There's no three-day right to cancel a car purchase. Never sign a contract or pay any money to a car seller unless you're 100% certain you want to buy. If you believe you have made a fair offer, have faith in your judgment and stick with that price. Stick to your guns - when you make your final offer, be clear that it's the most you will pay and is really what you believe the car is worth. You can also continue to bargain for the kind of financing, warranties or other terms that concern you. If your first offer is rejected, make your next offer halfway between your first offer and the maximum amount you decided earlier you wanted to pay. Remember, never focus on the amount of the monthly payment. This tactic also gives you some room to bargain for the price you want or to negotiate the addition or removal of contract terms. The dealer will assume that your first offer is lower than what you are willing to pay. Once you decide to negotiate a price, start with a lower offer than you want to pay. You may also find helpful information about used cars on the Internet. Both publications are usually available at the library. Good sources for used car prices are the most recent publication by Consumer Reports magazine on used cars and the NADA Official Used Car Guide published monthly by the National Automobile Dealers Association. Know first how much you're willing to spend for the vehicle, and then consider monthly payments.īefore going to the lot, do research to find out the fair price of the kind of car(s) you are looking at. Buyers who focus only on the monthly payment often fail to negotiate the lowest possible price on a used car. Never talk monthly payments with a car dealer. Look at different loan terms to find out what would best suit your needs. If you need a loan, know how much money you can pay up-front and how much you will be able to pay monthly. Private sellers aren't required to put the "Buyer's Guide" label on vehicles and the sale probably won't be covered by Iowa's implied warranties (see Motor Vehicle Warranties article) so if a problem with your vehicle arises you will be stuck with the repair.īefore shopping for a vehicle, know the maximum amount you are willing to pay. If you buy from a private seller there are no guarantees about the car's condition or need for future repairs. You are better off with more established lots that are concerned about their reputation. The lots may offer lower prices but they often don't have repair shops. This means they aren't available to support any warranties given. Many independent used car lots are here today and gone tomorrow. If you buy from an independent used car lot you should use caution. A dealership has higher overhead and the car will usually cost more. But their sales people generally work on commission and may try to get you to buy a more expensive car to increase their commission. Franchised new car dealers have newer used cars, may offer better warranties, and usually have a repair shop to back up the warranty. When you're looking for a new used vehicle, there are several places to shop.
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