Keep Your Calm When Negotiating For A Used Car
When you find a used car that you are interested in purchasing, it is important to stay calm as you negotiate the prices and terms. Staying calm and being logically-minded instead of emotional will help you garner the best sales terms.
#1 Understand That Monthly Payment & Overall Cost Are Different
To start with, it is important to understand that monthly payments are vastly different than the overall cost that you pay to purchase a vehicle.
Monthly payments can easily be manipulated to look small by extending the terms of your loan. For example, a vehicle that costs $15,000 would result in car payments of $417 over a three-year period, but only $208 over a six-year period. Your vehicle doesn't cost less because your monthly payments are lower. When your monthly payments are lower, the financier of your loan generally earns more money off you via the interest they charge on your loan. You actually end up paying more for your loan when you have lower monthly payments spread out over a longer period of time.
#2 Don't Feel Rushed Or Pressured
Next, you should not feel rushed or pressured. It is common for salespeople to try to employ language that makes you feel like you need to make a deal right away. This is rarely the case. Yes, other people may be interested in the vehicle, but if you don't buy one particular vehicle, you'll find another vehicle to suit your needs.
You should never feel rushed or pressured into a deal. Take your time to find the right lender for the car you are interested in. Take the vehicle to a mechanic for an independent inspection to verify the condition of the vehicle before you purchase it.
Take the time you need to research the purchase and get the right financing options. If a dealership will not give you that time, find another one that is willing to work with you to make the best vehicle and financial choice for yourself.
#3 Always Research Current Market Value Before Finalize A Sale
Finally, make sure that you always research current market value before finalizing a sale. Find out what similar vehicles are selling for in your area and around the country. Be sure to look at the mileage, year, and wear on the vehicle when comparing prices.
Knowing the current market value will help you negotiate a fair price for your vehicle. Knowing the current market value will ensure that you pay the right price for the vehicle you are interested in.
When negotiating a price for a used vehicle, be sure to understand the current market value of the vehicle you are interested in and take your time to research and get any vehicle you are interested in purchasing inspected before you go through with a sale. Finally, make sure you understand the difference between overall price and monthly payments.
Contact a dealership that can help you find the best cars for sale in your area for more information.