Buying a car is usually a pretty big expense, so anyway you can make savings is a great idea, so long as it doesn’t end up costing you more in the long run. Many people think of cars as investments, and they kind of are if you use it to get to work, but for the most part they are money drains, due to the cost of maintaining them, filling them with gas, and additional costs such as insurance. For many of us, it’s impossible to get around easily without a car, so it’s a necessary expense. While there’s not too much you can do to minimise these expenses, I have a few tips to share with you to get a great deal when you buy a new car, so that you can save some money!
1) Shop Around
The more cars you view, the better you will have an idea of the market price and the more likely it is that you will pay a reasonable price for a car. If you’re buying new, you can even play different dealers against each other to get added features or a bigger discount. You may be surprised how much room to move car dealers have in the price. Likewise, if you are buying directly from a person, be firm but friendly while discussing your budget and you may be surprised how much you can save.
2) Get the Car Checked Out
If any minor issues come up when a mechanic checks your car, you can frankly tell the seller that you love the car, but the mechanic said this part was broken and would need to be replaced soon, as such you were wanting a discount. This may or may not work, but it’s worth a short. I definitely wouldn’t try this if the mechanic tells you if the car has any fundamental issues. Definitely also ask the the mechanic for an estimation on the price of repairs so you can decide if that’s in your budget before using this line.
3) Look Online
Due to lower costs in terms of warehousing, often cars sold online are much more affordable as you are reducing the overall expenses. Much of the savings are passed down to the buyer, so it’s definitely worth looking online before you buy. There are many great cars available to buy online, so check them out and start narrowing down your favourites!
4) Be Smart About Financing
If you’re going to finance your new car, make sure you compare financing options as this can result in serious savings over the course of the loan. Also consider lowering your budget and spending less than you can afford to borrow to ensure you can pay your loan off faster and pay less in interest in the long run.
Buying a new car is a fun process, but be smart about it. These tips can save you serious money before you even drive away with your car!