Changing the price of a car is not an easy thing, but it is possible. First of all, any car seller has already planned the amount of profit he wants to make in that business or the product he wants to sell. Now when it comes to the issue of lowering the price with the customer, it is a bit difficult and leads some sellers to refuse to lower the price because they see that the amount he wants as profit will have decreased but also some sellers are willing to reduce their profit a little to make the business easier to do.
- Know the Real Cost and the Profit You Want:
Before starting a conversation about selling a car, it is important to know actual cost of the car you are selling. This includes the price you paid, the cost of any repairs or maintenance you have done, and any other costs involved in the car. Once you know these costs, you now add your desired profit, although you are advised to set a profit that will not make the price higher than it actually is. For example, you may decide that you want a profit of a certain percentage or a certain amount of money. Adding these costs and your desired profit will help you determine the final price you can accept without losing your desired profit.
- Show Car Value:
Instead of focusing on price alone, show the customer real value of your car. If the buyer understands why you said you were selling your car for a certain amount or price, he will be more willing to do business with you. Persuade your customer by explaining in detail the features of the car, any major repairs you have done (with receipts), additional features, and why the car is better for him. For example, you can tell him that this car has no features, for example, I have put new tires on it, you can see how clean the interior is, there are no engine or gearbox problems, there is a good radio I have installed for you, but if that is not enough, you can see that the car has never been repainted and has been well maintained, that is why I have quoted you that price because you are not adding anything
- Be Courageous and Not Hasty:
The Swahili have a saying that the patient eats the ripe fruit, so when negotiating prices, the seller should to be brave in the price you quote. If you seem hesitant about your price or in a hurry to sell, the buyer may use that to get you to lower your price even further. Allow the customer to offer their price first after you have quoted yours, and then respond confidently, explaining the reasons for your price. Don't rush to accept the first price you are quoted, even if it still seems like a good deal to you. Often, giving yourself time to think can help you get a better price. The city kids say shake the customer first
- Provide Other Options:
Instead of quickly lowering the price, you can give him aalternative options which will still give you a profit. For example, instead of lowering the price of a car, you could offer an additional service, such as a “free oil change” after purchase, or offer some services for free. This can give the buyer the impression that they have received a discount or a profit, while you still keep your profit.
- Find the Lowest Price:
Put your lowest price at which you know for sure that even if I sell at this price, my profit will still be there.. This is your “limit”. Once you reach that price, you should not go any lower. It is better not to make the trade than to sell at a loss. Remember, your profit is your priority. If the buyer cannot meet your lowest price, then it is better to continue looking for other customers.
- Use the “Take It or Leave It” Approach Wisely:
Sometimes when you find that you can't reach an agreement on a price, after lengthy negotiations, you can use the negotiation method. “take it or leave it.” This should be used wisely and only as a last resort, after all other methods have been tried. This means you have no room to lower the price any further and may force the buyer to make a final decision.
By using these methods, you can negotiate a price effectively, sell for a profit, and create a “win-win” situation where the buyer feels satisfied with the price, and you as the seller have achieved your goals. Remember, the goal is to sell the car for a profit while building a good relationship with your customer.