The Various Used-car Pricing Terms Practiced In The Auto Industry
There is a great deal of technical jargon commonly utilized in the used car industry
. The mere term applied in a used car's price may refer to a number of various conditions. To negotiate the best deal for your used car, you will need to inform yourself of the most popular and basic pricing terms used in the dealership setting. Being knowledgeable on what these pricing terms mean and how they are used instantly gives you an upper hand in the buying process and help you make better decisions.Listed below are some of the used-car pricing terms you would often hear at a dealership lot, and some situations in which they are applied. Helpful tips on how to use the terms are also available, so you can use such terms within the right context. This article will focus only on used car pricing lingo, as entirely different terms are used when purchasing new cars.
The asking price refers to the actual price your seller asks for the car you'll buy. This is often negotiable, depending on how well you bargain with your seller. A dealer retail price is often the highest price; this is the price at which used car dealers would like to sell their cars. These are those posted on car windows at dealership lots in big and bold figures. Similar to an asking price, a dealer retail price is usually where the negotiation of a car price begins.
The Kelley Blue Book Price or Book Price is obtained from the Kelley Blue Book; this is the authority in identifying automotive vehicle valuation enforced by the dealers of used cars Ottawa has. The Kelley Blue Book contains price listings of various car models, from crossover models like a used Honda CRV to luxury vehicles like a Lexus or Land Rover. The Kelley Blue Book lists their own dealership prices, as well as those of private parties and trade-ins.
The True Market Value price refers to the market-value price of a used vehicle. A used car's price is determined based on the car's mileage, conditions, and other factors.
A trade-in price is offered by car dealers to those who want to exchange their own used car for a new one. A wholesale price is the amount which your car dealer paid for the vehicle. Although rarely used by private buyers and sellers, this is commonly used among the car sellers of used cars in Ottawa as well as other areas.
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