When purchasing a used car, you want to make sure that you don't spend more money than you need to and you want to make sure that you stay within your budget. There are a few things that you can do to ensure that you get the deal that you need on the vehicle that you want.
#1 Know What the Vehicle Is Worth
The first thing that you need to do is make sure that you know what the vehicle is worth. Once you know the make and model of the vehicle that you are interested in purchasing, research and find out what other used auto dealerships in the area are selling the vehicle for and what private-party dealers are selling the vehicle for. Use online tools that allow you to enter the conditions of the vehicle into an online tool to figure out what the vehicle is worth. Knowing what the vehicle is worth will help you negotiate the price of the vehicle.
#2 Get Your Own Financing
Second, you are going to want to make sure that you have your own financing before you start looking for a car. Having your own financing will help ensure that you get the interest rate that you want. That way, you don't have to wait to see if the dealership will offer you the financing that you need. This will take some of the negotiating out of the process and will give you a hard number that you are able to afford.
#3 Let the Sales People Know Your Target Figure
You can low-ball one time and see what the car dealership comes back with. However, you are not going to want to go back and forth with the car dealership people for ages. Instead, you are going to want to let the salesperson know what your target figure is. Give the salesperson a chance to reach your target number.
If the dealership cannot make your target number, then walk away. Follow up on the weekend right before closing time and see if the salesperson you worked with is willing to meet your figure. If they are not, just hang up. Then, follow up again at the end of the month when the dealership is trying to reach their sales goals. Be willing to wait to get the deal that you need and want.
If you want to get a great deal on a used car, you first need to know what the used car is worth. Then, you need to secure financing before you head to the dealership. Finally, let the sales people know your target price, and be willing to wait to get the deal that you want.