Negotiating Used Car Price?

Negotiating Used Car Price? - 1

Added (1). My husband and I have a 2005 Honda Accord with 253,968 miles and things are going wrong with it. My husband bought it before we got married and has had it for two years. We're thinking it may be better to get a new car. We found a Hyundai Elantra 2013 for 13,400, but we don't know how low to get. We wouldn't mind getting the car for 11 or 12,000. However, we still owe over 3000 for his Honda and we think it is between fair and good condition.

Added (2). We found a bit of scratches on the body of the car and some on the drivers windows so we were going to point those out today. We went yesterday an hour before closing time so they want us to come back at 5 pm today. We're college students who need a better car and we really need to get a good deal. I don't think the Honda will last us long.

I recommend it.

Start with 25% below asking price, go from their until you reach a amount your content with.

Make sure to point out any flaws in the vehicle while you are negotiating.

Your not in a good spot to be buying another car. The car you have is not worth the amount you owe on it. If you were thinking it would be of value as a trade in I can tell you the dealer doesn't want it and it is not because of it's age it is because of the money owed. I hate to say it but keep the old car until it is paid off then look for something else. And tell your husband to stop buying things that are over his head and financed for to long of a time. That is why your in the spot your in now.

Starting at "25% below asking price" will likely end your negotiation before they start. Unrealistic offers turn off dealers.

Pointing out flaws is good, though you should expect them to do the same to your vehicle. Regardless of what you think, the dealer is NOT going to say your car is in "good" condition.

Your car, with comparable mileage, went for around $1500 at auction of the last 4 weeks. The dealer will pay less. There's typically going to mark up a used vehicle around $2000-$2500. This means that, at best, your vehicle gets paid off, and they show you a slight discount (maybe $1000). That's as good as it's going to get. Also keep in mind that your interest rate will be higher due to the fact that you're students, and are not likely to have good credit/history. History is more important, because a lot of 20 year-olds have a 750 score, but only have a credit high of $1000.

Hope this helps.

The first thing I'd recommend is that you look at vehicles under $10,000 and pay off the current vehicle so you can sell it.
In fact, you can buy a great, reliable car for less than $6,000 if you shop around.
Why get into more debt than you need to?

You need to pay off your current car before you can do anything. You are upside down.

You don't have a chance of getting the price down that far

You can't post a question twice and expect differing answers.

First of all stay away from Hyundai and Kia's we use them in our driving school and they have nothing but problems. You are better off with a Ford Focus, Fusion or Taurus or a Chevy Cruze, Malibu or Impala. When you do decide to buy, get a car fax on the car and look to see how many owners and what type owners it has had. One or two owners is preferable and personal use is better than corporate or fleet owned. Check to see it has had no accidents, no fire, flood damage etc. Look for clear title and no mileage issues. See if the maintenance records look fairly consistent and up to date. Negotiate with the dealer you are buying from to get them to pay off you old car loan if they want you to purchase their car. They will do it if they want to sell a car. If not walk out and try other dealers. Find the one who will negotiate your and pay off your old loan on trade. Have the car inspected before buying by a reputable mechanic that you know and trust. Check engine, transmission, drivetrain, electrical system, battery tires, brakes, rotors, exhaust etc. Make sure these items are in good condition before buying. Tires should have no less than 8/32 of tread on them if they do ask for new tires before you buy it. If the brakes are ready to go, ask for new brakes, battery etc… Go to nada.com and click on the new/used car prices, click on the make, model, etc and get the clean retail value. Print it out and ask for that price. If they won't give it to you, walk out. This is the value most insurance companies use not kelly blue book, that one favors the dealer more then it does you…