How Do You determine A fair Price for a Used Vehicle
When you enter a car lot looking for a specific vehicle you have seen advertised you know the asking price and may have a discount figure in mind as you done some homework.
When you enter a car lot to check dealers inventory without a specific vehicle in mind here are few scenarios you may encounter
1 ) no sticker prices on most or all vehicles
2 ) lease payments with no term or up front cost
3 ) bi - weekly finance payments listed with no details about term
4 ) no miles year of vehicle or down payment listed, sticker simply says ask for details
5 ) Vehicle is locked
Out of the corner of your eye you see salesperson approch, its the moment you dislike, but you have questions and now comes the famous line used by over 90% of shoppers " just looking "
to an experienced salesperson that means your a buyer or you would not be there in the first place unless you're a car buff or dreamer, and a pro salesperson will know inside 3 minutes by asking key questions if you fit into that mold.
Understanding the Sticker Price Used Cars
If you're shopping in a price range from $12,000 to $ 30,000 being fresh inventory its most likely marked up $3000. to $5000.
Old inventory is considered 90 days old and in many situations dealer will sticker vehicle at or close to cost which means there is very little room for negotiations and the $3000. to $5000. dont apply as you could be looking at a vehicle at cost or below.
I realize as a shopper this leaves you confused , if you ask the salesperson how long vehicle has been in inventory you most likely will get a vague answer as most consumers will not like a true answer to wonder why this vehicle has not been sold in 3 - 6 - or 9 months.
In most cases it's one of the following reasons
Vehicle don't show well
Vehicle don't perform well
Vehicle was overpriced to start with
Used car Mgr may have paid to much for vehicle and been waiting for a few months for a pigeon that never showed and is now faced with a negative factor that will show on the monthly balance sheet once it's sold and will work against overall profit and commissions for that month when it's sold.
I have worked with large volume dealerships where the dealer Principal or the General Mgr thought the used car manager was an ace showing huge profit month after month and then suddenly discover accumulated negative inventory well over $100,000.
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