Nothing is satisfying and amazing like getting a great deal on a used car. You feel like you have won a lottery where you become thrilled. Maybe this is because of luck, or you are a savvy shopper or a stellar negotiator.
However, you still have some cash remaining to spend on other things using any method. But, how do you get a great deal when purchasing a used automobile? Is this car a good deal? In this article, we shall discuss how to get a great deal on a car.
It is typically challenging to come up with the best car to purchase if you are new to this. The reason being that there are thousands of used cars for sale in your country. You will find tones of advertisements for new and old cars online, in newspapers, community billboards, and mailers.
Irrespective of where you are stationed, there are different kinds of cars waiting for you to purchase. Am I getting a good deal on a used car?
Did I get a good deal on my new car? Or, what is the good price for a used car? These are among the questions that you should ask yourself before and after purchasing a vehicle.
Certain aspects can assist you in determining if the car you want and is a good deal at the price it’s being sold. These factors include maintenance records, Kelley Blue Book Value, title status, condition of the vehicle, and state certification.
How to get a great deal on a car method one
Determine the machine maintenance record and its history
Checking the car maintenance records plays a massive role in predicting the reliability of the machine. Vehicles that have been involved in several accidents will require frequent servicing. On the other hand, having a well-serviced and maintained vehicle will save you from costly repair and maintenance.
Step 1: Buy a car history report
Thanks to technology, you can now find any car’s report online. That is if you have the car's VIN. Generally, there are popular sites that can help you trace any car's history.
They include Autocheck, CarFax, and CarProof. It is good to note that you must pay a small sum of money to access any vehicle's history.
Step 2: Identify any significant problem
Check for expensive dollar accidents that needed frame repair. Such an issue might help you degrade the value of the commodity for sale. The reason being, the repaired part might be of low quality compared to the original. It may therefore require future replacement.
Step 3: Check for outstanding recalls
After purchasing a vehicle, you must always ensure that you visit the dealer service department. This plays an enormous role in maintaining the quality of the car. Therefore, a vehicle that has no outstanding recall means that it lacks adequate maintenance. Consequently, this reduces its value.
Step 4: search for bold writing
Cars report from CarFax, have bold red letters that indicate specific problems that you can avoid. The issues include branded titles, flood vehicles, and total loss vehicles. Therefore, always look for such problems to avoid major setbacks.
Step 5: request maintenance records
Approach the seller and ask for a maintenance record. This will help you know if the vehicle has undergone regular servicing. Be on the outlook for mileage consistent dates and oil changes after every 4000 to 5000 miles.
Use the Kelley Blue Book Value or other sources to compare prices
A Kelley Blue Book Value helps you compared prices of the seller and the car. It will help you know if the seller is selling the vehicle with a high, fair, or low cost. To get through this, you will have to navigate through the Kelley Blue Book Value website.
Select the car's value option and enter the details of the type of car you want to purchase. Select the kind of vehicle you want from the advertisement boxes. Select the trade-in-value or private party value options depending on what you want.
Trade-in-value is for cars that require specialized maintenance and repair. Private party value is for well maintained and services vehicles. Choose the condition rating option to have a vivid description of the car's condition. Using a plotted chart, you can now easily view the result of the vehicle, including the price, value, and the grade.
Check the title status
The car's title status helps you identify if the vehicle has a good deal or not. A vehicle that has a clear title will be of more value than that with a branded title. So, always ensure that you ask for the claim to identify if it is stamped or clear.
The title status of the car is always labeled on the history report. Before purchasing the vehicle, ask for a copy of the title from the seller. Check for a layoff notice or the certification of the title. Always make sure that you check for flood vehicles, rebuilt statuses, salvage, and total loss.
It is good to note that the title is branded does not mean that you cannot purchase the car. It means you can buy the vehicle for a lower price than the price on the book value.
Ask for the state certification before buying the car
Car repairs can be costly since they have to comply with state regulations. Hence, always make sure that the vehicle you want to buy has undergone and passed state certification.
To complete this task, ensure that the seller has a current certification of the vehicle. If he hesitates to provide the document, you can bargain for a cheaper price if you are willing to take over the repair responsibilities.
Ensure that the seller has performed a smog check if it is applicable. The reason being, smog checks are quite expensive to undertake in any state. Finally, let a professional mechanic inspect the vehicle. This small inspection expenses can be vital in saving you future costly repairs that may occur.
Check the car's physical condition
Remember that although cars of the same make, model, and year can have equal book value. Thus, always ensure that you check on the status of the vehicle. This will ensure that you are getting a good deal on the car. Furthermore, not all drivers tend to be responsible with their cars.
Check on the exterior for any dents, rusts, or scratches. If they are present, you may opt to walk away instead of getting a better price for the vehicle. The presence of dents may prove that the owner mistreated the car. You can also decide to reduce the price of the car if you are willing to undertake the risk.
Check for excessive interior wear, tears, and rips. Remember that interior repairs are costly and have adverse effects on the car's future resale value.
Take the vehicle for a mechanical drive to ensure that the car is under good condition. Pay attention to any noises produced by the vehicle, the acceleration, and the brake operation.
What is a good price for a used car?
