Wednesday, July 24, 2013

Buying a Used Car - STEP 8

Step 8 - Negotiate a Price

Use the information you have learned from your online research to determine whether the asking price for the vehicle is reasonable. If the asking price is comparatively reasonable, then make an offer that is roughly 15% less than asking price.  If not, then start even lower.  If the salesman turns you down, then wait for him to make a counter offer.  Do not try and justify your offer.  Just wait in silence until the salesman responds.  If the salesman plays hardball and the price isn't a good deal, move on to the next car or the next car dealer.   

Negotiate the price and not the payments.  If you focus on the payments, you could end up with a more expensive car than you want, longer payment terms than you want, a higher interest rate than you want, or products that you don't need or want such as "personal assistant", "environmental package", "etch", "key care", "pro-pack" or credit life", just to name a few.

If you want the best price, do not let the dealer know how much you like the car.  Instead of pointing out all the things you like about the car, point out all the things you do not like about the car.  Take a test drive and again be sure to point out all noises and obvious problems with the vehicle whether small or large.  Make sure you question everything.

Beth Wells
Helping Consumers Get Rid of Lemons, 9 Years Running

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