How to Negotiate Best Price for Used Car?

Why used cars are popular these days?

Buying a used or pre-owned vehicle is the smarter choice today. Buyers opt for used cars primarily because it is economical and, of course, depreciation!

A new car will depreciate about 10% the moment it leaves the car showroom and another 20% within its first year. After three years, the average car is worth about 60% of its original price, statistically. This might be upsetting for the new car owner; however, for someone trying to buy a second-hand car, it sure is a deal breaker!

A model that is one to three years old will still have some time under the manufacturer's warranty. Unless the car has been abused or driven harshly, inflicting the insides of the vehicle, it should be good for many more years of service. That creates buying opportunities for used car buyers who know how to negotiate used car prices.

Negotiating car prices should be a win-win situation where both the buyer and seller benefit. Therefore, if you want to have a successful bargain, you must know your budget and have specific knowledge of the used car market. For first-time car users and drivers, the used car is a good choice.

Tips to negotiate while buying used cars

Know the market value:

It is essential to know the car's market value and the discount offers that the dealer and the car manufacturer provide.

Watch out for offers and discounts:

There are different offers and discounts available for a car or vehicle. Always make sure you ask about the discounts when shopping for a pre-owned vehicle. This holds good for new cars and vehicles, too.

Know your budget and prepare your negotiating skills:

Do your research and homework and know the exact market value and resale value of the car, the brand, and the model. This way, you can be sure about the price you are negotiating.

Buy from a trusted dealer/source:

Research and educate yourself about the different discounts and offers even before visiting a car dealer. It will bolster your negotiation discussion at the dealership.

Keep in mind to…

Be friendly:

Always create a good rapport with your car dealer – not only your car dealer but anyone associated with your car shopping process. This way, you can build a trustable relationship with your car dealer, and he will guide you better in buying a good used car. Ask questions about the car you are looking to buy and make sure you have no discrepancies for the future.

Research the price in advance:

Before deciding which car model you want to buy and where to get the car, you should research the price on different websites and car portals or ask your friends to refer to the market price of that vehicle at that particular time. You can also contact car agents and brokers who indulge in the sales of used cars directly or visit their showrooms for more clarity.

Describe your car:

Regardless of where you buy cars, dealerships or private sellers, you need to tell them which car you are looking for and what specifications you want it to have, along with your budget. This is so that the seller can offer reasonable and rational advice to help you choose the right car.

View the invoice:

The invoice or the bill receipt will include the original buying price and the car's mileage. You should ask the car dealer or seller to hand over the original car documents and receipts to understand all the necessary information about the car. You can also check the value of the car this way. This helps you calculate the price based on the value and mileage of the car.

Start bargaining as low as possible:

Starting the bid low and gradually increasing the price as the negotiation happens will help you and your car seller decide and come to a price that both are content with. The whole idea of negotiation for buyers is to pay the price lower than the car's actual value. Then gradually raise little by little. It would be best if you kept in mind all the car defects you identified during the test drive and inspection to bring down the price.

Conclusion:

In this blog, we have discussed the used car market in our country and how it has taken over the hearts of car enthusiasts in India. We have also curated a list of things to remember while negotiating to buy a used car. We have also provided a few tips and tricks to keep in mind while buying a pre-owned car. The above-given information is a product of our research and analysis. Be smart, and make an intelligent choice.