Money Saving Tips When Buying A New Car

    Posted by Ben Davidson about 4 months ago
    When we say ‘buying a new car,’ we aren’t necessarily talking about something fresh off the production line. We are talking about any car, be that something brand new from your local dealer or a second-hand model that can still be a viable purchase for those looking for something attractive to drive around in. Either option can be expensive, but here are a few money-saving tips to help you when you decide to ditch your old car for something new.

    1. Remember long-term savings

    When you are looking at your next purchase, think of the long-term. Buying something second-hand is fine, but you don’t want something that is going to cause you larger expense down the line, due to mechanical failure, and the like. So, resist the urge to go for the cheapest deal on an older car, and go for something made within the last few years. Newer cars are often cheaper to run, there is no tax to pay on cars with zero-emissions, and you are less likely to run into mechanical faults. And besides, if you are looking for street-cred, last year’s models are little different to the very latest cars, so something lightly used is still a worthwhile purchase.

    2. Avoid trade-ins

    It’s easier to trade-in your old car as part of the transaction, but you won’t get as much bang for your buck. It makes better financial sense to sell your current car yourself, despite the hassle. You could save yourself hundreds of dollars (if not more) by doing so, so don’t be swayed by the attractive offer given to you through the car dealer’s sales patter. Spend a little time sprucing up your vehicle, and you will increase the value when trying to sell. Focus on the classifieds, trade magazines, and sites such as Craigslist, and you should find a buyer within a reasonably short time period.

    3. Buy what you need

    The latest cars come with all kinds of bells and whistles, some of which are useful (driving assists), and others that come with features that are a luxury but not necessarily essential (5G connectivity, Alexa integration, and so on). Rather than buying something fully loaded, no matter how desirable, go for the mid-level model instead. You are getting the same car, with meaningful upgrades, but without paying for anything you probably don’t need - incorporated blu-ray players being just one of them.

    4. Get your own financing

    Not many of us have the means to buy a car outright (especially newer models), so it’s commonplace to find finance. When doing so, it’s better to shop around than accept the car dealership’s financing offer, as they generally hike up the interest. An auto loan calculator will give you an idea of the cost you should expect from a car finance deal, so shop around until you find a reasonable deal. Again, it takes time and patience, but it will save you money in the long-term if you don’t go the easy route and accept what the dealer has to offer (unless they are genuinely offering you value for your money).

    Final word

    Considering the ‘other’ expenses that come with any car down the line, saving money at the outset will put you in a better position to cover these when you need to. Follow our tips, be a wise and savvy shopper, and you should be able to protect your finances, for all your driving needs.

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