Negotiating Tips
Since I will be buying a new car soon, I guess I should bone up on my negotiation skills.
What tips would you offer to someone looking to get a good deal on a used car from a private party?
Thanks.
Since I will be buying a new car soon, I guess I should bone up on my negotiation skills.
What tips would you offer to someone looking to get a good deal on a used car from a private party?
Thanks.
Figure out how much you are willing to pay.
Walk if they are not willing to drop that much.
Be realistic - if they are willing to come well below market value, the may car have too much history you don't want to know about. Ofc they may be willing to come below market value for other reasons, like urgent bills... whatever.
If you are a guy, check the car out, engine, look under car, check tires... and go with a woman who can read ppl.
Be willing to say "you'll think about it" too.
1) Cash talks. Real, crisp $100 bills. When someone sees the green, they are often willing to go below what they thought they would. A stack of Benjamins on the hood is much more enticing than a money order or a check at the bank.
2) Another proven psychological technique also works with private party or dealers. When you make your offer, DO NOT be the next person to speak. Do not try to qualify it or substantiate it. Don't answer if the person says "It's worth more than that, you know I can't accept that. What else can you offer?" Just keep absolutely silent. Let the other person be the first to give a different number. The silence may seem unbearable to you, but it is killing the other party. It doesn't matter if there is silence for 30 seconds or five minutes. Keep your mouth shut! Ultimately they will either counter or accept your offer, but the point is that the next person to speak after the initial offer, places themselves in a psychologically weaker position, and will often undermine themselves.
The best time I had with this technique made me a cool $3,000 for keeping my mouth shut for three minutes (which seemed like forever). It works and pays off beautifully.
2) Know and keep to the maximum amount you are willing to pay for it.
3) Be willing to walk away, if the other party insists on asking more than what you want to pay for it.
4) Don't show / give away any of your emotions, e.g. if you really like and want the car.
5) Start Low, but not insultingly low, e.g. at the blue book value of the car, and negotiate <= to what you want to pay for it and now more!
I hope this all helps! :)
-Make price comparisons to other cars of like style so you can negotiate prices better
-Show yourself as a smart and confident person so you don't get taken advantage of
-If trying to negotiate price remember to put out an offer lower than what you are actually comfortable paying so you will be ok with their higher offer.
-Know the vehicle, the milage, tires,....so you can use this information to negotiate a good price.