How to Negotiate the Price of Your New or Used Car

How to Negotiate the Price of Your New or Used Car

Buying a new vehicle, whether it is new or used, is a significant investment. Like any purchase, you always want to get the best deal. So the two main questions you need to ask are: Can you negotiate when buying a new car, and Can you negotiate used car prices?

The answer to both of these questions is yes.

Question 1 – Can You Negotiate When Buying a New Car?

Dealerships often mark up their new vehicles based on demand, special amenities, and because they want to increase their profits. This markup gives them a little playing room for people who want to negotiate the price. Take advantage of this knowledge and negotiate with the dealership to lower the price.

Best Way to Negotiate a New Car Price

The best way to negotiate a new car price is by having all the information you need about the vehicle before you arrive at the dealership. Take some time researching the vehicle you are interested in on the Internet before going to the car lot.

Look at the manufacturer’s site for the vehicle’s suggested retail price. Then, shop around and check at least four different dealers online in your area to see what prices they are offering. If you don’t mind the extra drive, check outside of your immediate area as well. Sometimes car prices drop when the dealership is away from a major city.

Another reason you should check online first is that many dealerships will offer Internet pricing on vehicles lower than the lot’s price. They may require that you bring in an Internet code or print something to secure that price from the Internet – but if it saves you money, it is worth the trouble.

How to Negotiate Car Price With Best Results

There are two final tips on negotiating car prices when purchasing from a new car dealership. The first is to limit the time you negotiate. Anything over a half hour is just a waste of your time, and you and the sales rep will not be willing to make a good deal after this time.

The second thing to remember is that you want to watch any dealer add-ons when you are signing the paperwork. Car lots love to sell insurance policies and warranties for everything. These are high-priced policies that can be purchased outside off the lot for a much better price if you feel you need these types of coverage.

Question 2 – Can You Negotiate Used Car Prices?

How low can you negotiate a used car price? That will all depend on the information that you have about the vehicle.

When you begin to negotiate with a used car dealership, or an individual selling their car, you will want to do the necessary research on the vehicle first, just like with a new car. Know what the going rates are for this vehicle, and then you must look at the car’s condition.

Cars with higher mileage are worth less money. Even if they are in pristine condition, mileage does make a difference. The body’s condition will be the next thing to look at, and then the interior.

You will want to have the mechanical parts looked at by your preferred mechanic to ensure the vehicle is running well. Make sure that you check the air conditioning system and the battery’s and tires’ age.

A final thing you will want to do is get a VIN history report on the vehicle. VIN history reports give you information about the car including the number of owners, documented accidents and repairs reported to insurance companies, outstanding recall notices, and if it has title issues.

Title issues can include vehicles that have been previously stolen, totaled in an accident, or damaged by flooding. Purchasing a vehicle with a salvage title is risky because many insurance companies will not insure the vehicle, and those who will may provide a policy charge much higher than a standard one.

How low can you negotiate a used car price? With the correct information, you can always get the best deal.

How to Negotiate the Price of Your New or Used Car

Purchasing a New Vehicle Should Not Break the Bank

Everyone searching for a new vehicle, whether it is used or brand new, should always try to get the best deal. New cars are often marked up considerably higher than the suggested retail price because dealers hope you will not negotiate. Used cars have been in high demand in recent years, so dealers are also up charging these vehicles.

Do your research, so you know what the market is saying about the value of these cars.  You will always get the best deal when you have the right information. And remember, always get a VIN report on a used vehicle to know exactly what you are buying.

When Purchasing a Vehicle

Always remember to run a VINsmart report on any used vehicle before making a purchase.  A VINsmart report runs a complete history on the vehicle including whether it has ever been reported as stolen, involved in a major accident, or listed as a totaled vehicle.

VINsmart reports will also give you a registration history and mileage at registration.  It reports any significant incidents related to the vehicle, such as being involved in a fire or flood.

When you are purchasing a used vehicle, the best way to ensure you make a good purchase is to know the vehicle’s complete history.

NMVTIS

To get started with VINsmart, click here.

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