Don’t offer too little to
start out, but don’t take the seller’s first offer either. Remember:
You get what you pay for.
Instructions
Step One Check the Kelley Blue Book value
for the model and year of the car and compare it with the asking
price. The Blue Book is a catalog of car values, available at
most libraries and banks, and online (see Resources).
Step Two Make a fair offer that fits your
budget. Avoid a figure that greatly undervalues the car.
Step Three If the offer is not accepted, ask
for a counteroffer. If it is too high, point out any problems
you noticed about the car.
Step Four Make a second offer. This should
be the counteroffer minus the cost of fixing any problems with
the car.
Step Five Continue until you reach an
agreement or a stalemate.
Step Six Pay with a money order or a
cashier’s check.
Step Seven Ask the seller to sign the title
to transfer ownership to you. Federal law requires the seller to
provide you with two documents: the title certificate of the
vehicle and an odometer statement showing the car’s mileage.
Certain states may require smog certificates and other forms
(call your department of motor vehicles to determine exactly
what you’ll need).
Step Eight Note that in many states the
seller is required to contact the motor vehicles department to
inform it of the transfer of ownership. It’s your responsibility
to change the registration.
Tips & Warnings
Try to pay a
fair price but not be hard-nosed. It’s sometimes a fine
line.
If the seller
agrees to supply a warranty for the car (which is not
required by federal law), make sure it is in writing.
Offering cash
often brings the price down. For example, you might say, “I
can pay you $1,500 by check or give you $1,200 cash right
now.”
Make sure any
liens (financial claims) against the car, such as bank
loans, are marked as “satisfied” before your purchase.
If the seller
agrees to supply a warranty for the car (which is not
required by federal law), make sure it is in writing.
