Buying a used car can be quite an adventure. It seems you no sooner drive past the lot than a salesperson chases you down, anxious to tell you about all the exciting features. Of course, you want to get the best price for your new ride. Here are ten tips to employ when negotiating the price of a used car.
1. Know Your Numbers
How much do you want to spend? How much could you afford if you had to push the limit? Please determine your boundaries before ever stepping foot on a used car lot — salespeople are trained in the art of persuasion. You could fall in love with something out of your price range in no time.
Keep in mind the various distraction techniques salespeople use so that you don’t get sidelined by what seems like a killer deal. They may emphasize low monthly payments, for example, dismissing the fact that you’ll be repaying the loan you take out for years. Please don’t fall into the trap of thinking, “I’ll have more money down the road, making repayment easier.” You never know what life will bring — stick to your budget.
2. Consider Your Expertise
You can save considerable cash if you’re willing to pay for your new ride in sweat equity. If you have the tools and know-how, go ahead and buy a fixer-upper — within reason.
For this method to result in joy, not frustration, you need to know your limits. Choose a make and model of vehicle you know inside out — don’t expect to understand a Tesla engine if you’ve always driven a Jeep. Likewise, bear in mind that it’s easier to find parts for a Chevy than a Saab.
3. Check Kelley Blue Book
Kelley Blue Book remains the Bible of used car sales, so please consult it and compare it to the sticker price when negotiating the price of a used car. Doing so can help you decide whether to go with a dealer or a private seller. You get fewer (if any) warranties if you go the latter route, but you’ll save considerable money on markup.
4. Kick the Tires
It might sound like a movie cliché — but a new set of shoes for your ride can set you back $2,000 or more for some oversized trucks. If the treads on the used vehicle you inspect wear too thin, you could lose your grip on the road, especially in rainy or slick conditions. Plus, you risk a dangerous blowout. Saving a few bucks isn’t worth risking your life.
5. Look Under the Hood
Even a ride that looks shiny outside can conceal hidden trouble. Water damage from flood or wintry condensation inside cylinders can cause engine corrosion that shortens the lifespan of your used car. Look under the hood for signs of rust and inquire how often the previous owner changed the oil and underwent other scheduled maintenance.
6. Test Drive
Would you buy a new pair of shoes without trying them on and walking around the store to test the fit? When negotiating the price of a used car, please don’t neglect the test drive.
When you go out, do your best to imitate the daily driving conditions you’ll encounter if you purchase. If your work takes you down narrow city streets in stop-and-go traffic, you won’t learn how the car accelerates and stops if you stick to the highway. If possible, take along a friend for a second opinion and a backseat passenger’s point of view.
7. Consider Your Trade
If you are investing in a used car to replace a vehicle you currently own, get several opinions on the trade-in value. This suggestion partially depends on how much time you have to make your purchase decision. If you can afford to wait, get several offers on your trade-in, including listing it for private sale. You might be pleasantly surprised.
8. Prepare to Walk Away
Car sales operate on commission, so, understandably, your representative wants to do everything possible to get you in the right ride. While they will do their best, it’s wise to keep their potential ulterior motive tucked under your cap.
Prepare yourself to walk away. If you tend to cave under pressure, take a trusted friend or associate with you to persuade you to give it 24 hours before sealing the deal.
9. Sleep on It
It’s wise to sleep on any pricey decision — buying a used car is no exception. Even if you think you have scored a killer deal, wait if you can afford to do so. Time often brings to mind contingencies you may have overlooked in your excitement to get a rear-seat DVD player at last.
10. Meet in the Middle
Finally, remember the fine art of compromise. When you begin negotiating the price of a used car, start with a lowball offer. If you reveal what you can genuinely afford, you could end up paying more than necessary.
These 10 Tips Will Help You Negotiate a Used Car Price
Keep the ten above tips in mind when negotiating a used car price. Doing so will help you pay less and get more.
Oscar Collins is the managing editor at Modded. He writes about cars, fitness, the outdoors and more. Follow @TModded on Twitter for more articles from the Modded team.
