Are you thinking about getting a new car? If so, the most efficient way of doing so is through the used car market. However, just because it is second
Are you thinking about getting a new car? If so, the most efficient way of doing so is through the used car market. However, just because it is second-hand, doesn’t necessarily mean it will be the best deal you can find. Here’s how to cut the costs and pay less for your next used vehicle.
Understand the market
First of all, you need to make yourself aware of how much a car is worth. There are plenty of ways to do this. First of all, make a note of the car that interests you, including its model number and the year it was built.
Then take a look around in motor trade publications or the Internet. You can use sites and services like the Autoworld used cars section to give you an idea of the guide price.
Look at mileage, and how much it affects the asking price, and also see if there is a difference in buying from a registered dealer or a private owner. There may be some differences that you can use later on to your advantage.
Fix a price you are willing to pay
It’s important to have a figure that you won’t go beyond when you buy any car. And, it’s also important to have the lowest number in mind, too. This is what is known as your floor and ceiling, and it’s a vital tool for you when it comes to starting your negotiations.
Now, when you go into a car dealership, you will find that the car salespeople try and withhold the asking price from you as much as possible. Instead, they will ask you questions about how much you can afford to pay each month, or what your maximum spend is. Once they know that they will try and persuade you to spend a few more hundred dollars.
Needless to say, you shouldn’t start to negotiate with your ceiling figure and start with your floor figure instead.
Now you are deep into the negotiation period, and the ball will be more firmly in your court. They won’t give you the car for your floor figure because they will lose money. However, after starting so low, they will make you another offer. This will be at the top of the range of the lowest they can sell for, so it’s still a flexible figure.
You know exactly how much that vehicle is worth, and you shouldn’t pay a penny more than you have to. Don’t be afraid to tell them that you will go elsewhere if they don’t match that value. You may get passed on to the manager, and you can tell them about any imperfections you have seen that prove you know what you are talking about.
If you still don’t get what you’re looking for, just leave. Give them your phone number and tell them to call if they change their mind. After spending such a long time with you, it’s unlikely they will be happy to lose the sale and you might be surprised by how quickly they call you back.
And that is all there is to it! As long as you know how much that car is truly worth, you should expect to pay nothing more. And, when you know how to play the game, the whole experience can be fun! Good luck – and let us know how you get on.