb any nerves you might harbor about the process of negotiating.
You can find used cars for sale at a dealer or with a private party.
1. Know What You Want
Make a list of everything you want out of your used vehicle purchase. Color, mileage, age, title status, transmission type, and fuel efficiency are a few considerations when you start looking for a vehicle.
This is important in negotiations because it will allow you to determine if the car has the features you want, if not explain this and ask for a lowered price.
It is much easier to negotiate if you have all the facts. Knowledge about the car or cars you want to test drive, as well as knowledge about the process to purchase the used car is essential. This knowledge will allow you to feel comfortable when you discuss pricing.
If you don’t want to research a car on the spot, try to do it before your visit to a dealership. You can also take a break from looking to do some research, then return when you feel you have the knowledge you need to negotiate.
3. Find Similar Vehicles
If you find a few vehicles are similar, it is easy to negotiate by telling the associate or owner that there is a similar used car at a lower price elsewhere. They may price match for your business.
4. Request a Carfax
Requestor runs your own Carfax with the VIN from the vehicle you want to purchase.
This will allow you to see the car’s history. You can use this information to determine the time frame for future visits to have the vehicle serviced. You can request a price adjustment because the car needs service.
5. Inspect the Vehicle
Pay attention to any flaws you see on the interior or exterior of the vehicle. Drive the car and listen for any distinct sounds. You should also look under the hood and make sure everything seems clean and check for leaks.
Tires are also a big expense that people overlook when purchasing a used car. The results of your inspection can help you when it is time to negotiate.
6. Loan Terms
Most people know what kind of monthly payment they desire, before looking for a used car. Pay attention to rates, terms, and length of a contract. Discuss the loan terms and feel free to negotiate them, before signing the contract.
Negotiating the price of a car can make most people nervous. Taking the time to learn about the process of purchasing a vehicle and knowing details about your desired car can help you feel more confident with a professional.
If you need more time to negotiate, remember that you can step away from the process to gather the facts and come back with a price that you feel is fair.