Tips For Saving Money When Buying A Car

by Guest on December 19, 2012

buying carIf you’re in the market for a new car, it’s important to look at cargo space, engine power, and technological features. Yet you’ll also probably have a certain budget in mind. Instead of just looking at the initial sticker price of the car, you’ll need to think about other expenses that go into owning and maintaining it to get the best value for your money.

Compare Used vs. New

Although there’s nothing quite as satisfying as buying the brand new model of your favourite car, you can get a great deal by purchasing the same model slightly used. Cars start to depreciate sharply as soon as they are driven off of the new car lot, meaning that you could save thousands of dollars on a slightly used model. If you choose to buy a new car, be sure to think about the eventual resale value. Taking your car in for regular tune-ups will keep its value high, as will choosing a premium brand over budget models. Colours like blue, red, and black are the best options for resale in comparison to trendier shades that will date your vehicle.

Budget for Maintenance

When you’re creating a budget for your car, you may set a cap on the sticker price that you’re able to pay. Think about the maintenance and running costs over time that each type of car will incur as well. If you choose sporty cars with new, advanced technologies, these will cost more to fix should they break down. Popular models will feature cheaper parts that are easier to find.

Consider Insurance Costs

Along with running costs and maintenance, another future expense to think about when budgeting for your car purchase is the cost of insurance. This can vary quite a bit. Insurance companies look at many factors, including your age, location, and driving history. They will also consider the safety rating of your car and its statistical performance in accidents. It’s helpful to take note of the safety ratings when researching your car of choice. Practical cars like sedans or hatchbacks will usually have lower insurance rates than sports cars.

Compare Fuel Efficiency Ratings

Today’s new vehicles are more fuel-efficient than ever, which can lower operating costs and help reduce harmful carbon emissions. Small city cars offer some of the best mile-to-gallon ratios, as do hybrid vehicles. Fuel efficiency is often mentioned in a Ford Fiesta review as one of the most appealing facets of this popular car, as it is with other affordable cars such as the Toyota Yaris and MINI Cooper.

Choose a Car in Line with your Lifestyle

The most cost-effective car will depend on your lifestyle. If you travel long distances as part of a daily commute, then fuel efficiency should be one of the primary factors you look at. Those looking for a city car will want an option with a compact size that’s easy to park, with lightweight pedals and ease of handling for tight corners. Reading lifestyle car reviews with Motoring can help you compare extra amenities and add-ons, such as climate control, tinted windows, or electronic safety features that could make your ride more in line with your personal needs.

Although these are all important factors to think about, it’s important to remember that a car is a long-term investment. You don’t just want the car with the lowest sale price, but one that’s safe, fuel-efficient, and comfortable.

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