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How to negotiate a lower price when buying a used car

Posted on Wednesday, March 6, 2013 at 4:57:04 PM

Due to the fact brand-new vehicles habitually depreciate within their first two years of ownership, a significant number of consumers choose to purchase pre-owned automobiles. Although new cars retain partial resale value, used car financing is widely available and the vehicles are often seen as the better deal.

As dealerships are looking to make money, but consumers are hoping to save some, sale negotiations can be difficult. When considering buying a car, shoppers should remember to utilize a couple money-saving tactics.

Stick to a fair price - Once a consumer has decided on the type of car they wish to purchase, they should do some research and settle on a price they would feel comfortable paying. During negotiations, they should try and not surpass their target amount. 

Receive pre-approval for auto financing - Entering a transaction with a credit history void of discrepancies and a clearly laid out payment plan may influence car dealers to lower the price of a car.

Voice willingness to take business elsewhere -  Dealerships may not be immediately willing to lower the price of a car, but they would rather make some money than none. Consumers who are willing to walk out, and threaten to solicit a rival car dealership could see their total cost plummet.