Smart Money Podcast: Haggling Tips and What’s Driving Volatile Car Valuation

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion about how to negotiate.

Then we pivot to this week’s money question from a listener’s text message. Here it is:

“I have a question about my car’s value. I track my finances through Mint and they add the value of your car as a part of your net worth.

I’ve tracked my car’s value since May 2020, and it has fluctuated significantly. It slowly decreased in value since May 2020. Then in February it dipped to $6,440. Now it is back at $7,900. I always thought that your car’s value always depreciated. Why is the value fluctuating so dramatically? Thank you for your help!”

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, but it requires skill. When you’re going into  before starting a new job, for example, wait for your potential employer to make the first offer, and be polite yet firm when countering their offer.

If you’re haggling at a flea market or a peer-to-peer app , realize that your relationship with whoever you’re talking with can make or break the deal. Your personal relationship may be less important, however, when you’re negotiating the terms at a car dealership or with a mortgage lender. Whether you’re haggling for compensation, the terms of a mortgage or the price of an item you’re buying online, go into negotiations hoping to make a deal that will make all parties happy.

When it comes to understanding why your car’s valuation may be fluctuating, look to the market and other factors that are driving up used car prices. Effects of the pandemic and the chip shortage continue to drive up car prices. Because we’re in an unprecedented moment in the used-car market, try to hold off on buying a car if you can. If you’re coming off a lease, though, you might have a unique opportunity to cash in the equity of your leased car toward a newer vehicle or even .

Have a money question? Text or call us at 901-730-6373. Or you can email us at [email protected]. To hear previous episodes, go to the

This post was originally published on Nerd Wallet

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