How to Negotiate when Buying a used Car
You may be able to save a great deal of money if you negotiate when buying a used car. Most car dealerships allow for this, and sometimes the savings can be significant if you are skilled at the art of negotiation. Consider the following tactics.
Do your research beforehand
You want to go into the negotiations armed with information, which you can then bring up. For instance, car dealers love to tell you that they are actually losing money on the deal. Well, then why would they sell it to you if they are just going to lose money? Oftentimes car dealers get special bonuses for selling cars, which they are not going to tell you about. You bring it up. They may say that they are doing something special just for you. Just because they say this, do not fall for the first offer that they give. Of course they will tell you that their offer is fabulous, no matter whether it is or is not. Some of the information that you can find out is how much people in your area are paying for similar cars and what the car is worth (the dealer will often give you a ridiculous appraisal value).
Do not show how eager you are
When you are negotiating, do not show that you are ridiculously eager. You do not want them to think that you will get it no matter what they offer. Act like you have many buying options (which you probably do) and can just as easily walk out.
Make sure to find out about all of the fees upfront so that you can include it in the number you are negotiating on.
One tactic that car dealers love to throw out at you is to negotiate on a price and then throw in a $500 or $1000 dealer’s fee. Dealer’s fee is just another phrase for “Give me more money.” You should find out what all of these are so that you can include it in the negotiations.
Give reasonable offers
If your offer is just ridiculous then they might not work with you. Use your knowledge of what people are paying to give something that is fair. You can explain to them that you have done the research and this is what is a far price.
Be firm
Do not let them goad you into it or try sales tricks. Some of them will say things like “Oh you would look so good in this,” and “Just treat yourself.” They are just trying to get you to buy it. Understand that they might not mean anything they say. If you have a bottom number then you can basically say, “This is what my offer is, can we do business?” Be unemotional and calm. Be a nice guy so that they want to work with you.
Do not be afraid to walk away
You can always walk straight back in. Oftentimes a dealer will stop you as you are leaving and agree to the sale because they know that once you leave there is much less of a chance of you buying the car.
If you are not skilled at negotiating you might want to bring someone with you who is. Use the above guide to help you get the best price.
Updated On: 08/23/2010 Published On: 08/23/2010 Article ViewerClose
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