How to Negotiate the Price with Dealers
Keep in mind most used car managers will typcially start with a lowball offer to see if you'll take it. When he offers an initial price, tell him that it seems low based on feedback you've gotten from other dealers. Wait for him to offer a better price.
He may ask you what the other dealers offered or how much you would like for the car. Tell him you think the car is worth at least 15% more than what he quoted.
If he says that's too high, ask him how high he thinks it is.
If he says your figure is ridiculous, ask him if that means his first offer was the best he could do.
In many cases, he will come back with a slightly higher offer. At this time, point out all the benefits your car has, such as well-maintained records, all the new work you had done recently, and the fact that your car is a 1 owner car - if that's applicable (don't lie about this).
You may go back and forth a bit, and keep mentioning the fact that you'll be shopping the car to other dealers. Used cars are a big profit center for dealers, they're not going to want to lose out on your car. By the time you leave, you should have a pretty good idea of how much your car is worth to that particular dealer.
Not all dealers are the same however. Sometimes one dealer may not need your model as much as the next guy - this is why it's important you repeat the process with multiple dealers.
After you've gotten prices from all the dealers, make a note of your best price and call each one up starting with the worst offer to see if they can beat your best offer. Keep going through that process until you have the best price.
This process should take you about half a day (possibly a full day) to complete, but you're looking at saving some serious cash - depending on your vehicle, it could be thousands. That's certainly worth the effort in my opinion.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid