The Best Time To Buy a Used Car
The best time to buy a used car depends on who you are
buying the used car from. When buying a used car, you will
either buy it from an individual or a dealer. Both types of
sellers have one goal in mind - to sell their used auto.
The best time to buy a used car is when the
seller is highly motivated to sell. This will ensure you get
the best possible price, and also the highest value for your
trade if buying from a used car dealer.
The best time to buy from a private seller
is different than the best time to buy a used car from a
dealer. Each type of seller has a different motivation and
mindset. Here's how to find the seller's "high motivation
time" and make your best deal:
The Best Time to Buy a Used Car from a
Private Seller
You will usually get a better deal from a private seller,
because he/she has the ability to sell at wholesale (or
below). Since there is no "middle man" involved, there
is no need for the seller to build in the added profit that
a dealer needs.
Getting the seller to give you the best
price however, depends on whether or not he still owes money
on the car and his reason for selling. It also depends on
how long the individual has had his car on the market. When
talking with the seller, you need to find out why he
is selling his car and casually try to determine
how badly he wants to sell. To get the most
information, it's important to make "friends" with the
seller by engaging in conversation on a more personal level.
Becoming "friends" with the seller will not
only allow you to determine the best time to make an offer,
but will also help you get the best deal. Here's why:
Unlike a used car dealer, a private
seller has an emotional attachment to his car. This
attachment may be subconscious, but it's always there. The
seller will not give you his best price if he doesn't like
you and trust that you will take good care of his "baby".
Once you understand the seller's attachment
level to the used auto and his motivation level, you will
know when to make an offer. The best time to buy a used car
from an individual is when he or she is psychologically
ready to sell.
If you think he is in a hurry to sell,
negotiate your deal right away. If the seller appears to be
in no hurry, walk away and give him some time. Keep an eye
on the car and talk to the seller (your friend) in a
couple of weeks to check his motivation level again. When he
appears motivated, make your deal!
The Best Time to Buy a Used Car from a
Dealer
Unlike a private seller, a used car dealer has no emotional
attachment to his cars. His attachment is in the form of
money.
The dealer bought the car at a wholesale
price and needs to sell it at a higher price in order to
make a profit. Whether you are buying from a large auto
dealership or a small used car dealer, the reason for
selling is always the same - to make a profit!
Because used car dealers have bills to pay
at the beginning of every month, the salesman will be the
most motivated at the end of the month. Dealers can also be
very motivated to sell during the first days of the month,
especially if the previous month's sales were not good.
The very best time to buy a used car from
a dealer is the last day of the month, in the afternoon.
This is when the clock is ticking down quickly for the
dealer and he will literally "jump through hoops" to sell a
car to you.
Salesmen and sales managers at large car
dealerships need the commission, and may qualify for more
bonuses if they sell another car before month end. Many
times the profit is not as important as making the sale and
meeting a quota, and dealers will accept a tiny profit
margin just to get credit for another car sold.
The next best time to buy a used car is
the first day of the month, as soon as the dealership opens.
I was with a friend who bought a used auto during this time
once and she actually made money when she traded it a year
later!
The reason that you will get a good deal on
the first day of the month is psychological. Salesmen are
competitive, and making the "first sale of the month" is a
great ego booster. They will accept a smaller commission
(or no commission) in order to nail the very first sale.
There is a bit of superstition involved in
making the first sale of the month also. Sales managers
believe that the first sale of the month starts the ball
rolling on more sales, and the quicker they can close the
first deal, the better the month will be!
Additional Resources and Information on
Buying Used Cars
Why Buy a Used Car?
Find a Used Car
Used Car Warranty Information
Smart Auto Warranty - Buy Direct and Save
Compare Car Insurance Rates Online and Save Money
If You Finance Your Used Car, You May Need Gap Insurance
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