This post is as a result of helping my friends for buying an used car. It took almost 3 weeks for her to finalize a car that suits her. Based on my experience, let me pin point the suggestions for the same.
- Season / Weather – Its better to get a car during the winter season. The car prices shoots up in summer. May be, its because people travel lot in summer here! The next day of the winter storm will be your day. Just to meet their daily targets on this slow day, the dealers lower their prices and are more negotiable than other days
- Specs of the Car – Being an iigrant here, its better to go for a car that has a good resale value. We narrowed our search to Honda and Toyota, believing that has a good resale value. A balance needs to be maintained between the mileage & year to have a car that will fit in your budget.
- Third party websites – There are several third party websites like cargurus.com & truecar.com that will let you know the car available for sale. kbb.com is one good website that lets you price an used car, from which you can negotiate with the dealer.
- With the dealer –
- Negotiation : With the KBB value, you can start negotiating with a dealer. There are few dealers out here in Rhode Island who put up hassle free tags, but still negotiate. Start with a price less than a good private party price quoted by Kelly Blue book. Make sure that both you and the dealer is profitable.
- Immediate Booking: Most of the dealers want their stock to be sold ASAP. So they are more likely to say they can reduce the price if you are buying the car immediately.
- Financing Options: Most of the dealers provide you with a financing options. They reduce the price still down if you go with their finance. The catch here is you won’t get a lower rate of interest with them , when compared with your local credit unions. Still that’s okay, you can get the car through their finance and then refinance it with you credit union after 3 monthly payments.
- CARFAX report: Check for vehicle history with Carfax reports. Most of the dealers will provide you a copy of it. Remember, a car with an accident history sells less.
Please have a buffer of $400-$500 to book a car that you like the most. Don’t miss your princess for this meagre amount. lol ! Happy Driving..
I remember only these for now! Will update the post whenever needed.