Buying a used car can save you money compared to buying new. However, negotiating the best possible price on a used car requires research, planning and strategic negotiating skills. Follow these tips to get the lowest price when buying your next used car.
Research Used Car Prices
Before you start negotiating, you need to know what the car you want is worth. Look at advertised prices for the same make, model, year and trim level of the used car you’re interested in buying. This will give you an idea of the typical market value so you know if the seller’s asking price is high, low or reasonable.
Adjust for Mileage and Condition
The mileage and overall condition of the specific used car you’re looking at will impact its value. Search for comparable vehicles with similar mileage to get a more accurate value. Deduct about £500-£1,000 for every 10,000 miles over the average. Also, inspect the car thoroughly and reduce your offer if you find any defects, damage or excessive wear and tear. This gives you justification to negotiate down the price.
Get Financing in Place
If you plan to take out a personal loan to cover the cost of the car, you’ll know exactly how much you can spend and can use that number as a negotiating tool. Say something like “I’m approved to spend £15,000 and can’t go any higher.” This shows the seller you’re serious and sets a firm upper limit.
Start Lower Than Asking Price
Don’t open negotiation at the listed price. Instead, make an offer around 10% below asking price. This gives you wiggle room to eventually reach a mutually acceptable number. If the seller won’t go that low, ask them to meet you in the middle.
Point Out Flaws
Politely point out any flaws you noticed while inspecting the used car and use them to rationalise why you’re offering below asking price. Things like dents, faded paint, stained upholstery or worn tyres can all be points to mention when explaining your lower offer.
Be Ready to Walk Away
If the seller won’t come down to a price you think is fair, be willing to walk away. Thank them for their time and leave your contact info in case they reconsider. There’s a chance they may call you back with a lower counteroffer. If not, keep looking for a better deal elsewhere.
Don’t Pay Full Asking Price
Some negotiation on price is expected when buying a used car. Even if it’s a very good price, avoid agreeing to the full asking price right away. See if the seller will knock off a token amount, even £50-100, just on principle. You want the satisfaction of negotiating a discount.
Visit a Local Dealer
Local dealers are often willing to negotiate, and buying from a dealer gives you peace of mind because the car will come with a warranty. There are fewer protections when you buy a car from a private seller. Visit dealers in your area, such as dealers that offer used cars in Manchester if you live in the north west.
By following these tips, being flexible and staying persistent, you can negotiate the best possible price when buying a used car in the UK. Do your research, make reasonable offers below asking price and know when to walk away to clinch a great deal.
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