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How much should I offer below asking price for a used car?

How much should I offer below asking price for a used car?

Based on your pricing homework, you should have a good idea of how much you’re willing to pay. Begin by making an offer that is realistic but 15 to 25 percent lower than this figure. Name your offer and wait until the person you’re negotiating with responds.

What is considered low ball offer on a car?

It depends on the asking price. If the seller is asking what its worth then anything less than about 80\% of that is getting offensive. At the same time if they’re playing games and tacking on an extra 30\% then you need to lowball them by about as much to meet at a reasonable price.

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How do you lowball a used car dealership?

Basically you want to try and give the impression that you’re close to your maximum, so the seller is motivated to lower the price to make a deal. One way to do that is to increase your offer by smaller amounts each time. Say the asking price is $19,900 and your initial (low) offer is $14,000.

What is the average margin on a used car?

Used vehicle margins have been stronger than new vehicle margins. That remains to be true. Gross profit margin for the average dealership through the first half of 2021 was 13.4\%, up from 11.8\% through 1H20.

How much do dealers mark up on used cars?

Depending on how long a vehicle has been sitting on their lot, most used cars have anywhere from 10-25\% marked-up in the asking price of the vehicle. Negotiate with dealers by phone or online. Negotiation by email or phone keeps you in control.

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How to negotiate a used car price with a dealership?

Negotiate a used car’s price with a dealership Dealers and their staff are professional negotiators. It’s very important you gather as much pricing information as you can find on the vehicle you want to buy.

How do I get the best deal on a used car?

Get as close as you can and then make your own adjustments from there. Online used car buying sites are a great place to gather used car pricing information. The free quotes you request can be used in your negotiation process. Another good place to gather vehicle price data is eBay’s recently sold vehicles.

Should you haggle when buying a used car?

You don’t want to start haggling a used car’s price by just blurting out numbers in hopes the seller will discount the price. Researching the market and estimating the true value of the vehicle will give you the upper hand and make sure you pay a fair price.