Used car price haggling question

[xlatinox]

Hello fellow huddle members!!.  I am looking at a used car tomorrow at a hyundai dealership.  This will be my first time buying from one and not from a private seller.  The car price is $19,500 but i only been approved for $18,500. 

Realistically how much will i be able to haggle or what price point sounds fair? From kbb and looking around on craigslist And other used car sites  the dealer is around $2000 above similar models that I seen except the color combo that I want   Any help or tips would be appreciated!!

[cookinbrak]

Go in and say you have 17,000. Take it or leave it.

[uncfan888]

Don't tell them what you are approved for. Go in there and do what the above poster said

[Jeremy Igo]

I shall now tell you my secret in card dealership negotiations... 

 

Take a big set of keys on a big key chain that is very noticeable. When negotiations at the table start, put the keys on the table. 

Then, when you think you are not getting the best deal you should get, simply pick up the keys. This will tell the salesman you are leaving and he/she will usually panic and "check with his boss to see if he can get you a better deal"

 

I usually pick the keys up 2 or 3 times before it is no longer effective. At that point, I know I have gotten the best deal. 

[PlantBasedPoster]

Go in there with a set max $ amount and DO NOT go above that. Remember, they are there for you and they are the one losing a sale, not you. You hold all the cards. Don't be afraid to walk away. There's tens of thousands of used cars for sale in your area, you can find another. Don't let them play number games with you and try to show you different payments per month. Only focus on total  cost, out the door for the vehicle you are interested. 

If you're trading in a vehicle, mention that last. Get the price you want then bring up the fact that you have a trade-in.

[Shocker]

1 hour ago, Jeremy Igo said:

I shall now tell you my secret in card dealership negotiations... 

 

Take a big set of keys on a big key chain that is very noticeable. When negotiations at the table start, put the keys on the table. 

Then, when you think you are not getting the best deal you should get, simply pick up the keys. This will tell the salesman you are leaving and he/she will usually panic and "check with his boss to see if he can get you a better deal"

 

I usually pick the keys up 2 or 3 times before it is no longer effective. At that point, I know I have gotten the best deal. 

LOL, hilarious.  I could see that working.  Word to the wise...took my wife to buy her car and had a great deal until the guy mentioned they gave away ipads on some sales.  The whole thing fell apart and became totally about the Ipad.  My wife wasnt leaving without an ipad.  Jeez.  

[TbTeRRoR]

You gotta walk in there willing to not buy it.  Don't act like your in love with it..if you are do not show it.  I got my  used truck marked at 15,500  down to 11,000 like a boss over 2 days.    I went in at lunch one day and told'em I was just looking.  I took a test drive but told him I'd need to talk with my wife first and that 15K was a little large for me at that time.  He knocked some off then.

Then the next day I went back  and talked about a trade in on my old busted and told him to run the numbers (truck KBB value was 3k in great condition...it was not in great condition but I got 2k from it.)  Then he thought I was done but no I was like let me come back with my wife after work so she can see / approve it.   So I came back after work that day w/ wife in tow right at closing time.   I told her not to fall in love with it and let me do the talking. ( first time we shopped for her car was  a disaster she was in love with it before...ugh got hammered.  I still hesitated  when he offered.  Then when I got him down as far as I thought possible I pretended to back off saying I'd like to wait a week for my taxes to return so I could make bigger down payment so I'd have lower monthly payments.    He talked to his boss / finance manager again and I got a final price drop.  

So basically 2 k off  the tag with a 2k trade in on a old truck that was probably worth 1.5k  It also helped that this was the 28th of the month so yeah you can work a  dealership pretty well...do not let them work you!

[ladypanther]

True Car now lists used cars.  Use that info...dealers hate that web site.  Dealers make more money on used cars than they do new.  Stick to your guns.  If they do not bite...wait until the end of the month...managers get desperate then...will make better deals.

Plus...do not mention you have your own financing...they are planning on making money from you there too.  Just tell them the amount that is in your budget.  Hold all the info you can as long as you can.

https://www.truecar.com/#/

[ladypanther]

18 hours ago, xlatinox said:

Hello fellow huddle members!!.  I am looking at a used car tomorrow at a hyundai dealership.  This will be my first time buying from one and not from a private seller.  The car price is $19,500 but i only been approved for $18,500. 

Realistically how much will i be able to haggle or what price point sounds fair? From kbb and looking around on craigslist And other used car sites  the dealer is around $2000 above similar models that I seen except the color combo that I want   Any help or tips would be appreciated!!

What is the year, model, trim level, and mileage?

[Jimmy]

I don't negotiate by determining the final cost of the vehicle.  I negotiate by determining what I can afford per month.  Not the MAXIMUM I can afford but fits within our budget comfortably.  When a salesman thinks they are giving me a good deal by taking "$2,000 off!" ....I say...is it with in x-amount of dollars per month?  You will always save more money by knowing your budget and terms before walking in the door...the cost of the vehicle doesn't matter.

 

[PlantBasedPoster]

10 minutes ago, Jimmy said:

I don't negotiate by determining the final cost of the vehicle.  I negotiate by determining what I can afford per month.  Not the MAXIMUM I can afford but fits within our budget comfortably.  When a salesman thinks they are giving me a good deal by taking "$2,000 off!" ....I say...is it with in x-amount of dollars per month?  You will always save more money by knowing your budget and terms before walking in the door...the cost of the vehicle doesn't matter.

 

I'm sorry but "the cost of the vehicle doesn't matter" is just not accurate. Yes , you absolutely need to make sure that the vehicle fits your monthly budget, but if the only way you can afford it is by extending the term of the loan to 7 years, then it's not really in your budget and you need to find a cheaper car

[Jimmy]

1 minute ago, PlantBasedPoster said:

I'm sorry but "the cost of the vehicle doesn't matter" is just not accurate. Yes , you absolutely need to make sure that the vehicle fits your monthly budget, but if the only way you can afford it is by extending the term of the loan to 7 years, then it's not really in your budget and you need to find a cheaper car

You're assuming that terms are being extended, I'm not, if you need to extend terms you need to find another vehicle or save a little longer for a better down payment.

[ladypanther]

8 hours ago, Jimmy said:

I don't negotiate by determining the final cost of the vehicle.  I negotiate by determining what I can afford per month.  Not the MAXIMUM I can afford but fits within our budget comfortably.  When a salesman thinks they are giving me a good deal by taking "$2,000 off!" ....I say...is it with in x-amount of dollars per month?  You will always save more money by knowing your budget and terms before walking in the door...the cost of the vehicle doesn't matter.

 

That does not work.  You negotiate by having solid information on the value of the vehicle..what others have sold the same thing for.  If you are looking at a $50k car but have a  $30k budget...you are on the wrong car.  Saying what you can afford does not change the value of the car.

[xlatinox]

Thank you everyone so much for the help.  I am now the new to me owner of a 2013 hyundai genesis coupe r spec with 38k miles!!  The dealer wanted 22k after everything said and done.   I got it for 18k OTD!! I feel like I haggled well haha.  

Again thank you so much everyone!