Buying a used car is often a smart financial choice due to the rapid depreciation new cars experience. In researching how to buy a used car from a dealer, you may realize determining the right price can be difficult; however, when you use the right tools, you can evaluate the factors that contribute to the price of a used car to help you make the right choice.
Kelley Blue Book
Often considered the Bible of used car valuation, this popular tool is an excellent car value estimator when used correctly. In order to determine the appropriate value of the car you are considering, you need to know a few details about it, including mileage and overall condition. If you use their website, you can count on real-time information that provides the latest price on a car in a variety of conditions so you can determine whether you are getting a fair price.
NADA Guides
Another online tool often used to value used cars is NADA Guides. This website asks visitors a number of questions regarding extra features on the car and mileage to evaluate the potential value of the car when in good operating condition. This website will show three levels of trade-in value, as well as the average retail price of the same car with the same miles.
Edmunds
On Edmunds, you will be able to look up cars by make, model and year. Once on the car’s page, you will gain access to reviews and other information regarding that particular vehicle. You may also choose to appraise a vehicle so you can determine the fair market value of one you are considering or find one for sale close to you. This can help you determine if you are getting a fair price at a dealership.
If you’re wondering how to buy a used car from a dealer without spending too much, the key is in the research you do ahead of time. Using these resources in addition to sites like Craigslist, you can easily determine the true value of a specific vehicle and how much they are selling for in your area. Remember, mileage and condition affect the price of a used car. In addition, some older models, rare cars and those with low mileage will come with higher price tags. When you keep these factors in mind, you are well on your way to getting a fair price.
It can be frustrating to to make an offer on a pre-owned vehicle that is lower than the asking price, only to be denied or countered without a price only slightly lower than the advertised price; however, it's important to remember the price still needs to be reasonable. No one wants to pay the "sticker price," but doing your research and considering fair market value, often averaged from more than one source, will help you keep your offers within a reasonable range. After all, offering $9,000 for a car that should sell for $12,000 shouldn't be surprising when it isn't taken seriously.
