Why do we look to buy a used car in the first place? One of the main reasons is to find top notch and coveted features in a vehicle at a lower rate than the market prices of new cars. However, with the used car market flourishing these days, the prices of previously owned vehicles are also skyrocketing. So, what could we do to save money?
We will tell you some excellent tips that will teach you how to haggle for a selling used car and secure the lowest possible price for yourself.
Ways to negotiate while buying a used car:
Earlier, most of the negotiations were conducted face-to-face as you spent hours talking and convincing the owner to agree to your price. However, nowadays there are midway paths that are rising up. You can talk to the owner face-to-face while dealing privately but you first test the waters over text or email. Or instead of learning how to bargain for a used car, you could just give your quoted price to a used car dealership and they will get you some offers on board.
Tips for used car negotiation:
We will tell you hacks that will help you secure a good price when buying a used car. Let us take a brief look at the quick points to remember before we go into the details:
- Know what you’re buying
- Inspect the car properly
- Make your bid
- Finalising the offer
- After sealing the deal
Know what you’re buying:
First and foremost, it is extremely important to know what you’re buying. What this means is that you should be well equipped with all information like the market price and value of the model that you are going to check out. Sources like KellyBlueBook and others can be really helpful in this matter.
You want to appear confident while doing used car negotiations and if you already know the average value that other buyers have paid for that car, you can form a strong basis for your negotiations. Besides the internet, you can look up local dealers etc., It is advisable to at least verify the current market value of the used vehicle against at least seven different sources.
Inspect the car properly:
One thing that we often forget while we think of how to haggle for a used car is that we need to inspect the vehicle very carefully and go right into the nitty-gritty's of it to make sure what we’re pitching is the best choice possible, in all terms. Don't give in to the deceptions of the last moment efforts to make used goods shine. Check for rust, paint inconsistencies, and panel gaps (both of which may indicate past accident damage).
Inside the car, you need to check for cracks on the dashboard, splits in the upholstery etc., the condition of the pedals and the carpet. Making sure the horn, lights, and locks work properly is also important. Finally, after you’ve examined the exterior and the interior, you should take the vehicle out for a test drive. Check if the drive is smooth and look out for any vibrations in the steering wheel.
Also Read: How To Sell A Deceased Person's Car
Make your bid:
After you have ensured that you have a thorough knowledge of what you want to buy and have made up your mind, it’s time to pitch in the negotiations. You need to tread carefully and decisively.
It is always better to let the seller state the initial price rather than laying your cards out first. A good question to ask after this is whether or not the owner’s price is negotiable. If they say no, then you have to decide if the vehicle is worth it. If it is, then you should begin by a fairly moderate amount. Suppose you want to buy the vehicle offered at $12,000 at a price of around $10,000. You should put out your offer around $8,000 to the seller. With subsequent negotiations, the price is likely to settle somewhere around $10,000. That’s the trick of how to bargain for a used car, you make the owner feel as if you’ve reached a middle ground.
Finalising the offer:
After negotiating with the owner or the car dealership, you should still proceed slowly and not make any rushed decisions. With bargaining there can always be scope for more. In case, you couldn’t reach a consensus with the owner, you can leave your offer on the table and ask them to reach out to you via call or text, they are likely to do so upon reflection.
If you are thinking how to make an offer for a used car which is even cheaper, then you can highlight facts, if any, about how the smog inspection is due soon and you’re willing to pay for it, or the servicing period is nearby so you’ll have to spend on that and so on. This is likely to persuade the seller.
After sealing the deal:
Once you’ve sealed the deal, there are a few things that you should be mindful of or ask the owner about. For example, you need to inquire about the car insurance or warranty, if any. Besides this, if buying from a private seller, you could ask if there are any spare parts or equipment that you could take along.
Factors like transferring the title, getting a new VIN number for the license plate and a probable trip to the DMV is also likely. So be prepared for that as well.
Follow our excellent guide on how to negotiate a used car price and drive away your “almost new” vehicle with a smile of satisfaction and a couple bucks saved in your pocket!
