7 Tips for Negotiating Great Prices on Used Cars

Posted Sunday, Mar 26, 2023

Negotiating the price of a used car can be an intimidating experience. With so many factors to consider, it's easy to feel overwhelmed by your options and make a mistake that could cost you thousands in the long run. Don't worry; armed with the right knowledge and strategies, negotiating for value on a used car purchase doesn't have to be daunting or time-consuming.

In this blog post, we'll provide seven helpful tips on getting top dollar on your next pre-owned car!

7 Tips: How to Negotiate the Best Price for Your Next Vehicle

1. Know What You Want

To secure great prices on used cars, it is important to be informed and prepared. Do your research ahead of time to know which models, mileages, and optional add-ons you are looking for.

Have a clear idea of what you are willing to pay and be ready to negotiate. When researching used cars, make sure you check market listings as well as review sites so that you can make an educated decision that brings the best value for money.

Also, consider various financing alternatives other than paying out-of-pocket. Carefully examining safety ratings and service records and driving the vehicle are also important elements before purchasing.

Knowing what you want prior to the negotiation will ensure satisfaction with your used car purchase while securing great prices at the same time.

2. Set Your Budget

If you're in the market for a used car, it pays to first set a budget and negotiate with that number firmly in mind. Have an estimate of what type of car you want - such as make, model year, and mileage range - and research its typical retail price.

You can also use comparison websites such as Santiago Autos and CarGurus to get an idea of the approximate MSRP. When negotiating with a dealer, try to stay within your estimated budget while still getting the best deal possible.

Have confidence knowing that by setting a budget before shopping around, you'll be better prepared to get good prices on used cars.

3. Get Pre-approved for Financing

Getting pre-approved for financing for a used car can be an invaluable tool in negotiating great prices on used cars.

Getting pre-approved involves checking your credit score and applying for loans without a specific car in mind. With your credit score checked, you know what type of loan options you have available, as well as how each would affect your monthly payments and the overall cost of the vehicle.

Additionally, having your financing pre-approved gives you the upper hand in negotiations and puts you in the driver's seat when making decisions about a deal - allowing you to walk away knowing if the price isn't right because you already have other financing options waiting.

4. Find the Right Dealer

A wonderful approach to save money would be to purchase an used vehicle. Finding the right dealership to purchase from is one of the most important steps in ensuring you get a good deal.

When negotiating a price on used cars, it is best to find an experienced dealer with multiple years of business who has a good reputation in the community.

It is recommended to research prices online and through your local dealership to understand the fair market value of your desired vehicle. Additionally, ask for additional discounts if you qualify, and be sure to negotiate for amenities such as warranties, roadside assistance, and extended services.

Utilizing these tips will help you successfully negotiate great prices on used cars.

5. Be Ready to Walk Away

When negotiating a used car, it is important to remember that it is ok to walk away if the price isn't right.

For example, an interested car buyer might have their eye on a particular make and model at their local dealership. After discussing the car with the salesperson and locking in on a price, they may want to take for last-minute step of checking with other dealerships around town on pricing for the same make and model. If those prices are lower, there's no harm in walking away from their current negotiation and heading to another dealership for a better offer.

In this situation, being prepared to walk away can be very beneficial in getting a great deal on a used car.

6. Don't Show Your Excitement

When shopping for used cars, it is important to stay cool and collected. Even if you find the perfect car and a great deal, it is recommended not to show too much excitement.

This is because the other party may interpret your excitement as a sign of weakness and use it to their advantage, potentially leading to a less favorable outcome for you.

Additionally, research in psychology suggests that people tend to anchor their expectations based on the initial information they receive. If you show too much interest in a car, the seller may anchor their price higher than they would have otherwise, making it more difficult for you to negotiate a lower price.

7.  Have Realistic Expectations

When it comes to negotiating prices, it’s important to set realistic expectations. Before you start negotiations, research comparable cars to get an idea of the average market value. Requesting too deep of a discount could taint your credibility as a negotiator or immediately turn away potential buyers.

Additionally, consider fees for inspection services and the cost of repairs that may need to be addressed before the purchase is complete. Keep your expectations reasonable and ensure any issues meet sufficient standards before buying for a better-used car experience.

Wrapping Up!

The above-mentioned tips can save you money and help you get the car you want for less.

If you’re looking for the best prices on used cars, visit us at Santiago Auto dealers today! Our helpful staff will guide you through our selection of used cars and make sure that you are satisfied with your purchase. We strive for excellence in customer service, so don’t hesitate any longer and join us now and get the dream car you are looking for!

For more details, contact us now!