Successful negotiation comes from having solid information. This is particularly true when buying a used car. Before beginning negotiations you should look up the Edmunds.com TMV price and print out the figures.
Dealers have lots of experience negotiating. Most private parties do not. Therefore, buying a used car from a dealer or a private party will be two very different experiences.
Follow these guidelines when negotiating:
- Only enter into negotiations with a salesperson with whom you feel comfortable.
- Make an opening offer that is low, but in the ballpark.
- Decide ahead of time how high you will go and leave when your limit's reached.
- Walk out — this is your strongest negotiating tool.
- Be patient — plan to spend an hour negotiating in a dealership, less for private parties.
- Leave the dealership if you get tired or hungry.
- Don't be distracted by pitches for related items such as extended warranties or anti-theft devices.
- A "closer" (a high-pressure salesman) may try to improve the deal before you reach a final price.
Once you have a deal, make sure the transaction is completed properly. The next section will tell you what to expect and what you need to do.
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