Negotiating the price of a repossessed car can lead to significant savings. Here are some expert tips to help you get the best deal.

1. Research the Vehicle’s Value

• Use online valuation tools like Kelley Blue Book or Edmunds.
• Consider the car’s make, model, year, mileage, and condition.
• Check similar listings in your area for comparison.

2. Understand the Auction and Sale Process

• Repossession sales can occur at auctions or through dealerships.
• Most repossessed cars are sold “as is”; thus, inspect the vehicle thoroughly.
• Know the lender’s guidelines for selling the car and any past history.

3. Prepare for the Negotiation

• Set a budget based on your research.
• Decide on the maximum amount you’re willing to pay.
• Gather all relevant documents and information before negotiating.

4. Use Negotiation Techniques

• Start lower than your maximum budget to give room for negotiation.
• Be respectful and professional in your discussions.
• Highlight any issues you found during your inspection as negotiation points.

5. Consider Financing Options

• Look into loans from credit unions or banks for potential better rates.
• Understand the interest rates and terms before committing to any note.

6. Evaluate Additional Costs

• Factor in potential repair and maintenance costs.
• Consider insurance rates on the specific vehicle.
• Account for taxes and registration fees in your overall budget.

7. Be Ready to Walk Away

• If the price isn’t right or doesn’t fit your budget, be prepared to walk.
• Keep in mind that other vehicles will become available.
• Don’t let emotions drive the negotiation too much.

Key Statistics

Mind Map of Key Steps

• Research Vehicle Value
  • Online Tools
  • Local Listings
• Understand the Sale Process
  • Inspection
  • Lender Guidelines
• Prepare
  • Set a Budget
  • Gather Documents
• Negotiate
  • Start Low
  • Be Respectful
• Evaluate Costs
  • Repairs
  • Insurance
• Ready to Walk Away