Mastering Negotiations for the Best Deal at a Pre-Owned Car Dealership
Posted Wednesday, Jun 19, 2024
So, you have decided on the type of vehicle you want. Perhaps you have even visited a used car dealership and taken your dream car for a test drive. However, one challenge that most prospective vehicle buyers face is negotiating over the price.
We know this task is as exciting as inviting Gordon Ramsay for dinner, and you are already sweating over the specifics. However, haggling is part of the process.
What’s fun is driving home in your brand-new vehicle that you got at a fantastic bargain.
While you may be purchasing your first used car in years, dealers sell them on a daily basis, and therein lies your disadvantage. They have the time and money to spend hours putting you through your paces in an attempt to get you to give in and pay the price of their liking. Nevertheless, there is still hope for car shoppers.
Remember this the next time you are bargaining for a new sofa or a car: A prepared person with information, options, and the most patience usually comes out on top. In other words, avoid being impetuous or desperate since the salesperson can smell that out like a dog sniffing for treats.
Here are some tactics to help you negotiate a fair price for a used car:
Do Your Research
Whether you are approaching a private seller or visiting a dealership, you should be as informed as possible about the particular car you wish to purchase.
For instance, if you decide to purchase a Corolla, you should educate yourself on everything about it. This includes researching the vehicle, reading articles about it, and speaking with drivers to acquire a sense of its estimated value.
Don’t Hurry with Your Purchase
The worst thing that can happen while bargaining for a car is rushing into a deal. Car salespeople can tell you are desperate, and they cash on this.
Car buying is an emotional experience, but making decisions based on impulse rather than logic can lead to regret. By taking your time, you make a
Taking your time allows you to make a more rational decision, reducing the likelihood of buyer’s remorse. A car is a long-term commitment. Ensuring you are completely satisfied with your choice by thoroughly considering all factors leads to greater contentment with your purchase.
Embrace the Walk Away Power
Did you experience an emotional attachment to a car when taking a test drive? Perhaps you have already given it a mental name. Everybody has been there.
But hear us out: Before you sign on the dotted line, don’t get too involved in the process. Wear your poker face and act cool if you truly enjoyed the used car during the test drive. You have already lost the deal if the seller senses that you are infatuated with their vehicle. They know you have bought the car in your mind and will probably overpay, so they will try to milk that for all it’s worth.
Be prepared to walk away from the deal, even if the dealer lowers the price. It can be difficult to do so when you have strong emotional ties to a particular vehicle. However, you should leave at least once. The logic behind this tactic is that if the dealer truly wants to sell the used car, they will call you back the moment you are about to step out of the lot.
Keep the Conversation to a Minimum
Anyone can become apprehensive when negotiating, and you know what many of us do when we feel nervous? We talk way too much. Sometimes, keeping silent during a discussion is the best course of action!
Say something like, “That's more than I am willing to spend,” or “This price is too high.”
Don’t say a word next. See how far the dealer backpedals on the asking price. Let the seller do most of the talking because if you talk too much, you might say more than you originally agreed to.
Use Leverage Points
Let’s say you find your dream car, and you are adamant about buying it. Nevertheless, the price exceeds your budget slightly. Here’s what you should do:
Take it for a test drive and find any issues with it. Utilize these as bargaining chips to secure a reduced price through negotiation. Be reasonable but firm about how these issues impact the car’s value. If you have visited other dealerships or found similar cars online, mention these competing offers. This can pressure the used car dealership to lower their price to remain competitive.
Ask the Dealer to Sweeten the Deal
Win-win agreements make for the finest negotiations. Everyone benefits — both the seller and the buyer! This reasonable exchange occasionally extends beyond the cost. You can be a little imaginative and urge the vendor to include something extra if they cannot lower the price to your liking.
For instance, you can exploit a car problem — perhaps the tires need to be aligned, or the brake pads need to be replaced. Here’s what you must say, “You need to change the brake pads if you want me to pay $10,000 for the car.”
Get Pre-Approved
You can and must secure finance before approaching a dealership. Applying for a car loan online is simple because most banks, credit unions, and other lenders have online lending sites.
Obtaining a written pre-approval eliminates a potential negotiating obstacle or, at the minimum, establishes a cap on the interest rate and loan duration that the dealership is willing to provide. Obtaining a pre-approved auto loan outside of a dealership has the added benefit of assisting you in creating an affordable budget and sticking to it.
Wait for the Dealer’s Call
It’s likely that the dealer will call you in the next few days to let you know they have changed their mind about your offer. Wait for at least three days, and if you don’t get the car, proceed to the next used car lot and start the haggling process there.
Though this can be unpleasant and time-consuming, if your negotiation skills enable you to get the right automobile at the right price, you will thank yourself in the end.
Negotiating the best price at a used car dealership is a process that combines preparation, strategy, and confidence. You can significantly reduce the cost of your next used car by thoroughly researching, understanding your budget, and employing effective negotiation tactics. Remember to stay calm, be prepared to walk away, and always focus on the total price rather than just the monthly payments.
Each vehicle on the Start Car Inc. lot has undergone a rigorous inspection process to ensure it meets our high standards for quality and safety. For more information, call (305) 410-1111.
