Negotiate a Used Car Price | The Family Auto Group

5 Effective Ways to Negotiate a Used Car Price

Used car dealerships are uultimately businesses. They will try their best to keep a healthy profit margin. You, on the other hand, is a consumer. You will want to get a deal and make some savings. Just like every other transaction in the market that does not have a fixed rate, the option to negotiate is open to both sides. While the dealerships will look to negotiate with you for a higher price, you must take the opportunity to bring down that overall figure as well. The ultimate result must be win-win, where both sides walk out happy.

Now, for the salespeople in the dealerships, negotiation is their daily job. As for you, it is a skill that you might have to build. So, here are 5 effective ways to negotiate the quoted used car price while you are out shopping and come out as the winner from different angles. Spend some time in building a negotiating mindset and assure yourself a great deal.

  1. Research your vehicle thoroughly

The side which possesses the power of knowledge will always have the upper hand. If you arrive at the dealership as a novice, the salespeople can use terms you do not understand to hike the price. But if you know your car, you can counter their pitch and bring you own valid reasons to keep the total figure at a decent level. Take your time to learn about the car you want to buy, compare it with its competitors, check the market price of both the new and used models and visit the dealership fully equipped.

  1. Keep your focus on the price of the car

Most dealerships will try to entice you by the low rate of monthly payments or the added financial benefits they are providing, but always keep in mind that no one can run their shop by making a loss. Lower monthly payments equate to a higher overall sum owing to interests and add-on financial deals are meant to camouflage the entire thing. Hence, when you are negotiating, direct all you focus on the net price of the used car. Try your best to bring that down always.

  1. Leave your emotions at home

Of course, you will have a preferred brand or a preferred model. If you really liked what you saw in a Toyota Camry, leave such emotions as home. It may cloud your judgment while negotiating as you will constantly want to lean towards paying higher as every deal will seem worth accepting due to your emotional biases. Plus, the salespeople will soon pick up on your favoritism tendency and direct all their pitches towards the Camry. Negotiation demands logic. There is hardly any space for emotions.

  1. Give your dealership a bit of competition

Everyone knows that there is not just one dealership where you can buy your used car from. Even when you know that a particular dealership is the best and want to buy your car from there only, give it a bit of competition by checking out your preferred model in other dealerships and finding out their quotes. If someone else quotes less, use that in the dealership you are visiting. And if your selected dealer can give you a convincing reason for their higher price, you will know that you are shopping in the right place. Win-win!

  1. Time your purchase to gain an upper hand

This concept is somewhat like an American urban legend. Buy your product right when salespeople have to report their performance figures and are on a deadline to meet their target. You will have a higher chance then to extract a great deal on the offer price. You can use the same strategy while buying used cars as well. Hit the dealerships during quarter-end or fiscal-end and catch them right before their sales deadline. If they have not met their set target, they will be inclines to make a sale and you may come out as the winner.

Quoting a moderately higher price is not at all unethical from the dealerships. They have to make their businesses survive. But good dealerships like the Family Auto will keep the space for professional negotiation open for you where you can always expect a bargain price on quality cars. Build your negotiation skills, claim your deserved deal, and buy a car as an informed consumer.