Tips to remember when negotiating with a Potential Buyer.

 

Selling anything in today’s time & age is not a problem. Be it some antiques owned by the family, some gadgets that are barely being used or something big like ‘a House’ or ‘a Car’. The Internet has made it a lot easy for sellers to get in touch with the buyers directly.

Cars, for most people, are not just a means of transportation. There are emotions attached, especially when it is their first car. Therefore, in most cases, when selling a car, it is important for us to not only find a good home for it but also to price it correctly justifying all the work put on it during the years of ownership.

It is easy to understand why many questions can run through the mind when people start considering selling their present car. But once the decision is made, the next step is to find a good buyer. During the negotiation round, one needs to make sure that he/she does not fall below the minimum price that was have set for their car. Which means that one has to put the “Negotiator Cap” on and make the deal while selling their used car. Here are a few steps that he/she should keep in mind while selling a car.

1.   Negotiating on the basis of well-maintained Documents / Service History while selling a car.

When selling a car, it is important for prospective customers to know that he/she has properly maintained the car and that it has gone through only authorised service channels for the majority of its time were under his/her ownership. This can not only create trust in the buyer but also will let him/her command a premium over similar but dodgy cars in the market.

2. Read the “Buyers Mind” & talk about what they want.

When meeting the buyer, trying to understand his/her actual requirement through the conversation is the key to striking a deal. it is an important step for negotiating a perfect price for the car. Once the buyer ready to take a look, promoting the stand out points of the car, as per what he/she has in mind is crucial. for example, if a family person is looking for a car for his/her usual family commute, then one needs to talk about ‘how spacious the car is’ or ‘how the boot space is enough for those weekend family excursions’ as this type of a buyer might not be that much interested in ‘aftermarket sporty instalments’ that are done on the car. Or if it a young/single (20-28-year-old) buyer, looking for first car him/herself, then he/she will not be concerned about the ‘backseat comfort’ or ‘how great the fuel economy is’. For them, it is primarily going to be the experience of driving, rather enjoying their very own vehicle.

3. Giving Buyer’s a few good Payment Options.

It is always good to keep a few ‘Payment Options’ ready if the need arises. Getting the full payment, either in Cash or A cheque is the most ideal solution. But if the buyer is a Known person, someone who can be trusted & has a good financial history, then allowing them to go for part-payment method (payment via post-dated cheques) for the car is something that would be beneficial to both the buyer & the seller.

4. Showing them the homework is done for getting the price right & how it will be a value for their money proposition.

Explaining the entire homework done for estimating the right price is a must. Going through that effectively, he/she can show the buyer the research work done to come to the price of the car that has been quoted to them. This will not only build trust with the buyer but also allow him/her to avoid unreasonable negotiations with them.

Also making the buyer understand how much of a ‘Value for Money’ deal him/her is getting is essential. For someone going for a used car, it should be made evident that pre-owned car deals are much more value for money than going for a new car purchase. If one is made to understand about how much money him/her saves by avoiding deprecation that occurs when he/she buys a new one and also the fact that he/she is getting a well-maintained car too, which means that he/she can save on the added expenditure for running a new car through its initial services. This also allows us to keep the negotiations to the minimum.

5. Highlighting the USP’s & Helping with the formalities while selling a car.

Bragging about the car is no crime, especially when you are planning to sell it. No deal can be made without marketing the car properly in the first place. When the car is loved & kept well maintained, it shows beyond mere words. There may be a reason to sell the car, but that doesn’t necessarily mean that the ‘Love’ for it is gone. Promote ‘special’ or ‘segment-best features’ and attributes about the car. Tell the buyer about the way it handles, how frugally it runs, how easy-to-use or comfortable it is on those long cross-country journeys. When talking about the USP’s of the car, the buyer can sometimes get connected with it, before even buying it. This can also allow reducing the negotiations, as the decision can go towards an emotional side, rather than being completely on the practical side.

Also assisting them with the legal formalities can go a long way in making the deal a pleasant one. If the buyer is someone you know or if he/she feels genuine, getting the documentation & formalities done for him will reduce the hassle the buyer feels when he is opting to buy a used car. This also makes the buyer negotiate less, as he feels he/she is getting the most for his money. Making sure that you pre-plan & add the expense in your final quote, will help in getting the maximum amount possible for the car.