Negotiating skills are invaluable for deriving value
Negotiating used car price, a polished skill, is extremely valuable, especially when youíre on a tight budget. Most people lack this invaluable skill. Nevertheless, negotiation affords you the opportunity of owning the car you genuinely desire to own. Additionally, bargaining ensures that you derive the best value for your money. Itís perfectly normal to bargain for a lower price. Thereís no valid reason that you should feel ashamed about negotiating for a lower price.
Knowledge is power
In the used car price negotiation process, knowledge is power. Absolute knowledge translates to absolute power. In ascertaining the real value of the used car, the seller obviously has access to more information than you. The seller is aware of the number of miles/kilometers the car has covered, the wear and tear of its diverse components, and the internal and external damages that it has suffered.
Therefore, you should do your homework properly before arriving at the true value of the used car. Only then youíll be able to make an offer thatíll ensure you donít lose money. Focus on acquiring as much knowledge about the car before making an offer.
Estimate the real value of the used car
Kelley Blue Book, a ready-reckoner automobile website, provides the accurate value of a used car. When a seller demands an excessively high price for his/her used car, youíre at liberty to point out the true value as listed in this website. An extremely wise method of negotiating, this ensures that you arenít taken for a ride when buying a used car. You wouldnít want to pay $6,000 for a car thatís worth only $5,000. Following this simple rule diligently saves you a lot of your hard-earned money.
For used car models not listed in Kelley Blue Book, useÖ
In every nation, there are numerous good-quality automobile magazines that publish the market price of used cars. Typically, the values of these used cars are listed under brand, model, year of manufacture, and other advanced features/options. Likewise, there are several exclusive automobile websites that list the value of used cars. Consult the estimated value of the car you intend to buy and compare it with the price quoted by the seller. This prevents you from paying an exorbitant price at the time you make the actual purchase.
Ideally, you should consult two or three different resources to arrive at the real value of the used car you desire to purchase. This reduces the margin of error considerably.
State the amount youíre prepared to pay ó clearly
Letís assume that a seller of a used car wants to sell his/her car for $5,000, but your budget is limited to $4,500. Thereís absolutely no harm in plainly stating this truth. When youíre speaking thus, display your genuine enthusiasm to buy the car, as well as, your willingness to stroll away if the seller doesnít accede to your request.
Here, in this instance, youíre ready to purchase the used car for $4,500 ó then and there. For the seller, this turns out to be a tremendously tantalizing offer. The seller is so unusually close to executing a sale that he/she can literally feel the currency in his/her hands. Most often, the seller may not agree only if the price youíre offering is utterly unreasonable. Otherwise, this makes for an excellent strategy to negotiate used car price.
Point out defects & use these defects as bargaining tools
Adopting this approach requires intense caution. You should take care that you donít accuse the owner of trying to sell you a car thatís not been cared for properly. Basically, youíre looking to negotiate the price of the used car; not to insult the seller. Donít forget this point during the negotiation process.
Instead, gently point out the defects that need fixing and involve significant expenses after you complete the purchase. In this approach, you are not only negotiating a better deal, but also providing ample proof as to why you genuinely deserve it.
To negotiate used car price, exercise patience
Patience, an exceedingly valuable attribute, helps you immensely when youíre hunting for your dream car. Letís assume that youíve met the seller and made your best offer of $4,500 for the car youíre intent on buying. Nevertheless, the seller chooses not to yield any ground and expresses his/her unwillingness to settle for anything less than $5,000.
Donít be unduly disappointed or needlessly disturbed at this unfavorable turn. Before you depart, leave your e-mail address and contact number with the seller. Inform the seller about your ardent desire to purchase the car, in case, thereís no offer for it. Your offer of $500 less may not sound attractive to the seller at the present moment. Notwithstanding, if the car remains unsold after a month, your offer will seem exceptionally good. In that case, if you leave your contact details, the seller will have the option of getting in touch with you.
Negotiate with complete confidence
Understand that prices of used cars are negotiable. Get a professional report of the car and its maintenance history. If the maintenance history isnít available, you should find out the reason for its absence. Equipped with all the facts about the car, you know its precise value. Based on this and depending on the price youíre willing to pay, you should make an offer. Give the details of the repairs that need to be carried out on the car.
Settle at a middle ground thatís suitable and fair for both you, as well as, the seller. Negotiating used car price should be a ďWinóWinĒ situation for both of you.
Be prepared to step out of the negotiation process
Donít be overly attached with a particular used car. You should be flexible in your choice of used car. Avoid openly exhibiting your desperation to the seller. You arenít going to get a good deal if you make this blunder. Remind yourself that there are numerous used car sellers whoíll meet your demands. If youíre not happy with the turn of events, politely step away from the negotiation process.
Negotiating used car price should be devoid of emotions. Not being emotional is a valuable attribute; especially, when youíre negotiating used car price.
After completing the negotiation, transfer the title
Make the payment and transfer the title to your name after you complete negotiating the used car price. Do this immediately. You donít want to re-negotiate the price if the seller changes his/her mind. Ideally, you should make full payment. This ensures that you get the best bargain. Normally, a used car thatís financed by banks or other financial institutions works out to be an expensive proposition.
Know the average miles per year that you have to expect
You want to know the wear and tear of the vehicle. You can only do this by knowing the number of miles that the vehicle has run already. Consider this in order to get the best type of car.