Negotiating Tips for Used Car Buying
Everyone dreams about owning a car, and try their level best to make this dream come true as soon as possible. With ongoing slowdown, buying a used car seems to be much more feasible than buying a brand new car. But buying used cars is not so easy in itself, especially with the ongoing monetary crunch. In such a situation your negotiation power becomes a deciding factor.
Buying a Used Car: Negotiating Tips
The foremost thing you do when you plan to own a used car is to do some research. Be ready with what you want before you approach a dealer. You can interact with a few dealers through mails or on phone and inquire about the models, price, etc. Once you are sure you can walk-in into the dealership offering convenient price and easy buying process. Once you are well versed with market condition about the model you are planning to buy, you can negotiate the price to suit yourself. Never offer the exact amount which you plan to spend on car buying. Instead quote a price which is slightly lower than what you plan to spend. Remember that the price you quote should not be too low or the dealer might lose interest in you, as a potential customer.
Even if you have the cash in hand, never let the dealer know that you are going to pay by cash or what your limit is. If you are planning to buy the pre-owned car by financing, get your loan approved before you choose the vehicle. This will let you know what your limit is, and till where you can stretch the negotiations. Spending a few hours negotiating will surely let you peek in the dealers mind. Let them quote a price, thus creating more options to choose from. The onus is on the dealer to convince you for a potentially good deal.
The dealer quoting an unexpectedly low price means there is something fishy about the deal. The car may be priced low, either because the dealer is in haste to sell it, or because there are some flaws in the vehicle. Ensure that you make proper research about the used car before buying it. There may be a situation wherein the dealer has priced the product low unknowingly, but the chances of you being so lucky are very less, often negligible. Therefore, it is important to probe into the matter, if the price quoted sounds unrealistic.
Never hesitate to walk away, especially, if you feel that you are unnecessarily pressurized or if you feel that the price being quoted is too high. The sales agent is bound to follow you to the door to persuade you, and even if he doesn't, you don't need to worry you can go to another dealer. In many cases, the sales agent tries to lure you with lots of extras. You should understand that this luring is just to push you through the deal. Keep in mind, nothing comes free, and the cost incurred on these extras will be shelled out from your pockets in the form of hidden costs. The sales agent may try to force you into making a hasty decision by making you feel that you are losing on something, if you don't close the deal right then. Don't fall for such tricks, be patient and take time in researching, especially the price.
Once the dealer quotes a price you are comfortable with, you don't necessarily have to wrap up the deal there and then. Evaluate all the probabilities and legalities of buying a used car before signing the dotted line. After all the efforts you put in, you surely don't want to end up in legal tangles. Keep in mind that the most effective bargaining strategy is your ability to walk away. At times, that may seem difficult, especially with tempting deals being put in front of you. But, rather than agreeing to the price they quote, it would be smarter to negotiate the price down to what you want to pay.
