Before you make the leap of making a purchase of a used vehicle such as a 2021 AWD Limited Ford Explorer, it’s good to be aware of the market dynamics that govern pricing. Additionally, this vehicle has about 75,000 miles, which is a big number compared to how many miles you will see on a new vehicle. Selling a car with high miles can be a costly headache. This article applies to nearly all used cars and the Ford Explorer is no exception.
Before we can decide whether or not it is reasonable to pay $28,000 for this, we need to learn what comparable listings sell for. Potential buyers can see how much similar vehicles of the same mileage and features being sold for at websites like Kelley Blue Book, Edmunds, and Auto-trader. Typically prices for 2021 Ford Explorers may range widely to a quick glance, but generally you’ll pay on the low end of the $27,000 to upper range of the $34,000 depending on condition and mileage. The $28,000 they’re offering for an F50 seems to be at the lower end of this range, but negotiation could still get you a better deal.
- 33,731 miles
- 2.3L 4-Cylinder Turbo Gas Engine
- 20 City / 27 Highway
- Black Exterior
- Light Slate Interior
- 10-Speed Automatic Transmission
- 4 wheel drive
- Buy on autotrader.com>>>
Clearly, you should also take into account the potential of rising interest rates. Financing options are often restricted when the interest rates are high and the car you want to purchase costs more. In this economic context negotiating the best possible price now is key since future financial conditions may not be favorable.
It’s impossible to know if you’re being well compensated for the 2021 Ford Explorer based on the market value of the car, whether the past economic climate is favorable, or what features the particular vehicle contains without understanding these three things. The price being offered falls in an acceptable range for anything of that class, but research and a man’s skill at negotiating will help you secure the best possible bargain.
We don’t want to negotiate for a used car, especially one with a price tag like $28,000. The money is not the only thing, it’s your confidence and your strategy during the negotiation process. Let’s see how you can gauge your negotiation strategy and next steps.
However, is that negotiation is an integral part of buying a vehicle. When it comes to pricing, dealerships expect some back and forth. The initial price you were quoted is more than the car’s value — it’s a measure of the dealership’s willingness to negotiate. If the salesman could reduce the price by $344 on your second call, then there implies room for more negotiation so to speak. This is your chance to put this flexibility to work.
Negotiations success depends on preparation. The first thing to do is to collect as much information you can on the vehicle you’re selling and pricing that’s similar to it. You should already have a good handle for what the value of the 2021 Ford Explorer you are considering. From Kelley blue book and Edmunds to Edmunds, there is data that you must have, but don’t stop there. It is possible to check local listings and find out what this exact model goes for in your area. Keep track of average price features, condition and mileage of similarly priced cars. It will give you solid facts to bring to the table in a negotiation situation.
If you know this market, you can form the strategy. Determine your target price – your calculated fair price based on research. If $28,000 seems too high to you, shoot for a price that’s in line with your research and your price range. Let the salesperson know about your research. This makes it a persuasive argument because you show data about cars like this that were for sale cheaper. Don’t forget, good negotiators don’t get rattled; they stay calm no matter how the salesperson might try to skewer you.
Look into your financing options. If you are financing the car, it pays to squeeze out the best interest rates before you sit down with the dealer. When you have pre-approved financing, you are ahead of the game during the negotiation. This also prevents you from feeling pressured to accept unfavorable loan terms, and sets a clear budget for you. The more independent you can be when it comes to your financing, the more inclined you can be to walk this deal because it doesn’t fit your needs.
If you can’t get the dealership to budge on price, think about where else you can negotiate. The dealership just maybe able to give you some other incentives like free maintenance, provide an extended warranty or even some of the accessories for that vehicle. However, there are times that these extras can offer tremendous value to the deal even when the price doesn’t move quite as much as you’d expected.
Once you’ve researched your topic, set a price point, and built rapport, it’s now time to draft your final offer. Make this point transparently, bringing to the table the reasons you have used to determine the target price you’ve suggested by drawing from your research and present market conditions. You should expect a counteroffer. Normal back and forth tends to lead to a compromise that fits with both parties.
If the price the dealership quotes you does not match what you’re willing to pay, or the takeaway from the conversation isn’t how you want to proceed, keep in mind you have other options. If you feel like you shouldn’t be doing something or a deal just isn’t right, it’s okay to walk away. After all, there are a lot of other dealerships and vehicles out there and sometimes walking away gets you into the next deal with better offers from the same guy or somewhere else.
Once you arrive at this agreement, be sure you negotiate a deal you will agree to, and then, finally, make sure you get everything on paper and finalized before the purchase. These are the agreed price, extras or other services with details on financing. This is your safety net, this documentation, as this is what you are promised, and this is what you may or may not get.
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