Used Car Deposit

[Jayc]

Hi,

 

Just to check what is the normal amount for used car deposit? I know that there is no straight rule, but is there any industry norm? Any difference from direct seller and car dealers?

Also, does it depends on the value of the car? Less than 100k say $1k, more than 100k say $2k?

Thanks.

[Ooosh]

A deposit is not downpayment so it does not vary with the price of the car.

 

The deposit is there so the car dealers can have a assurance that you confirm going ahead to buy the car and they can do the paperwork for you.

 

Normally the industry standard is $1000 for deposit (Credit card, nets, cash). Some car dealers however can make do with $500 so it is negotiable.

[Ronkovic]

The norm for a deposit for a used car is usually about $1,000. This applies in situations where you are buying the car on its own or trading-in your existing ride.

However, if you plan to sell your existing on your own (Some people have niche cars or modded cars with loads of stuff) and need more time for that, Dealers can normally accommodate but they will usually ask for a higher deposit, possibly between $2,000 to $3,000.

[Jayc]

Thanks for the advice.

So can I say that it will be "time-based" rather? If you need more time, then it will require a higher deposit?

[R200nsx]

As long as yours is a serious offer, $500 (cash or cheque) will suffice.

 

The dealer have no reason not to accept too.