This is the final entry in a three part series where we provide you with an in-depth look at the Pre-owned car buying process. The previous two articles contained valuable insight into the basics of pre-owned car buying, and if it is a good time to sell your vehicle. Our third article explains how to make the deal work for you.
Making the deal work for you
According to the National Automobile Dealers Association (NADA) the resale and trade-in values for well-maintained late model vehicles is at an all time high. This trend is in response to increased demand by consumers for pre-owned cars with reliability and longevity.
When you decide to sell, or trade-in your vehicle to a dealership remember three important pieces of information.
1. The nature of business and customer service: Individuals did not go into business to lose money, and no matter how long ago they started, the companies they built still deserve to make a profit. With that being said, the dealership should make every effort within reason to accommodate the customer in order to make a long lasting relationship. It has always been and will always be easier to sell to someone you have already sold to rather than finding a new customer.
2. Market values: Everything related to business is based on market values or supply and demand. If the vehicle you own is in high demand, then you may be able to get a high value for it. If the vehicle you own is not in high demand, then you will probably not get much for it. Your car may hold significant emotional value to you, and be worth quite a bit in your eyes; however, that emotional value does not change the actual value of the vehicle, and what a dealership could get one for at an auto auction.
3. Common courtesy: As the dealership should strive for a strong value of customer service, the customer should also strive for a strong value of courtesy. Although some dealerships may try to take advantage of you, that is not the case for all dealerships. It is in your best interest to build a strong relationship with the dealership just as much as keeping you a loyal customer is in theirs.
Above all else, please remember that behavior breeds behavior and if either party is too rigid, uncompromising, and unwilling to understand the facts; then the deal will suffer and a valuable partnership will be lost.
What have you thought of our series on preowned car buying? What suggestions do you have for making the deal work for you? Tell us on our comments page.
Tuesday, June 21, 2011
Monday, June 20, 2011
Pre-owned Car Buying Made Simple – Part 2
This is the second of a three part series where we provide you with an in-depth look at the Pre-owned car buying process. Our first article talked about the basics, and this article will focus on if it is a good time to sell your current vehicle.
Is it a good time to sell?
In a surprising twist of events during the recession the value of pre-owned vehicles increased while the price of homes decreased. At this moment, if you own a well maintained, late model vehicle built within the last 3-5 years, then you may have a great opportunity to upgrade.
Maintaining the value of a vehicle after driving it off the dealership lot is very difficult. One of the best ways to get as much out the car as you can is to keep very detailed records of the maintenance performed, when it happened, and who serviced it.
With pre-owned prices trending upward to an all time high, you may have an unusual opportunity to get the most for your trade-in. Remember that the biggest factor in business is market forces also known as supply and demand. If the demand for your vehicle is high, then you may have a chance to make a strong trade in your favor. If the demand is low then you may not receive as much as you would like.
Do you think it is a good time to trade-in your vehicle? Let us know by posting in our comments section. Stay tuned for our final article in the preowned car buying series.
Is it a good time to sell?
In a surprising twist of events during the recession the value of pre-owned vehicles increased while the price of homes decreased. At this moment, if you own a well maintained, late model vehicle built within the last 3-5 years, then you may have a great opportunity to upgrade.
Maintaining the value of a vehicle after driving it off the dealership lot is very difficult. One of the best ways to get as much out the car as you can is to keep very detailed records of the maintenance performed, when it happened, and who serviced it.
With pre-owned prices trending upward to an all time high, you may have an unusual opportunity to get the most for your trade-in. Remember that the biggest factor in business is market forces also known as supply and demand. If the demand for your vehicle is high, then you may have a chance to make a strong trade in your favor. If the demand is low then you may not receive as much as you would like.
Do you think it is a good time to trade-in your vehicle? Let us know by posting in our comments section. Stay tuned for our final article in the preowned car buying series.
Thursday, June 16, 2011
Pre-Owned Car Buying Made Simple – The Basics
This is the first of a three part series where we provide you with an in-depth look at the pre-owned car buying process. We will start with the basics then move on to if it is a good time to sell your car, and finish with making the deal work for you.
Car buying is a time consuming process, and at times may also be difficult. You will get frustrated, you will be thrilled, but, in the end, purchasing a car does not need to be stressful. If you are willing to follow these steps, I can promise to improve your car buying experience, and reduce the amount of stress you might feel.
Step 1 – Relax
This time is going to be different. Forget any bad experiences you may have had in the past. You are in control of whether or not you buy a car. So take a deep breath and let’s get started.
Step 2 – Do your homework
When I sold cars one of the best customers to work with was the one that came in prepared. With so many avenues for gaining information about such a large purchase, it is ludicrous to think that you can stroll onto a car lot and end up with the perfect vehicle. Before heading out to the dealership take some time to think about the type of vehicle you want, and why you want to make the purchase.
Every dealership in the world wants to sell you a car, but the dealerships that keep you happy and develop a relationship with you are the ones that will sustain your business.
Step 3 – Run the numbers
Have some understanding as to how much you can truly afford. A good rule of thumb is that for every $5,000 financed, you will pay around $100 per month. Depending on your budget, you do not want to start looking at the $100,000 car only to discover that you cannot afford it. I’ve seen people go from an extreme emotional high to the pit of the earth when they realize their dream car does not fit into their budget.
Step 4 – MOST IMPORTANT!!!
This step is absolutely critical when making a large purchase, and will save you a lot of stress. Do not believe the closeout-blowout-everything must go car sale or the random word on the street. Chances are very good that the deal or tip is not really all that great
Following the steps I outlined above will help with your basics of car purchasing. Research, prepare, relax and have fun!
What do you think about the basics of pre-owned car purchasing? Let us know by posting in our comments section. Be sure to read part 2 of our pre-owned car buying series.
Car buying is a time consuming process, and at times may also be difficult. You will get frustrated, you will be thrilled, but, in the end, purchasing a car does not need to be stressful. If you are willing to follow these steps, I can promise to improve your car buying experience, and reduce the amount of stress you might feel.
Step 1 – Relax
This time is going to be different. Forget any bad experiences you may have had in the past. You are in control of whether or not you buy a car. So take a deep breath and let’s get started.
Step 2 – Do your homework
When I sold cars one of the best customers to work with was the one that came in prepared. With so many avenues for gaining information about such a large purchase, it is ludicrous to think that you can stroll onto a car lot and end up with the perfect vehicle. Before heading out to the dealership take some time to think about the type of vehicle you want, and why you want to make the purchase.
Every dealership in the world wants to sell you a car, but the dealerships that keep you happy and develop a relationship with you are the ones that will sustain your business.
Step 3 – Run the numbers
Have some understanding as to how much you can truly afford. A good rule of thumb is that for every $5,000 financed, you will pay around $100 per month. Depending on your budget, you do not want to start looking at the $100,000 car only to discover that you cannot afford it. I’ve seen people go from an extreme emotional high to the pit of the earth when they realize their dream car does not fit into their budget.
Step 4 – MOST IMPORTANT!!!
This step is absolutely critical when making a large purchase, and will save you a lot of stress. Do not believe the closeout-blowout-everything must go car sale or the random word on the street. Chances are very good that the deal or tip is not really all that great
Following the steps I outlined above will help with your basics of car purchasing. Research, prepare, relax and have fun!
What do you think about the basics of pre-owned car purchasing? Let us know by posting in our comments section. Be sure to read part 2 of our pre-owned car buying series.
Subscribe to:
Posts (Atom)