Haggle for a car like you would for a house
DESPITE a buyer’s best intentions, if a dream used car becomes available that ticks all the right boxes — except for the price tag — the budget can all too often get quickly forgotten.
To stop the heart ruling the car buyer’s head, vehicle history check expert in the UK, HPI, is offering a simple guide to the art of negotiation, helping buyers secure a good deal whether they are buying, selling or part-exchanging a car.
Neil Hodson, deputy managing director for HPI, explains, “Despite a car being the second largest financial purchase a person will ever make — a property being the biggest — 56% of us would rather pay the asking price for a used car than negotiate with a dealer.”
This compares to just 16% of people who would rather offer the asking price for a house than negotiate. In fact, as many as a third of us would rather negotiate a pay rise at work than haggle for a car.
“The reality is all too often buyers find the car they want and pay the full sticker price because they lack confidence in their own negotiating skills, particularly when having to deal face-to-face with the seller.
House buyers have estate agents to negotiate through, which gives them more room to be bold with their offer.
“The trick to clinching a good used car deal is balance; you need to make sure the vendor or salesperson knows you’re a serious buyer without appearing desperate.
“It is equally crucial to do your homework.
“Before you start the process of securing a deal, research the marketplace and ask the right questions. Knowledge will empower a buyer.”
Hodson advises car buyers to start by understanding the vehicle’s current market value.
“A used car valuation will give motorists a good idea of the price they should expect to pay if they are buying, or how much they can expect from a buyer if they are selling or part-exchanging.
“If a car for sale is priced low to sell quickly, the chances are it’s hiding something serious. For example it could be ‘clocked’, stolen or have finance owing against it.”
In South Africa, the OLX site shows current prices demanded by private car sellers, while the Trans Union Auto Dealers Guide informs dealers.
A study of online classified site OLX will show used car buyers what the models they want are trading for.