However, a used car sale is not generally cyclical this way, though timing can still be employed. For instance, if you live in an area that gets a lot of snow, you'll likely get a better deal on a convertible in the fall and winter months. Conversely, there is usually an uptick in all sales around April, when people blow their tax refunds, so avoid shopping then, if possible.
Knowledge is your best resource for getting the best deal. Knowing what other cars like the one you are bargaining over sell for is key to talking down a price. But what else? Here's where your bargaining skills come into play.
Unlike a new car, which may have never been driven past the dealer's lot, a used car has been on the road and as a result, it has already lost some of its value.
When a lower purchase price is the goal, you don't want to go in with the wrong approach. Come off as too demanding, and the dealer may not be willing to make any concessions in your favor. Go in too soft, and they may see you as a pushover. When you sit down with the salesperson and present your offer, be firm but polite.
Let them know that you've done your homework and you have an idea of what the car is worth. Don't let them try to steer the conversation off-course; stay focused on the issue at hand.
A salesperson may try to distract you by discussing financing, insurance, or extras like a maintenance plan; this is a trap you should be prepared to avoid. Take the opportunity to clearly make your case as to why the dealer should accept a lower price.
For example, if you've seen the same car sitting on the lot for weeks, remind the salesperson that cutting you a deal would help to free up space for another vehicle. If your inspection turned up something minor you'll need to have repaired, be sure to point that out. The goal here is to get the dealer to acknowledge anything that might justify accepting your offer. If the salesperson tells you the dealer can't take anything less than sticker price, be ready to walk away.
At this point, two things can happen: The salesperson will suddenly suggest that the two of you can reach an agreement on price or they will shake your hand and tell you to come back if you change your mind. If the salesperson chooses the former, be ready to make a counteroffer to any price that's suggested. The counteroffer may not be much lower than the sticker price, but it's an opening to further negotiations.
At this point, you can increase your own offer slightly, but remember to keep your absolute ceiling in sight. It may take some back and forth but eventually, you may be able to compromise on a price that's acceptable to both sides. Negotiating is a fine art, and sometimes, the salesperson simply may not want to hear what you have to say.
One ploy is to adopt hardball tactics to try and you wear you down. This is where the true test of your negotiating skills comes in. If your offer is refused point-blank, don't wear out your welcome.
Hand over your phone number and say that if they change their mind about making a sale, to give you a call. Then wait and see what happens.
It's possible that, in a day or two, the dealer may call you to tell you they've reconsidered your offer. If not, that's a sign to move on to the next used car lot and begin the negotiations process again. It can be time-consuming and tedious, but at the end of the day, you'll thank yourself if your negotiation efforts allow you to purchase the right car at the right price.
If you know what you want and what it should cost, you are halfway there. Both dealers and private sellers have their advantages and disadvantages, but thoroughly inspect and test drive any car prior to purchase, and get the vehicle history report.
For a nearly new used car, CPO programs and leftover models are worth a look. Federal Trade Commission. Mercedes-Benz U. Car Insurance. Auto Loans. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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Condition level. Read the descriptions of the condition levels carefully. Most pricing guides give you several different prices. You might also notice that pricing guides tell you what the car is worth as a trade-in.
Make sure to price your current car if you plan to trade it in at the dealership. In some cases, online classifieds will have links to free vehicle history reports. Here is some of the important information you'll learn:. Does this car have a clean title? Steer clear of cars with a salvage title because it kills the resale value, and the car might still have hidden problems.
Serious accidents are reported to the insurance company and will probably be on the vehicle history report. Shady car lots might spin the odometer back to increase its selling price.
The vehicle history report can alert you to this scam. If you order the report, you'll know for sure each time it changed hands. Some reports show if required maintenance was done on time and where the work was performed. A quick chat will answer lots of questions and save time. First, verify the information you read in the advertisement. Then, here are some basic questions to ask:. Do you have the title and is it clear? A clear title shows there are no liens on the car.
Can I have the car inspected by a mechanic? Now, you'll not only see if you like this model, you'll also have to decide if this particular car is worth buying. However, you can give the car a pretty good initial inspection.
Select a test drive route that has a little bit of everything: hills, rough pavement, curves and even a stretch of highway. Drive the car with the radio off — you can test that later.
Pay attention to the following things:. Visibility: Are there any blind spots? Acceleration and cornering: Does the car have enough power? How does the steering feel? Brakes: Are they responsive and predictable? Ergonomics: Can you easily reach all the gauges and controls? Mechanical condition: Listen for any unusual noises or vibrations that could indicate worn suspension parts or tires.
After the test drive, check the back-seat leg room and cargo capacity. If you liked driving the car, and it seems to be in good condition, you should still take it to a mechanic. Private party sellers are pretty relaxed about this. Go ahead and insist if you have any doubt about the car's condition. CPO cars are thoroughly inspected and include an extended factory warranty.
Chances are, the seller is asking more than the market average. But it really needs a new set of tires. You can go back and forth until you agree. When you bargain with a car salesperson at a car lot or dealership, keep in mind that you're dealing with a pro who knows all the tricks.
Here are a few tips to use on the car lot:. If you have a preapproved loan, you're a cash buyer as far as the dealer is concerned and you should negotiate on the price of the car, not the size of the monthly payment.
This allows you to dodge a common trap set for buyers by salesmen: convincing a buyer to focus on the monthly payment rather than the overall cost of the car. Increasingly, vehicle history reports, such as CarFax, are included for free, particularly on sites such as eBayMotors. Craigslist is the best source for cars in your area, Holthoff and Scroggs say.
The search filter on iSeeCars customizes results to match your budget and tastes, Ly says. His site compares the asking price to the average price of other sellers. You can bargain some sellers down into your price range.
Then narrow the field by selecting brands known for reliability. Begin by searching for Japanese cars, because they have the highest J. Power satisfaction ratings, Ly recommends. Instead, look for second-tier Japanese brands such as Mazda, Nissan or Mitsubishi. Scroggs says his auction experience has shown him you could snag a Ford Focus, a model that has a strong history of reliability, for less money than Japanese cars.
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