It’s sometimes easier to negotiate the price of a used car if you’re buying from a private seller. But, there are ways you can negotiate the price with a dealer – you just have to know what to say, when to say it, and have the right information.
How to Negotiate a Used Car Price
Negotiating is a valuable skill you can use in many different situations. It doesn’t hurt to try to negotiate – you may be surprised how much you can negotiate a price down. If you’re not sure how to approach the art of negotiating, consider these five tips:
- Get the numbers ready – By using valuation sites such as NADAguides, you can see what the used vehicle’s approximate wholesale and retail prices should be. This information can help you stay a step ahead in the negotiating game.
- Watch what you say – What you say can make or break a deal. Don’t speak without thinking, and consider beginning your approach by saying something along the lines of “I’m ready to buy a car if we can agree on a price today.” Also, don’t be timid, be confident and show interest in negotiating.
- Don’t start high – Start low and work your way up. This is where your research comes in handy. If you know a used vehicle typically sells for $15,000, start negotiating around $13,000 so you can stay in control while not going too high.
- Keep to your word – The dealership may try to convince you to consider special offers on extras such as paint protection and fabric proof. Know what you want, stick to it, and don’t be afraid to say no.
- It isn’t official until you sign – It’s okay if you can’t come to an agreement. Negotiate all you want, and as long as you don’t sign any paperwork, the contract isn’t binding.
Used Car Buying Checklist
On top of negotiating, you should also refer to your used car buying checklist. There are 10 things you need to be on top of at all times when buying a used vehicle. Before you close the deal...
- Have your budget ready.
- Pick a car that fits your current needs.
- Research reliability, safety, and ownership costs.
- Research average prices.
- Check the VIN.
- Ask questions about the vehicle.
- Test drive it.
- Have a mechanic and body specialist thoroughly inspect it.
- Use your negotiating skills.
- Try to get pre-approved with a bank or credit union.
It takes time to test drive a car, negotiate, and finalize a deal. There are many different types of used vehicles out there to choose from, and if you don’t do your research, ask questions, or negotiate the deal, you could end up paying more.
Looking to Buy a Used Car?
At Auto Credit Express, we can’t provide you with financing, but we can help you get connected to a dealer that has the lending resources available. We work with dealerships across the country that specialize in helping borrowers in unique credit situations get financed for new and used cars. Start the process by submitting our easy and secure auto loan request form right now!