Haggling 101: How to Set the Opening Offer for a Used Car

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At the second dealership we visited, our opening offer for the Honda Odyssey was $20,500. Phil Reed of Edmunds planned to go up in $500 increments, and was allowing himself just two counteroffers.

In other words, the top price he was willing to pay was $21,500. And that is key: once you have set your bottom offer, you will want to set your top one as well.

You can double-check this top price by once again going back to the appropriate Edmunds TMV price for your level.

Reed knew that the average price consumers in Phoenix were paying for similar cars was $22,515. He wanted to be better than average because the average TMV price includes people who paid too much.

He figured $21,500 was significantly below the average, but a bit more than the dealer retail for a non-certified used Odyssey.

And once all the negotiating was done, $21,500 is exactly what he paid! Click here to read what Phil was thinking during the entire negotiating process.

Click here to return to the "Good Morning America" website.

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