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How to Get the Best Price on a Used Car

Posted on 25th April 2022
How to Get the Best Price on a Used Car

If you are on the lookout for a new car, the used car market is often the best way forward. New cars depreciate in value by approximately 15% per year, encouraging the purchase of a used vehicle instead. Not only is the car cheaper, but when it comes to selling, the value depreciation will have already slowed down. This means you don’t lose as much money compared with selling a new car.

Whether you’re looking for used car finance deals, haggling with a seller, or just doing research and shopping around, our guide will help you find your new used car at its best price.

Picking a used car

You may have a car in mind, or maybe you haven’t even investigated it at this stage. Assess what your needs are and draw up a list of those that interest you. This allows you to filter out those that might not end up being suitable once you have begun your research and started shopping around.

Research how long the used cars have been on the market

If you have drawn up a list of potential vehicles, investigate how long they have been on the market for. Sometimes, cars have been put up at such high prices that they just don’t sell. Eventually the owner will accept lower offers as the need to sell usurps the wish for a higher-than-normal return. From here, you could start to submit offers considerably lower and see what happens. You may be pleasantly surprised.

Choose a trusted and reliable seller

You may have applied the process from the previous step to find a cheaper price, but sometimes, especially if buying privately, the price doesn’t change. This could lead you to look elsewhere, perhaps via auction or maybe another private sale. These options pose risks as quite often the full information of the car may not be disclosed, and you could end up spending more on repairs and maintenance than the car itself.

Therefore, it can be better to use a company that has a strong reputation and can provide the car’s full history. At Euphoria Finance, all our used cars undergo a stringent set of checks to make sure you leave with a fully roadworthy vehicle.

Consider private used car sales

Sometimes, this option may be the one that appeals most – cars advertised on eBay or social media will tend to be cheaper. This can save you money in the short term, and in some cases, you will find that you have bagged a bargain. However, as mentioned above, this is potentially a riskier move. The car could have a poor service history, or may have an ongoing problem that you can’t easily spot, which the seller doesn’t make you aware of. It isn’t always a bad experience, but sometimes it can be.

Look for negotiation points

In the opening part of this blog, we referenced how a car that has been on the market for a long time could have a low offer accepted. Sometimes, though, cars that are newly listed may present you with room to offer under the asking price. Look for dents, chips, scratches or anything that affects the cosmetic look. The cost to repair these can sometimes be significant, so you could use this to negotiate a better price. Likewise, if you can detect any mechanical problems that haven’t been disclosed to you, use them to your advantage.

Check the used car service history and its MOT status

You may have now found the right car at the right price, and you could be ready to commit to the purchase. Before taking that next step, it is important to do some additional background research. Luckily, you can check online to see whether the car has recently passed, failed or is yet to take an MOT. Simply have the registration number, V5C registration certificate or its MOT test number handy. The govt website will then provide you with information that could uncover defects or irreparable issues. Luckily, Euphoria Finance ensures that all vehicles undergo vigorous checks to consolidate their roadworthiness.

Find the true value of the used car

You may be thinking that the car you have earmarked is on sale at a great price, but the old adage, “If it sounds too good to be true, it probably is” can often stand to good reason. Perhaps this price is due to problems with the vehicle, maybe the seller just wants to shift it quickly, or maybe the seller doesn’t know what a fair price is.

Before you take the step of making an offer, use a specialist valuation website to get a better idea of how much the car should be valued at. This then gives you a good opportunity to either negotiate with the owner or realise that they are selling at a bargain price.

At Euphoria Finance, we are car finance direct lender specialists. This means that whether you have poor credit or are looking for a first car, we can help. In contrast to traditional lenders, this means we can assess your requirements without judgement, allowing you to secure finance much more easily and get the car you need. Get a car finance quote from us today.

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