Do you know about - How to Buy a Used Car From a Dealer - Tips For Negotiating With Car Salesmen
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In general you can get a good deal on a slightly used car than you can on a new car. This is because as soon as you buy a new car, it is now carefully "used" and the value drops. It may sound dumb, but the sad fact is that if you had to sell that car back to the dealer or to a secret party then you would be lucky if you could sell it for the same price that you bought it at. So for example if you want to buy a 2010 model year car, it is good to wait until the 2011 models come out and see if any 2010 models with low mileage come to be available.
Figure Out the market Value of the Car you want to buy
In negotiations most dealers will use Kelly Blue Book values. You can go to the Kelly Blue Book website and look up the value of the car you want to buy. Also look up the value of the same car model released two years ago. For example if you wanted to buy a specific automobile make and model then look up the value for the exact same make on model for both the 2009 and 2007 models. The inequity between the 2007 and 2009 price is the depreciation. This gives you a good idea how much the car depreciates on average. Now if the current model year is 2011, then you can use your rough depreciation appraisal to conclude the fair value of the 2009 model. For example if the Kelly Blue Book values for 2009 and 2007 models are: ,000 and ,000 respectively, then the depreciation is ,500 per year. So if you go to the dealership and the 2010 model is priced at ,000 then you can argue that due to depreciation the 2009 model should sell for ,000-,500=,500.
Know Your Price
Now that you know the Kelly Blue Book value of the car that you want to buy, you need to ask yourself whether or not you can afford this price. If the price is ~10% too high then you have a good chance of negotiating the price down. But if you are seeking to negotiate a car more than 10% off then you'll have to be armed with some good evidence to get it down farther than that. At any rate you should head to the dealer with a maximum total out-the-door price in mind. The out-the-door price is the total price of the car including taxes and fees. Always negotiate the out-the-door price with the dealer. Never negotiate the monthly payment. The dealer can Always sell out the monthly cost by stretching out the distance of the loan- but you end up paying more for the car in the long run.
Let the Salesperson Know that you want to Buy Today
Visit the dealership on a slow day like Tuesday, Wednesday, or Thursday. Let the salesperson know that you are a serious buyer and want to buy this car today. Salespeople don't want to waste their time with habitancy browsing cars. They want to sell cars. So they will pay extra concentration and go over the car more carefully with you if you let them know about this in advance. Since they don't get as many buyers on slow days they'll be more flexible to close the deal with you.
Be Meticulous
Be faithful when considering the car. Look for any scratches, dings, cracks in the mirrors, worn tires, missing reflectors, etc. Anything you can find is evidence that you can use against the dealer to negotiate the price down. Not only can you argue that these features are missing, but you can also argue that since these items are missing the old owner of the car must not have taken care of the automobile. For example, think about why a car would be missing a reflector. How does a reflector fall off? When you think about it, it's pretty hard for something like that to happen unless the driver is driving in a very reckless manner.
Find Out About the old Owner
Request a carfax report (most good dealerships give these for free) and find out about the old owners of the car. If the car has had more than one owner then you can use this as a bargaining chip. Was the old owner leasing the car or was he the primary owner who traded it back in or sold it back to the dealership? If the old owner leased the car then the car is more likely to be in good condition than a car that was traded-in or sold back to the dealership. Leases have restrictions on how much you can drive the car so habitancy who lease cars are less likely to drive the snot of the car because they might have to pay supplementary penalties. Sometimes cars are used as "service vehicles." These vehicles are owned by the dealership and loaned out to habitancy who drop their cars off for maintenance. Loaner assistance vehicles aren't loaned out with many contractual agreements so be aware that habitancy can drive these cars as hard as they want. This data is other bargaining point you can use to build your case with the dealer to drop the price.
How to Negotiate
Keep your maximum out-the-door price in mind. Now that you have fully inspected the car you intend to buy you should appraisal in your mind the actual value. For example few used cars are in pristine condition. Put together a list of things and rough costs it would take to fix them and subtract them from your max out-the-door price. Then knock off other 10% and use the resulting price as your first bid. The salesperson will then go to the sales manager and check on the price.
After a few minutes the salesperson will return with a counter offer and regularly some supporting documents to withhold their price. Now you can use the defects that you noticed, the old owner history, and the mileage on the car as bargaining points. The salesperson will have some idea at this point about the lowest price that the manager will sell the car for. Try to get as much data from the salesperson as you can about what the manager will be willing to accept for the car. The sales person will also try to pry your maximum out-the-door price from you. Do not let him get that amount from you.
In most negotiations if you put a for real low ball offer on a car then the sales person will return and won't offer a counter offer. Any way if he does come back with a counter offer, then you know at that point that the average of your bidding price and his counter-offer is a price that you should be able to get the car at. For example, if you bid ,000 and the salesperson goes to the manager and counters with ,000 then that means that you should for real be able to buy the car for ,500. With this in mind your next bid should be colse to 3-5% higher. For the example with the ,000 first bid, a good second big would be between ,500 and ,000.
Throwing Other Accessories In
The salesperson might try to throw in accessories like floor mats. Floor mats aren't cheap but they aren't that expensive whether and most accessories like floor mats and cup holders shouldn't be used as bargaining chips. A detailing job on your car may take a few hours at most. This translates into two man hours of work. At a 0/hour rate this is equivalent to 0. So a detailing job isn't for real worth much either. If the salesperson can throw in extra tires, bigger wheels, or an extra warranty then those are options you should think because they aren't cheap and they are things you will finally have to pay for anyway. But stay away from floor mats, keychains, and other itsybitsy accessories.
Walk Out
After your second bid the salesperson will come back with yet other counter offer. If your second bid was uncostly then the sales manager will regularly come down on the request price as well. Even if the salesperson comes back with a price that is under your max out-the-door price, now is the time for you to walk out. Argue that the second bid you made was your best offer and that you can't pay anymore. The salesperson will try to convince you otherwise, but don't be swayed. Instead, be polite, thank them for their time but mention the other car options that you have to check out today. Then stand up and walk out.
This is the last thing any car salesman wants to see. No matter how much you love the car, you have to stay firm and walk out. In many cases the salesperson will ask you to wait while he consults his sales manager for a final offer. The sales manager may come out and pitch you a final offer. If he does not, then leave. By that point they will have your perceive data and after you have left they will call you whether the same day or the next day. Any way to get the absolute best price on a car, you have to walk out or at least threaten to walk out. If you aren't that far apart on the bid and ask price, just threatening to walk out will regularly succeed in the dealership caving to your bidding price.
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