How to Haggle for a Used Car, an undercover demonstration by Broadcaster Elisabeth Leamy

Americans are expected to purchase some 37 million used cars this year and the number is growing as people of course try to save money but how do you know if you're paying too much our consumer correspondent Elizabeth Li me is here with a hidden camera experiment that shows you the art of the deal we tell yes because good Hagler's save themselves an average of 10 to 15 percent so it is worth it to learn that's why we went undercover with multiple hidden cameras to teach you even people who love cars often hate car buying we set out to change that by going undercover to show you how to haggle let's do it our expert Phillip Reed of auto website edmunds.com our mission to buy a certified 2007 Honda Odyssey EXL our budget no more than $25,000 we weren't just going in and playing games with people and wasting their time this was a car that I needed to get for my company dealership number one strategy number one try to get the salesman to name the first price so you know you're not starting too high your goes what I was wondering is what are you really selling them for these are fruit flies 23 for 7 next drop the name of a reputable pricing guide like edmunds.com where Phil works all you go from admin yeah I see yeah is that a problem well sir pom I think it it doesn't reflect really what the market isn't bring a naysaying wingman along that's my job to poopoo the car and the price see I don't know Phil you really I actually liked the other Megan model better something like that and when the salesman leaves to go talk to his manager you should leave too we were sending them a signal that we were not going to be controlled let's go next we left all together we want to sell you Odyssey not right now what you have her never finalized a car deal without leaving the lot sure enough dealership number one called Phil three times yes sure I remember while we were on the way to dealership number two we stirred the beehive always shop more than one dealership and make sure they know about each other we do have an appointment somewhere else and if you can keep us from keeping the other Hey yes another appointment at another deal i when you're ready to make the all-important opening offer give good reasons and affirm number based on you know what we've seen on other car lots and and you know our budget the fact that it's you know a little higher milestone than we thought we'd be prepared to offer you now twenty thousand five hundred dollars and then shut up if you say it and you're absolutely still after that it really puts a certain amount of pressure on them dealership number two's response comes from a manager I can do for you and bring it down to twenty to eight sixty-five now show you're tough by making your counteroffer a smaller increment than theirs the dealer came down by more than a thousand Phil goes up by just five hundred we're kind of working with a budget here also so we would be happy to come up to you know twenty one thousand no matter what they say worry about your own budget not theirs listen I lose money we can't know about that not our problem I mean that nice as possible I totally understand shot like the end of the month and look for stale cars that have been sitting around for a while I noticed here that they've had it for more than a month the offer on the table is now 21 five this time the managers manager comes over it's a unit for us right here at the end of the month so with that said we make a deal there Tara absolutely I'd like to encourage people to negotiate and stand up for themselves and the car sales people understand the game and they're ready to play it with you the Odysseys sticker price was essentially twenty five thousand dollars but we got it for twenty one thousand five hundred a savings of thirty five hundred bucks all because we knew how to haggle everybody always worries that their neighbor got a better car deal than they did well we know from Edmunds data that we paid a thousand dollars less than the average consumer does for that same type of vehicle all with some good negotiation you're a tough wingman haha now you feel armed next time I do all right I'm ready and you've made a lot of other people ready to thanks Eli our thanks to edmunds.com and for a detailed explanation of how to choose your all-important opening price go to our website abcnews.com

Channel: Elisabeth Leamy

Views: 1,055,311

Rating: 4.6436148 out of 5

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Id: UpEsmEaJcJo

Length: 4min 53sec (293 seconds)

Published: Fri Dec 13 2013