You’ve found the car of your dreams, and it’s time to strike the deal. Dealers and some private sellers have a lot of experience negotiating, but you likely don’t. Arm yourself!
Before you negotiate:
- Determine what a fair price for the vehicle might be: Look at used-car pricing guides such as Edmunds.com, Kelley Blue Book (kbb.com), and NADA (National Automobile Dealers Association) Appraisal Guides (nadaguides.com).
- Have sufficient cash or make financing arrangements with SIU Credit Union ahead of time. If you apply online today at siucu.org, you could get a rate as low as 1.99% APR for 60 months*.
- Calculate how much you can afford based on your budget. Decide to walk out if the seller exceeds your limit.
- Have an expert check out the car, even if you have to pay for an inspection. Organize your notes from:
– The expert
– Your test-drive
– The car’s history and maintenance.
- Ask an experienced car owner to go with you. Agree that if this person says you should leave, you leave.
– Only agree to negotiate with a person with whom you feel comfortable;
– Look at it as a business transaction;
– Be prepared to spend at least an hour negotiating.