The global used car market is on fire. Thanks to diminished new vehicle production due to the coronavirus, buyers are turning to used cars.
Sales of certified pre-owned vehicles are up 7% in both June and July. Now, contrast this positive figure with new car sales declining by 27% and 12% respectively.
Read on to learn how to get the best deal on used cars. Explore tips on how to negotiate a car price and shop around for your next vehicle.
The best thing you can do is shop around for the best price. You do not know if a vehicle is fairly priced without data points for comparison.
In a 25- or 50-mile radius, shop around to see how much dealers are selling a make and model for. You can use the information that you collect during the negotiation process.
Perform Online Research
The internet and mobile apps have given buyers a new tool during negotiation. Websites like Edmunds and KBB allow users to identify a fair price on a used car. You can also pull down invoices on recent used car sales.
Inspect the Vehicle
Used vehicles inevitably have wear and tear on vehicles. You should turn the vehicle on and let it run.
Pop the hood while it is running to see if you hear any suspicious noises. Check under the vehicle to ensure that there are no leaks.
Seeing something that is unsatisfactory does not mean the deal is dead. Instead, you can use these negative observations to reduce the sales price of the vehicle. For example, if the tires are worn, you could ask for a $1000 price reduction to buy four new tires.
If the interest rate is too high, you can shop around for a better rate with a local bank or credit union. Another possibility is reducing the sales price by paying in cash.
A Recap of How to Get the Best Deal on Used Cars
You can get a great deal on a used car with the right strategies. Shopping around and performing a thorough inspection is sure to help.
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