Negotiating The Used Car Sell

Negotiating with the Buyer when Selling Your Used Car or Truck

Be prepared before the first buyer shows up. Make printouts from several internet car pricing sites showing the MARKET VALUE of your car. Do not print out Trade In values, that's what car dealers offer you. If the buyer complains about every scratch, mark stain, on your car, tell them it's normal wear and tear for a car of that age and mileage, that's why your not asking the price of a new car. Every used car has scratches from road debris. That's all accounted for in the depreciated value.

You'll get people who come to see your $10,000 car, but they only have $5000. They expect you to sell them the car for $5,000 because they think it's not worth $10,000, even though you know it is because you researched it. If they give you a sob story that they have no money, tell them it's not a good enough reason for you to drop below fair market value. Ask them why they came if they had much less money than your firm asking price. Now you have them on the defensive. Your car is still worth market value no matter what money the buyer has. This is why I recommend that in your ads, you mention that the price is firm.

Common Buyer Negotiating Tactics:

If a person comes to look at the car, they test-drive it and it passes their approval, you can expect them to make an offer. Most people are uncomfortable negotiating, so this might take several forms.

"I like the car, but..." (and silence)

This is the softest way to negotiate on the price. They may not even state that the price seems too high. However, if they say, "I like the car, but..." and then lapse into uncomfortable silence, you might consider an appropriate response. If you really want to move the car, you could say, "How much would you be willing to pay?"

"What's your best price?"

This is a more direct way to probe the seller to find how much he or she would come down. If you get this from a prospective buyer, don't seem too eager to reduce your price.

"Would you accept?"

Now we're getting somewhere. This buyer has thought it over and is making an offer. But the offer is being presented in a polite manner designed to allow for a counter offer.

"Take it or leave it."

This buyer is making an offer that supposedly leaves no room for a counter offer. In reality, this buyer might be bluffing. Still, they are sending a message that they are close to their final price. The only way to know for sure whether it really is a "take it or leave it offer" is to leave it. They may be back tomorrow ready to pay your price.

Sellers Negotiation:

If the buyer tells you that you are asking too much, ask the buyer where they got their figure from, and what research it was based on, they'll have no answer. They'll say, "other people are selling it for less". So ask them "why didn't you buy the other guy's car?" Most people don't know how to price their cars, so most people's selling price is wrong to begin with, they can't use that as a guide. You are using the car pricing sites with used car blue book values so you have done proper research and know what your car is worth.

Point out that you have the Car History VIN # Report and the maintenance records, and that other sellers don't have that. Now they know you are organized, confident about the value of your car, and they should take the deal, or risk going to another seller who did not upkeep the maintenance on their car. Even worse, the other seller may have rolled back the odometer. Tell them they are letting the best deal they have found so far, slip right through their fingers. Create the sense of urgency for them. They need to buy this car right now, or they'll lose the deal of their life forever! Remind them your ad just started and you have many more people after them to look at it. Now the buyer will have a sense of urgency. Isn't life grand? The key here is proper planning. Don't list your car until you've researched it's value, created your maintenance records notebook, and figured out how you'll respond to every one of their statements. Have a friend act as a buyer and practice negotiating. You'll learn a lot that way.

For sale by owner is quickly becoming
the preferred way to sell vehicles.
Do it right with the Auto Seller's Kit.