So you’re in the market for a used vehicle around Georgetown, KY. Chances are, you’re both extremely excited to get into your next set of wheels and also somewhat nervous about the negotiation and procurement process. Not to worry – here at Georgetown Auto Sales, serving Frankfort, Lexington KY, and the surrounding areas, we’re here to help. Below, we’ve compiled a handy guide to help you navigate what may seem like the murky waters of the car buying process. By the time you’re done reading, we hope you’ll have gained some knowledge about the process that inspires you to go forth and negotiate confidently!
One of the first ways to arm yourself when negotiating for a used vehicle is to know the industry lingo. Common terms include:
- Asking Price: What the seller is asking (negotiable)
- Dealer Retail Price: The highest (and often the most highly visible) price (also negotiable). This price is often based off Kelley Blue Book Value, Edmunds True Market Vlue (TMV® price), or other prices that have been based off real market transactions
- Kelley Blue Book Price/Book Price: Also known as “book value”, this price by Kelley Blue Book takes into account many factors.
- TMV® Price: This price by Edmunds is similar to the “book value” of a car, and also takes into account many factors.
- Trade-in Price: The price offered to you for your trade-in vehicle; often based on auction prices, vehicle condition, and more (negotiable)
- Wholesale Price: Not unlike the “invoice price” of a new car, this price is what the dealer paid for the used car, and is the rock-bottom. Selling for wholesale price is uncommon and results in no profit for the dealer.
Be respectful and confident when negotiating for your next used vehicle. Know that the book price or TMV® price are just some values dealers use to help them set price. Make sure you do your homework on the vehicle in question, though, looking up its estimated market values on sites like Kelley Blue Book, Edmunds, or NADA. When it’s time to negotiate, write down the offers you receive from the dealer and make sure to go slowly. Also be sure to ask for the “out the door price” – the price that includes sales tax and other dealer fees. Best of luck finding a used vehicle that fits your needs at a price that fits your budget!
Have questions about a particular car you’ve seen among our used inventory? Contact us online or by phone today! Serving everywhere from Winchester, KY to Nicholasville and beyond, here at Georgetown Auto Sales, we want to make your car-buying experience as hassle-free as possible! As such, we look forward to assisting you however we can!
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