Tips on How to Negotiate a Used Car Price
Foremost Insurance Blog | by Marrio Roberts Jr. | Used Car | Get a quote today from Shield Insurance
The sticker price on used cars usually isn’t the cheapest price the seller will accept. Whether you’re buying from a dealership or a private seller, their main goal is likely to make a profit. This means they will probably try to sell the car for more than it’s worth. Unfortunately, some people don’t know this, and they pay the asking price. Luckily, savvy buyers like you know better, and Foremost® is here to help you with some negotiating tips.
Here are a few steps to consider.
Find out the market value of the vehicle you want to buy.
You may want to know exactly how much a dealer will come down on the price of a used car. The answer is, it depends. Several factors, including the year, make and model of the vehicle, along with how much the seller paid for the car will determine how much they can come down.
As a starting point, you should find the market value of the vehicle you’re interested in. Sites like Kelley Blue Book can help with this. All you need to do is enter the year, make and model of the vehicle, along with your ZIP Code, and you’ll see what recent buyers in your area have paid for the same vehicle. If you see that people are paying $25,000 for a vehicle and the seller is asking for $30,000, you know you have some room to negotiate.
Consider making your initial offer for a used car lower than what you’re willing to pay.
A mistake you can make when negotiating a used car price is immediately telling the seller the maximum amount you’re willing to pay. Sellers rarely accept the first offer, much like you aren’t accepting their initial number.
If you tell the seller your max offer right away, they may assume that you’re willing to pay more.
Make smart counteroffers for a used car.
Read more about used car purchasing…
