Cash Saving Tips When Buying A Car

by Pam on September 27, 2017

For many people, cars are essential for getting around. Unless you can rely on a good public transport system, usually only found in large cities, you need to have a car to live your life. Unfortunately, cars are expensive to buy and to run. Even if you don’t buy a brand new car, you can still end up spending a lot of your money on the initial cost and everything you need to drive your car safely and legally. So if you need to buy a car, how can you keep your cost down? If you set a budget, you should be able to stick to it and get what you need, but you should consider a few ways to save.

Decide Whether to Buy New or Used

The first big decision for many people is whether to buy a new or used car. Before you decide you definitely need a new one, remember that a used car isn’t necessarily a rundown vehicle on its last legs. It could be only a couple of years old, with not too many miles on it. And if you want to make sure it’s in good condition, you could consider choosing an approved dealer for the brand you’re interested in. However, if you do prefer buying new cars, you can still find ways to save money.

Know How to Negotiate

Being able to negotiate when you buy a car could save you more than you might think. If you want to save some money, you should make sure you go to any car dealership prepared to face their sales tactics. They’ll be trying to get you to spend more, but you can prepare yourself so that you’re able to talk them down. One tactic to use is simply to set a price you’re willing to pay and refuse any counter offers. Following up on this by calling the dealership can help to put pressure on the salesperson too. They would rather make a sale at a slightly lower price than not make one at all.

Choose the Right Funding Option

How you fund your car can make a big difference to how much it costs you. There are a few options you might consider if you want to take out an auto loan. One is to use the financing that the dealership offers you, while another is to get a loan from the bank. As banking.loans points out, in-house financing options often have higher rates than those available from a bank loan. Check your options and work out which will cost less over the loan period.

Consider the Lifetime Costs

Remember that a car costs more than its initial price. You might get a good deal on the vehicle itself, but how much will it cost to ensure and to keep running? When you buy a car, you need to think about its cost during the whole time you’ll own it, not just the price you pay when you first buy it. Find out how to work out the lifetime cost of your car at edmunds.com.

You can spend less on your car if you want to, even if you have a specific model in mind. Explore the range of tactics available to keep your spend lower.

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