When you shop for a used car, you hear a lot of different pricing terms. To get the best deal and negotiate effectively, you need to understand what they mean and how to use them. Here are seven used-car pricing terms you'll likely encounter, along with some examples of how you're likely to hear them used. We also have some tips on using the terms to negotiate a better deal. If you are shopping for a new car, the pricing terms are different, so be sure to read "Pricing Basics for New-Car Buying." Now let's decipher used-car pricing lingo.
Asking Price: The asking price is just that — the amount the seller asks for the car. It's negotiable. The seller knows he might not get the price he's asking.
How the term is used: A used-car seller might say, "Well, 15 is my asking price, but make me an offer."