How to Buy a New or Used Car
At Cash For Cars, we make selling your broken, junk, and beater vehicles super easy so that you can let go of the worry. Don’t hang onto that junker. Learn these negotiating and purchasing tips to always wind up with the best deal possible.
We know that finding the right new or used vehicle can seem difficult due to the fact that average consumers lack the knowledge to make an appraisal on the spot. And although you may find that relying on a mechanic to check out any prospective vehicle before you lay down the money is one prophylactic measure, this can get expensive if you find out that several cars you believed were good, simply aren’t.
So, the reputation of the seller is a big issue. The unfortunate reality is that you won’t find a lot of reputable private sellers in the used car market because they keep their reputation private. It is, nevertheless, good to know a few tips for buying a used car, so that you don’t get hoodwinked.
Tips for Buying a Used Car from a Dealer
When you are buying a used car from a dealer, at least you have a reputable and publicly accountable fixed business. The banks are more apt to lend money for car dealership purchases because they develop a relationship and know from experience how the ownership typically turns out.
If a dealership is known for selling lemons and the customers are defaulting on their used car loans, this will come back to bite the dealership and force them to shy away from selling used vehicles for the sake of avoiding problems.
The tips for buying a used car from a dealer are a little different than dealing with a desperate private seller from a classified ad. When you are dealing with the dealership, you have to look for models that were previously leased. These are probably the best cars that you will come across because they’ll be significantly less than the brand new models, but still in “like new” condition. The dealerships often certify these vehicles and back them with super 100,000-mile drivetrain warranties and even additional bumper-to-bumper warranties to win you over. The customer care is definitely present when you trust the reputation of the dealership to keep loyal customers by selling quality autos.
And the dealerships have a steady stream of vehicles that are completing lease contracts and need to be prepped and put up for sale. This means that they are regularly going to put these after-lease vehicles up for sale, and that others are probably waiting for them.
Negotiating Tips for Buying a Used Car
If you are browsing through the classified ads and looking for that sweet ride that is reliable, cosmetically perfect, and still under the factory warranty, it can be hard to find leverage for negotiating if the seller has a lot of other prospects. Yet, many sellers will act like they have more buyers backed up than they really do because they want to hold out and get top dollar. The reality is that banks are not inclined to lend money for used vehicles from private sellers, especially if the vehicle is purchased sight-unseen. A bank may be afraid of buyers falling underwater on their loans and being forced to write off the balance owed. It happens all the time when someone gets swindled and winds up with an expensive lemon and no recourse because “chance” was the name of the deal.
Another reality is that the average car buyer out there has enough common sense to steer clear of deals that seem too good to be true. They also know that risking a lot of money in a lump sum is simply not worth it when they can have the convenience of a payment plan through a financed loan at an auto dealership. And although the prices at larger car dealerships may seem high compared to the super deals that are competitively priced to move cars in the classifieds and auctions, you often wind up getting what you pay for in the long-run.
With this in mind, the seller is probably bluffing or exaggerating about the interest they have and are more desperate to get rid of the vehicle thank you think. Sometimes, it can take some negotiating to get them to overcome their irrational angst against dropping the price even more. Taking a choice vehicle that you are very serious about purchasing to a trusted mechanic who can point out all the potential problems is a safe strategy. This will give you some strong negotiating tips for buying a used car to drop the prices down by simply reiterating the mechanic’s fears or concerns, no matter how speculative they may be. On top of this, the mechanic can give you some good tips for buying a used car in the budget range and style you are seeking. It is good to remind yourself that a private seller may have personal attachments or beliefs to the vehicle and may not be objective.
Now, even if you don’t particularly care for after-leased vehicles because other vehicles have much lower prices and are priced to sell, you can use the pre-owned after-lease vehicles as a reference point in negotiations. You can say that if these vehicles are “like new” at this price, why would anyone pay so much for uncertain vehicles that may come with some hidden surprises and be deemed worthless tomorrow.
If you explain that the pre-owned vehicles are not in your budget and that they should be more realistic about the value of these used cars, it can help make them feel worried. It would also be a good idea to have a variety of friends independently drop down and look over the vehicle with interest but agree that it is way overpriced for what it is. After a while, the dealership itself may start to question the perceived value of the vehicle and whether it is worth it to sell the vehicle for a loss or to try hanging onto it for top dollar. This is a method of using an opposite bandwagon effect to drive down the price for a vehicle rather than allowing the dealership to bandwagon the perception that everyone wants to buy it, and that you’d better act fast.
You can also do the same thing with a dealer. Have them agree to let your independent mechanic check the vehicle out to verify that everything is solid and in proper working order. If your mechanic nitpicks and finds some issues for you to haggle over, you’ll have some leverage to get a warranty, some additional repairs done, or maybe a sweeter deal that you can boast about.
Cash in Your Old Car
Now that you know how to find a clean or cleaner slate to work with in keeping on top of preventative maintenance and avoiding breakdowns, you’d might as well move that junker and make way for your new ride. If you fill out our free offer form, we will arrange for someone to haul away the vehicle as soon as possible and give you your check. We pay higher than average rates and streamline the process to make it a stress-free and easy way for anyone to get rid of an unwanted vehicle.
