Practical Strategies for Securing the Best Vehicle Prices

Posted Friday, Jun 30, 2023

When buying a used car, getting the best vehicle price is a priority for most people. The last thing you want is to be swindled into paying higher than the market price. There are several practices that can bring down the price of your next vehicle purchase. Let's go over them.

Here are some of the many ways you can secure the best vehicle prices.

Research

You can never pass a test or interview if you walk in knowing nothing. Just like that, if you step into any negotiations without the appropriate knowledge, then a slick sales rep will swim laps around you, getting a higher price and larger commission. They consider it fair play to take advantage of your lack of knowledge. The worst-case scenario is you driving home in an overpriced car, believing you got it for a steal.

To avoid this, you must do your research. Look up the going rates for the car you're interested in online inventories before physically going to see it. Knowing how much a car is actually worth improves your chances of going home with a fair deal.

Choose the Right Car

Another added bonus of doing your research is getting to know about different cars in the same class as the one you're interested in. There may be a car that is available at a lower price while offering all the features you're interested in. The best vehicle price takes into consideration the features-to-price ratio of different cars. Overpaying doesn't only mean paying more than the market rate.

Overpaying for a vehicle also means buying a more expensive vehicle with the same features when a less expensive option is available, offering the same features and quality. Remember to choose the right car to get the best vehicle prices.

Set a Budget

Setting a budget seems like an obvious step, but it is often overlooked. When you don't have a set budget, you are more likely to overspend. You may be coaxed into buying a more expensive car you cannot afford. Without a concrete number in mind, you could end up enchanted by a car you essentially cannot afford. Then even if you get a great deal on that car, it still isn't the best vehicle price for you in your current situation.

Therefore, to prevent overspending, you should set a fixed budget. Now you can solely focus on cars that lie within this budget. When setting the budget, ensure that you consider additional costs like insurance, loan interest, and tax.

Vehicle History Report

Did you know that some time ago, dented cans used to be half off in grocery stores? In fact, they still are in some. Once a product has been through some wear and tear, you can pay less for it. However, sometimes this information may remain hidden from you in the case of a car.

You can request the Vehicle History Report from the National Motor Vehicle Title Information System (NMVTIS) website. This report will let you know if the car has been through any major accidents. Cars that have been totaled or seen flood damaged have no right to be priced the same as cars that haven't. Not that we recommend looking for cars like that, but if you learn that a model you're interested in has faced such injuries, you should be ready to get the price taken down a notch or two.

Once you have gathered this information, you can negotiate the price of the car, bringing it down till you hit the best vehicle prices. Don't be afraid to hold your ground and use the Vehicle Damage Report as proof when demanding a lower price.

Inspect the Vehicle

You can do plenty of research online, compare different cars, and even have the vehicle history report in hand. However, you can not be truly sure of anything until you've personally inspected the car or paid a professional to. If you encounter any faults or damage not accounted for or notice the car has a high mileage number, you can use that as leverage while negotiating a better price.

Something that can only be accomplished through a physical inspection rather than looking at the vehicle's history is the prediction of future issues. Future issues mean money out of your pocket once you buy this car, and that's reason enough to bring the price down.

Focus on the When

When you buy a car is just as important as which car you buy. There are times when cars are more expensive and times when they are less expensive. That much is basic economics. You should watch for times in the year when cars go on sale or are cheaper to purchase than the rest of the year.

More often than not, cars are cheaper at the month's or quarter's end. Before the month or quarter ends, car dealerships may be more open to negotiation efforts so that they can make their targets.

The holidays are also a great time to buy cars. Since the demand for cars is lower during the holidays around Thanksgiving and Christmas, the prices of cars are generally lower. It just so happens that the holidays roll around near the end of the year. If you keep your eyes peeled, you can catch the end-of-year clearance sales when cars are at their cheapest to make room for newer ones coming next year.

The Bottom Line

There is a bit of a people pleaser or pushover inside all of us. We may be less likely to let a hairdresser know we don't like our new haircut or complain about the food at a restaurant. Some people are just better at dealing with confrontation, while others aren't.

However, don't let that stop you from negotiating a deal at the car dealership. If you use all this advice and negotiate with your research, the vehicle history report, your inspection, and the time of year back you up, you'll do more than fine. There is nothing to lose in trying to save some money. It's your right as a customer. Go ahead and get the best vehicle prices.