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How to Buy a Used Car and
Not Get Taken
Using the Price lnformation
If this tactic works-and it has for the author-you now have a pretty good idea of what he paid for the car on the lot. Now you're ready to go back to the dealer.
"I'm looking for a year-old (make and model).
When the salesperson leads you to the target car, make him go through the entire presentation. You should drive it and then subject it to all the inspections and tests outlined in this segment-including the professional mechanic inspection. Once you're satisfied that this is the car you want to buy, offer the salesperson a couple hundred dollars less than the number the dealership's used-car buyer offered you.
Be prepared for a good deal of groaning and "can't sell it for that" reactions. Assuming you want the car and knowing, as you do, that the dealer can probably get your price from a wholesaler or at auction, up your offer to a couple hundred over the price you were quoted and don't budge. |
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(If you're the type of person who really enjoys a negotiation, start below the price they quoted. When you budge, do so very slowly. Keep in mind that, eventually, you will probably have to offer an amount above the wholesale price. Also, keep in mind that if you've got your heart set on a one-of-a-kind car that is really hot, this tactic won't work. Remember, demand drives the price.) Assuming that there are any number of similar cars available at other lots in the area, this tactic should eventually bear results. As they try to "up" your bid, just keep pointing out that:
1. You are ready to buy today.
2. You have your checkbook with you.
3. You would like to buy from this dealer, but you know there are a lot more cars out there and you will shop other lots if necessary.
More on Price 1 | 2 | 3 | 4
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Determining the True Wholesale Value, of a Moats Seller's Car
If you're buying from a private owner, you'll want to know the true wholesale value of the car. Here's a tactic that has worked for us. After you've performed the inspection outlined in this segment, and before you go to a mechanic, ask the seller if you can take the car for a drive-alone. Leave your car as ransom.
Take the car to the nearest used-car dealer and tell them you'd like to sell the car. Use the same tactic as we outlined for the phone inquiry. If you're nervous about seeming not to know as much as a real owner would about the car, tell the used-car dealer that you're selling the car for your niece and that you agreed to get some idea of what it was worth. If you have time, make at least two stops-one at a dealership that sells the same make.
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