QuestionQUESTION: Hi Roger,
I've identified a 2003 Honda Accord EX-L Silver colour.
The car has 95,000 miles on it and its a 2nd owner (purchased from dealer). No accidents or major repairs.
Car specifications:
2003 Honda Accord EX– 4-Cyl, VTEC, 2.4 Liter
Silver – Black Leather Interior
Automatic Transmission
FWD/ABS (4-Wheel)
Air Conditioning
Power Windows
Power Door Locks
Cruise Control
Power Steering
Tilt Wheel
6 Disk CD - AM/FM Stereo
Dual Air Bags / Side Air Bags
Power Driver’s Seat
Moon Roof
Alloy Wheels
The list price is $9,800, but I'm not sure where I should start negotiating. Ideally I'd like to pay $9,000 or so all-in (title, tax, etc.) but is that unrealistic? If not, where should I start the negotiation?
Thanks!
BOOK VALUE
ANSWER: tell them the MMR (Manheim Market Report) on the car is just over 7 grand but you realize they need to make a profit which you don't begrudge them so you are willing to go as high as 7900 see attached ...p.s. you do NOT want to do this while you are sitting at the dealership but from the comfort of your home on your computer
ASK ALL OF THE FOLLOW UPS YOU WANT
---------- FOLLOW-UP ----------
QUESTION: Hi Roger,
I assume you considered this as a dealer price but I am buying it from a Private Party. Do you still suggest the same price or this will differ?
Thanks for your inputs. That's a great help.
Answer
bank view
you are correct I did ...for private sellers of sought after vehicles like this one the strategy is much different ... private parties can be hard to figure out ...sometimes their price is driven by what they owe on it so you ask them..."Do you have the title? or is their a bank payoff on it?" if they say bank payoff then you say "is the payoff more or less than your asking price?" ..."By how much?" if they say "what difference does it make then they have given you an opening to ask them "Well gee ...I was just wondering how you came up with your price ...no offense at all but I had my bank tell me what they would loan me on your car and they sent me a print out from Kelly blue book telling me the maximum they would lend on this car is $8,600.00. I can email it to you or bring it with me so you don't think I am making this up ....BUT if it drives OK would you take 8600 for it? (Then let him say no like you are a complete fool) then you say ... "I wasn't trying to insult you I just don't want to drive all the way over there and waste your time and mine if there is no way I can buy it even if I like it" ... "Tell you what I have a few hundred dollars I set aside to buy some different wheels for the car ... if I could go to 8800 would that work?"
And you slowly inch your way to the middle ... if you say 8600 and he says 9600 ...go for the "split" by saying..."Look I hate this part of buying a car the most ...I would rather have a root canal than this...SO where are we I said 86 and you said 96 so lets just skip to the end and split the difference ...would that work?"
Splitting is almost always better for the buyer than the seller especially when you aren't any closer than 4-500.00
Here is the new book sheet to print/email and take with you to use it shows only the bank lending level. The negatives on this car to mention are this:
1. EX Accords get stolen all the time
2. This one is only a 4 banger ...big car little engine
3. tranny problems (They have no history of this but that doesn't mean you haven't heard from me that they sometimes do and to ask him "I know they had real problems with the tranny's on the 2002's and 2003's have you had any issues with it yet?"
This car is worth every penny of it's wholesale book number...you need to get to this guy asap because everyone wants this car right now ... if you can buy it for 9400 you have made a good buy ...under 8900 you have stolen the car between 89 and 94 you have made a great buy good luck ...keep asking questions until you can give me a great review and perfect 10's BTW you need to set the groundwork before you go not after like you would a car dealer
