How to negotiate when selling your car privately
When the time comes to sell your car and you’re going the private route, you don’t want to ruin your chances of getting what you want, yet at the same time, you shouldn’t be ripping off the prospective buyer either. Here’s how to negotiate your way into the best possible price without taking anyone for a ride (no pun intended).
- Set your asking price, and don’t start lowering it until your buyer has made his offer. The buyer would ideally like to start haggling after you’ve already reduced your asking price - and your chances of getting less than your bottom price now become a distinct possibility. Letting a prospective buyer in on what your bottom price is straight away, is not wise.
- Create a sense of urgency - you can let the prospective buyer know that there are other parties who are interested as well.
- As an honest and ethical person, don’t withhold information such as major damage following an accident. With the sale of any used car, you don’t have to point out every single little issue. But if it’s something significant, it’s the right thing to do.
- Don’t be afraid to say ‘no’ to offers that are unreasonably low - people will always try their luck. Unless you’re in a real hurry to sell, stick to your guns if you know the real worth of your car, and explain how you arrived at your price. If a buyer asks what your best price is, counter the question by asking how much he/she would be willing to pay.
- Don’t allow yourself to be intimidated by a prospective buyer or the ‘car expert’ he brings along to check out the car. If they point out a real reason for you to drop your price, you may do so - but remember that there are many scammers out there who will cheat honest people out of getting their money’s worth. If you’ve had your car checked out by a professional before putting it up for sale and you know all its faults, don’t allow some so-called know-it-all to sway you into parting with your car for a steal.
- Don’t be completely unreasonable. Bear in mind that there are plenty of used cars out there, and that your buyer will walk away if he feels the price is not right. If he offers ridiculous money, let him walk away. But if he’s offering a decent amount for what he’s buying, over-negotiating will most probably send him walking out the door.
