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How to Negotiate Price When Selling a Used Car? Best Practices!

How to Negotiate Price When Selling a Used Car? Best Practices!

If you're looking for a rewarding car selling experience, you need to create negotiating power from your knowledge! You need to gain as much information as you can about your car to put yourself in a strong negotiating position. But how do you negotiate the price when selling a used car?

Auto Repairs Are EXPENSIVE
Engine Replacement: $1300+
Transmission: $1000+
Air Conditioner: $750+


Getting the required negotiating experience requires several years; even experienced salesmen take long time to learn it the right way.

This article highlights great tips to help you be a great used car salesman! Think about this article as a brief negotiating 101 course 

How to negotiate the price when selling a used car? 

 

Here's all you need to learn to negotiate your used car price: 

  • Give the buyer a feeling of urgency 

Right when someone Contacts you to purchase your vehicle, the negotiating process starts. You need to provide a feeling of urgency to your buyer.

Try to show him expected and serious potential buyers interested in the vehicle, and you might be selling this car to them. 

  • Get ready to haggle 

In most scenarios, your buyer will not accept the price that you are requesting. Thus, you need to be prepared to haggle.

Never feel nervous about walking away and not accepting the sale, especially if you feel that the negotiation process is not going the productive way. 

  • Never panic 

When you are in the negotiation process, it's very important to stay calm and never panic. It's not wrong to slightly drop your price to give the buyer a feeling you are willing to negotiate.

Take the buyer's suggested price as a chance to show him how you came up with your final price. If the buyer is serious about purchasing Your car, he will not continue negotiating forever, and there will be a point where he will accept the price. 

  • Make sure to stay objective 

 

According to experienced automotive experts, you don't need to involve your emotions in the negotiating process. Therefore, you must not be overly emotional, and if you feel that you could get emotional, you might bring in somebody you know who's experienced and is not involved in the actual sale investment. 

  • Understand the value of your car While Negotiating Price When Selling a Used Car

 

It's very important to understand and be realistic about the value of your car. If you have a full understanding of the back of your head, you and the buyer will come with a fair deal for you.

To do so, you can use many online available tools that help you evaluate the average price of your vehicle.

For example, you can visitautotrader.com pricing tool or Kelley Blue Book, or even edmunds.com.

Once you have a good understanding of your cars worse, you will never be influenced by your buyer's negotiating power.

According to one of auto traders.com customer advisors, “Know all the small things about your car, especially if you want an extra $500 for it compared to other cars in your area–maybe your car has a warranty or has had only one owner.”

  • Familiarize yourself with the local supply and demand 

 

One of the best ways to understand whether your vehicle is demanded in your area or not is to look at ads for similar vehicles. You can search online on the newspaper or the web sites and see if any of these vehicles are sold quickly. 

Fast selling of similar vehicles indicates that your car is demanded in the area truth; however if you notice that there are more than ten cars similar to your vehicle on the same ads for a long. Of time, this is an indication that your car might not be demanded in your area. In that case, you might need to reduce your offer a little bit and be flexible in the negotiating process. 

  • Get your paperwork ready 

 

Another important piece of advice for a great used car seller is to have any service paperwork like the Carfax if you have one.

If you're willing to share some of these repair and service records paperwork, this indicates that your vehicle received its proper maintenance and will most likely increase the buyer's interest in purchasing it.

  • Have your vehicle inspected 

 

If your buyer decided to take your car to his mechanic and inspected it, this is a great sign!

You need to be smarter and have your vehicle inspected before getting into the buyer's professional mechanic. This way, you will have a good understanding of the actual health of your car. It also helps you understand the accuracy of the other mechanic's findings.

For example, if the buyer's mechanic pointed to inaccurate or unreasonable problems, you can compare it with your mechanic's findings.

On the other hand, if the buyer's mechanic mentioned that some problems you're not aware of, you need to reduce the price accordingly. 

 

Conclusion on How to Negotiate Price When Selling a Used Car

Selling a used car can be a great rewarding experience; however, many new sellers find it challenging to deal with the negotiation process.

That's fine! Many experienced salespeople also need years until they are comfortable enough to get the best deal, especially when negotiating the price.

If you're looking for how to negotiate the price when selling used cars, you need to build urgency, not panic, stay objective, understand your vehicle's value, and prepare your paperwork. 

Gaining the most knowledge about your car is one of the key core components of the best-used car seller. Learn more about your vehicle, and don't rush the process, never be emotional and use online tools to help you best evaluate your car. 

With this knowledge, you will have a baseline number in the back of your head, and you will never be influenced by any aggressive negotiating from used car buyers. 

Remember, everything might be challenging initially, but the more you do it, the more you will be comfortable with it!