Few things are more stressful in a person's life than the day(s) that they require the negotiation skills to haggle a car price with a car salesman. It's the type of situation that most people try to avoid in life.
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But what about those times when you become the car salesman?
That's right… It's those times when you're trying to sell your car for money to be used towards a new one.
When that happens, it's important to take the proper approach to get the price that you want for your car.
Here are the best negotiation skills to use when putting on your “private auto seller” shoes.
1. Always, Always, Always Build Urgency
As the person that's selling the car, there's one tool you have that can be used to build leverage on your side of negotiations: urgency.
What is urgency, you ask? Urgency is the method that a car salesman, or any salesman for that matter, uses to push the sale along faster.
For example, if you've ever gone to a new car lot then you've probably had a car salesman tell you “this is the last one we have” or “these babies are selling fast”.
That's an example of them building urgency. They're essentially telling you that if you don't buy the car soon, someone else will snatch it up. Now, you have to try that on someone else.
Anytime someone as much as reaches out to you about your car, you should be creating urgency for them to come by.
Stress the fact that you have several other people looking at the car. Give them only a few small-time windows to come by and check it out. That will give them the impression those other time windows are taken by potential buyers.
If the buying process isn't moving along as fast as your ideal pace, there are other options to sell your car as well.
2. Set the Expectation
Another great tool to use when people are scheduling times to swing by is setting the expectation of the meetup.
Now that you've built the urgency in their heads, they'll want to move along with the sales process faster to ensure they can get the car.
However, you and they may have two completely different ideas of how that meetup is going to go. While you may expect them to be ready to buy right after the test drive, they may be expecting to reach out to you a few days afterward.
In order to avoid that situation, you need to set the expectation while setting up the meetup time.
Straight up ask them: “If all goes well during the test drive, are you prepared to make an offer?”.
As soon as you ask that, they'll know what you're implying. If they answer “yes”, then great! If they answer “no” then let them know other buyers that stop by after them will be making offers. See if that doesn't push them to do the same.
3. Be Ready to Haggle
If you go into the in-person meeting thinking that you want to avoid any negotiations then you're going to lose out on a lot of money.
Both sides are interested: they want the car, you want the money. Now both sides just have to come to an agreement.
Remember, it's nothing personal. This situation is purely business, so leave the emotions at home.
You're the one that owns the car. The potential buyer can't have it unless you get the price that you want for it. If they want the car that badly, they'll meet you as close to your desired price as possible. If they don't then someone else will.
Keep a mental note to start higher than your intended selling price to give room for negotiations.
That way “meeting in the middle” actually means they're “meeting at your desired price.
4. Always Be Ready to Walk Away
Sometimes negotiations don't go as planned. There may very well be a few buyers that don't get anywhere near the selling price you're looking for.
That's why it's important to always be willing to walk away.
If they can't meet the price you want to sell for, then negotiating with them is pointless. Why waste any more of your time?
Give them your number (if they don't already have it) and tell them to call you if your price range starts making more sense. This gives you the freedom to move on and find someone looking to buy in your range.
5. Know Your Car's Value
Unsure of the price range that you should be asking for your car's year, make, and model in the first place? If so, do some research to get a “ballpark” price.
There are several useful websites out there that can help you figure this out.
Visit the official Kelley Blue Book website to get the selling price for your car. It may not be a perfect representation, but it's a starting point. Be sure to stay as close to it as possible.
Avoid These Negotiation Skills by Selling to a Cash Buyer Company!
Sometimes the best sales negotiation skills aren't a skill at all. You may be able to get the price you want by selling to a cash car buyer company.
Be sure to read this article on the best sites to sell a car for more ways to get your car on the market.
For more inquiries, please reach out via our contact us page and we'll be happy to assist you further!