I'm about to buy a 7 year old car and it occurred to me that I don't know how much below the asking price I should start bidding if I like it. The only cars I've bought 2nd hand have been classics or virtually new.

So I'm looking at 2010 Peugeot 107s in top spec trim with middling miliages. There are a couple of very nice looking examples with asking prices of £2600 (private) and £2695 (trade, reduced from £2895). What would your initial offer be and what would you accept?

[Edited on 21-8-2017 by smart51]

How long is a piece of string?

On trade, unless the cars been on forecourt for a ages, you rarely get much out of them, unless your prepared to risk and let them ring you back days or weeks later.
Private, I always go in very low, picking apart everything I can, but that's all down to what can be picked at (obvious things like when serviceable items were last done, etc) but then things tyres, even if they are good tread, knock off for budget brands, every mark n scratch etc. If the cars already at a fair market price, what ever my target is I go in lower to allow the - i'll meet you in the middle part.

What he said.

But also ask yourself what are you ever going to be prepared to pay.
if you done your homework then on a common enough car you should have a good idea of what there up for and without leaving your PC.
If its particularly cheap you usual find the reason in the ad (cat c, higher mileage etyc), or have it disclosed in a phone call.
The seller may or may not have done the same, but assume they have for the price to be around the mark

In which case ask yourself if youll ever be happy to pay the going rate (approx £2600) for the car if its as good an example as is can be for its age, or better? Or if you are only going to buy any one for £2k
If not and you just HAVE to get it for much less, just to prove your a real hustler then you may be dissapointed

Realistically you might get 5-10 % off it, because thats what the seller added on anyway, but if its a real gem, then you may have to act quick and fair, else lose it

AC is a good knocking point too, if its not cold at all, you knock a chunk off for the risk it might not just be a regas fix.

Most private sellers we normally expect to knock £100 to £200 off as for dealers more than likely not but you never know unless you try .

start at 2k

How long can you afford to wait for another car?

If you can't go in at 2,400, offer to meet in the middle and be happy to pay the asking price.

if you can, go in, find lots of things, um and ah, offer 2k, when they object ask for their best offer ........ at this point you've got to decide to counter offer a little lower and then meet in the middle or walk away.

From the mike brewer school of buying a car as seen on all his shows ......... don't forget the silly handshake at the end.

I have a different outlook on buying stuff. If the seller has a good thing at the right price, I don't haggle. If it's underpriced I don't offer them more but if I'm happy with the asking price, I pay it. If I think it's overpriced, I tell them and explain why. I then put in my offer....if they want to sell, I buy. I expect to pay a bit more to buy from a dealer because you have more aftersales support but the same rules apply. If I went to buy a well prepped Locost with a sorted Zetec and all the toys with a legit V5, etc and the asking price was £4500, I wouldn't be offering much less! If it was a bodged Locust with a 1600 Pinto running a Herald V5, I'd be offering £15....

quote:

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Originally posted by Dopdog
start at 2k

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There are 3 cars nearby that I'm interested in. There will be more come up in the next few weeks. I don't need to but the first I see.

I'm not trying to prove anything either. People add a bit on to their price expecting to be knocked down. I just want to pay that knocked down price. I don't want to rip anyone off.

The £2695 car at the dealer has 50k miles on it but is 40 miles away. The £2600 car is a private sale 6 miles away and has 71k miles. I guess I'm trying to gauge how much more the private sale can be knocked down to see if it makes the higher mileage worth the money.

As said 10 percent not unreasonable if the cars good local to you then it saves the cost of travelling as for mileage I would rather buy a higher mileage car with service history than a low mileage car anyway remember to make sure it comes with 2 keys and the service books and proof of servicing Peugoet107 Citroen c1 and Toyota Aygo are good little cars reliable and cheap as chips to run one thing to look for is it has a bit of free play in the clutch pedal (cable clutch mech ) and check it's not on the register cat c /d etc .

Crikey. We bought a 107, 13 plate when it was a month shy of 3 years old. 13k on the clock, and paid £3650. Been faultless.
We got a middle spec one, but thinking ahead it has got aorcon and leccy windows. Plus a few other "dealer" extras.

Looks like it was a bargain!

Really good little town car, and fun to drive.

Yes they hold there money well

buying privately i look at the owner almost as much as the car. all the usual things about a nice house, honest in description how much have they spent on it, do they look like the sort to bodge any repair etc, or pay some back street garage to do something iffy with ebay copy parts? there are some very careful car owners out there and some less so!

for me its better to get the right car than the one you can manage to knock down to the lowest price. paying the asking price or very near to it might be worth it in the long run.

i bought an 8 year old car once with 18,000 on the clock. owner told me that he had a Golf for 'town driving' and used this car for longer 'out of town trips' older chap, lovely house. (google street view is great) i couldn't get there fast enough to buy it!

[Edited on 23/8/17 by swanny]

The private sale car had a few dents in it and a starting to rust stone chip Nothing unfixable. Exhaust starting to go at the back. Tyres mismatched and only moderate life in them. Slightly sloppy feeling gearbox but didn't seem to be a problem. Otherwise a very straight and original car. The seller was an Asian guy at an extended house in a nice area. He said he bought it for his sister 2 months ago but she won't drive it as it is to small for her and the kids. He said it had FSH but his brother had the service book.

I said there were a couple of others I want to see and I'd call back if it was the nicest of them. The car has been for sale for 2 1/2 weeks and I'm the second viewer. It was originally listed at £2900. I'd take it but not at the advertised price.

im always a bit nervous of the 'there's a really good reason why i'm selling after a couple of months....' line.
or is it just me?

quote:

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Originally posted by swanny
im always a bit nervous of the 'there's a really good reason why i'm selling after a couple of months....' line.
or is it just me?

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quote:

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Originally posted by swanny
im always a bit nervous of the 'there's a really good reason why i'm selling after a couple of months....' line.
or is it just me?

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quote:

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Originally posted by smart51
The private sale car had a few dents in it and a starting to rust stone chip Nothing unfixable. Exhaust starting to go at the back. Tyres mismatched and only moderate life in them. Slightly sloppy feeling gearbox but didn't seem to be a problem. Otherwise a very straight and original car. The seller was an Asian guy at an extended house in a nice area. He said he bought it for his sister 2 months ago but she won't drive it as it is to small for her and the kids. He said it had FSH but his brother had the service book.

I said there were a couple of others I want to see and I'd call back if it was the nicest of them. The car has been for sale for 2 1/2 weeks and I'm the second viewer. It was originally listed at £2900. I'd take it but not at the advertised price.

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Ditto - may be genuine, but sounds dodgy.

Walk away, and look for something straightforward.

I saw a third car today and have paid a deposit. The same age, nearly 50,000 fewer miles, £300 more. It is a much nicer car all round. The gearbox felt better and there is no exhaust noise. 1 owner from new who is giving up his car due to illness. Full main dealer service history. I pick it up tomorrow.

I bid 10% below the asking price and agreed to pay 5% below. Thanks all for the advice.

50k fewer miles!
That,s worth £300 👍
Hope it works out ok.
Good to see I wasn't far out on my 5-10%