Negotiating the Price: Strategies for Getting the Best Deal on a Used Car

Negotiating is both a skill and an art. Luckily, when it comes to the skill aspect of it, it’s one that you can learn if you know what to look for. Negotiating the price of a used car is one of the best ways to make sure that you’re not overpaying on your used vehicle purchase. But exactly how do you do it, and what should you know when it comes to negotiating the price of used cars? Read on to learn how you can bring down costs the next time you eye a used vehicle.

Know Your Vehicle’s Value

Whether you’re negotiating the cost of used cars, a house, or any other big-ticket purchase, you need to know the cost of the thing you’re negotiating. The easiest way to figure out your vehicle’s value is by using an online valuation tool like Kelley Blue Book. These tools will consider your vehicle’s make, model, year, mileage, and other factors to determine its true market value. Knowing what a vehicle is worth keeps you from overpaying and, most importantly, being taken advantage of.

Aim for Paying Your Vehicle’s Market Value

Once you know what a vehicle is worth, you’ll need to understand what its fair market value is. Typically, the value of a vehicle falls in line with current market prices. However, there are certain models that might hold a higher market value than their assessed vehicle value. The only way to know this is by shopping around to see what dealers are charging for specific models.

This is important to consider because as you negotiate, you want to have a figure in mind that’s as close to market value as possible. As you look at used cars, consider the condition of the vehicle, its year, and other factors to help you determine what a fair market value price is and use those factors to your advantage to negotiate a lower cost.

Compare Prices

As you shop for used cars, do your due diligence and compare costs between one dealer and another. As you compare costs, you can also leverage lower quotes you receive as a negotiating tool to use with the dealership you want to work with. Most dealers are willing to be flexible in matching the lower rates you find at other dealerships.

Negotiate Down Added Costs

Even with negotiating, there’s only so much wiggle room available when shopping for used cars. While you can only bring down costs so much, there are other great ways to save on your used vehicle purchase. When you work with a dealership, one of the best ways to save money is by negotiating on other costs like service, maintenance, and even dealership warranty coverage. Often, dealers are more inclined to help you save money on those aspects of car buying than the actual car purchase itself.

Use the Same Negotiating Tactic When Shopping Private Sellers

The beauty of shopping for used cars with these negotiating tactics is the fact that you can use them with any dealer and even private sellers. As you practice and get confidence in understanding a vehicle’s value and how to negotiate costs down, you might find that negotiating with private sellers can help bring down the final price tag of a used car even lower than its market value.