Whether you are buying a used or a new car, you must always know whether the price is worth it. It is essential to see the car's current value if you are buying from a private party or a dealership. The car's cash value depends on its age, condition, mileage, trim level, and optional equipment. There are two prices for any used car; wholesale and retail.
Retail price tends to be higher compared to the wholesale price. If you are buying the car from a dealer, the price will also be higher since it includes a profit margin. However, the price will be slightly low when you are buying from a private party.
Wholesale price, also known as the trade-in-value, is much lower compared to the retail price. However, purchasing a used car with this form of trade tends to be a challenge. This is because of the fact that most dealers always want to acquire profit when trading the vehicle.
How to access true used-car worth
Finding the car's real value is the first step to undertake if you want to know its value. You can find the value in used-car pricing sites and pricing guides. Websites that help you check for the price include VMR, Kelley Blue Book, and the National Automobile Dealers Association. However, for accurate data, remember to factor out the condition and mileage of the car.
Localize your search to get a better price in your region since prices differ in states. Check for used cars for sale ads to differentiate the cost of the vehicle you want.
You can opt to use Autotrader.com, UsedCars.com, Autobytel, and eBay Motors to check the price.
Having a grip on the price of the car you want from different sellers can give you added advantage while negotiating the car's price. Always put in mind that the listed prices are the asking prices and not what people pay for them. Therefore, always assume that the prices are negotiable.
How do you know that you have found an excellent deal
Relate the selling price to the purchase price
To know whether you are getting a great deal, always start with the car's purchase price. Whether you want a new or used car, always ensure that you first delve into investigating the car's initial cost. This way, you will be able to how much other people have paid for the same vehicle in your region.
Let the seller be the first to suggest a price
Since you are the buyer, you should always let the seller state his amount first. Do not be in haste to give an offer if you want to strike a good deal. Allowing them to name their price gives you a heads up in the negotiation.
Furthermore, it always gives you an added advantage for you to counter his price. Upon calling their price, come up with a lower price, until you reach a middle ground.
Remember that you do not want to go with the wrong approach if you want a lower deal. Bring out a demanding, intelligent, and strong trait to protect you from concession from the dealer. Put in mind that they may take advantage of you. Adopt hardball tactics to ensure that you have excellent negotiating skills.
Make sure that you are polite but firm when you meet with the seller. Remember that you have the ultimate power. Therefore, you must always ensure that you are focused on it. Avoid financial, maintenance, and insurance traps that may distract your judgment.
Do not wear out your welcome if the seller denies your offer. Give the seller your phone number and tell him to contact you if he changes his mind. Thank him for his time and wait for a day or two for their call.
Counter-offer the price
Always be ready to counter the offer. Make sure that you compare the prices of different dealers to know the worth of the car. You can also opt to play two sellers while ensuring that you get the best deal.
Never be afraid to quit from the agreement if you are not satisfied. Remember that many cars are waiting for you to purchase. Therefore, you should always expect to walk away with the best deal.
Make sure that you have enough proof when you want to lower the price. For instance, if you have noticed a scratch on the vehicle, you can use that to cut down the cost. If there was a minor setback when inspecting the car, you will have to pinpoint the issue. Your aim is to lower the price by justifying your offer.
Rebates and incentives
Most new cars come with hidden incentives, special financing, and cash rebates. Try to check up with your boss and see if you can receive any special deal with a specific dealer. Employees working in the Fortune 500 companies tend to receive discounts with particular dealers. However, always ensure that you negotiate the price first then apply for incentives and rebates later.
Understand the fees you have to pay
While going through the purchase contract, you will notice that there are fees associated with the transactions. Sellers only charge three types of deals, for the agreement to be good. They include documentation fees, local and state fees, and motor vehicle registration fees.
However, not all states regulate the documentation fees. States like Arizona and Florida are well known for high document fees compared to other countries.
Getting a grip on the fees to pay will leave a room for walking out of the transaction or not. This is because some dealers tend to add unnecessary costs. The charges include vehicle acquisition fees, dealer fees, and advertising fees. If you want to continue with the transaction, request the dealer to explain the extra costs.
If you are not contested with the additional charge, ask them to remove the fees or opt to walk away. Always be ready to say no and walk away from the deal. Remember that power lies with the buyer since he can always opt to walk away.
Take a test drive
Before buying a used car, always ensure that you take the car for a test drive. You can opt to take a mechanic with you to help you inspect the vehicle. During the test drive, ensure that you feel the car and the car runs smoothly.
This will be the right time to fall in love with the vehicle. Ensure that you are comfortable with your future ride. However, there are essential factors to consider when taking the car for a test drive.
Ensure that you take the car for a long ride. A short trip will limit the necessary information needed to make sure that the vehicle is fit for future movement.
Make sure that you are comfortable while riding the car. Pay attention to the car's handling abilities, acceleration, and sitting position. Remember that buying an automobile is a long-term deal and that you have to come out with the best.
Check on the car's interior aspects, CD jack, the stereo, and the interior lights.
Using the above methods, you will be able to answer questions like, am I getting a good deal on a used car? Before concluding with the agreement, review all documents and contracts. You can opt for the services of a lawyer if you are unfamiliar with the process.