How to Get the Best Price When Buying a Used Car
Purchasing a pre-owned vehicle is becoming more and more expensive. In this age of high-priced vehicles, you can’t spend more money on a used car than you absolutely have to. You have plenty of other bills that you need to put your toward, too — including auto insurance, oil changes, new tires, and gasoline refuels. Consider this advice for lowering the cost of your next car purchase; it may help you receive the best price on a used car.
Need to Quickly Save Up Cash for Your Next Car? Beef up your bank account with these cost-cutting tips!
1. Know a good deal when you see it
Give yourself a head start by finding and recognizing reasonable starting prices. This takes lots of market and product research. Look at KBB resale trends and fair pricing data for vehicles of the same year, roughly the same mileage, and in comparable condition. Form a sense of what a good deal — and an absolute steal — would be for your target vehicle.
2. Pick your seller carefully
Read online reviews of the dealership where you plan to shop for your used car. Do they have a reputation for being open to negotiation? Do they honor the prices that they advertise online? Consider the neighborhood where the store is located; more affluent areas may charge higher prices. Also, you may want to consider a used-only dealership instead of an OEM-licensed retailer.
3. Visit at the best times
There are certain times of the month, season, and year when you are more likely to get a bargain. For example, salespeople are keen on hitting their quotas at the end of the month and year. You might also have luck around holidays that fall on weekdays.
4. Understand the terminology
One way salespeople will try to keep the price high is to use complicated terminology. Before you go anywhere near a dealership, make sure you understand all the language, abbreviations, and specifications used in the automotive industry. You don’t want to be caught out or carried away by their sales speech.
5. Skip the CPO
A certified pre-owned vehicle should be in great condition and come with great warranties. That’s wonderful … if you can afford it. CPO cars can still be a luxury to some shoppers. Although buying a non-certified used car is a greater risk, you will pay significantly less money for an older model without that coverage. Just make extra sure it’s not a lemon!
6. Don’t be afraid of haggling
Hold your target price firmly in mind when talking to the salesperson. There’s no harm in haggling – in fact, they expect it! Ask what would make them willing to drop the price even further. A bigger down payment? Financing more of the cost with a loan? Financing directly with the dealership? Getting a cosigner? Trading in your current vehicle?
7. Bring proof from competitors
Want to convince a dealer to drop their price by matching a competitor? Bring a recent advertisement or official offer from a nearby dealership for the exact same model and condition. Use this as leverage so you have some sway over the negotiations.
8. Be willing to walk away
If you don’t like how negotiations are going, leave your contact details with the salesperson and walk away – they will know where to find you if they decide to reconsider your request. In fact, sometimes this technique will compel salespeople to chase after you and seal the deal so they don’t lose your business. If they don’t budge, go and view other vehicles, or just wait until you find the price you want.
Give yourself the best chance of scoring a great deal on your next car by following these suggestions. What other ways have you been able to save money and get the best price on a used car? Share your experiences!
Aaron is unashamed to be a native Clevelander and the proud driver of a Hyundai Veloster Turbo (which recently replaced his 1995 Saturn SC-2). He gleefully utilizes his background in theater, literature, and communication to dramatically recite his own articles to nearby youth. Mr. Widmar happily resides in Dayton, Ohio with his magnificent wife, Vicki, but is often on the road with her exploring new destinations. Aaron has high aspirations for his writing career but often gets distracted pondering the profound nature of the human condition and forgets what he was writing… See more articles by Aaron.