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.


    Latest Articles

    See All
    • Staying safe behind the wheel no matter your age
      Staying safe behind the wheel no matter your age

      July 19, 2018 - With this in mind, it is worth taking certain steps as a senior to ensure you are as safe as possible behind the wheel. For example, you might consider updating your car with more modern safety features and lower insurance costs. Alongside this, ther

    • Prepare Yourself For These Common Road Trip Disasters
      Prepare Yourself For These Common Road Trip Disast...

      July 19, 2018 - Depending on how long you have, determines on how far you can go. You may choose to travel during the weekend and make a couple of pit stops along the way, or you can go for even longer and camp out in the woods

    • Knowing What to Do When Things Take a Turn for the Worse on the Road
      Knowing What to Do When Things Take a Turn for the...

      July 19, 2018 - No matter how good a driver you may be yourself, there are all sorts of extraneous circumstances that can result in accidents of varying degrees. So, it’s always a good idea to know what to do when things do take a turn for the worse on the roads. He

    • 7 Ways To Make Your Interstate Roadtrip A Success
      7 Ways To Make Your Interstate Roadtrip A Success

      July 19, 2018 - An interstate road trip can be an exciting adventure, but before you get started you may want to do some preparation and planning. Here are 7 tips for making your interstate roadtrip a success.

    • 2018 Volvo S90 T8 Inscription: Understated and electrified elegance
      2018 Volvo S90 T8 Inscription: Understated and ele...

      July 11, 2018 - Volvo has long held a reputation cemented in safety innovations. Now the company is looking to go green, promising to electrify its entire lineup by 2019 – and this is the first example of that promise being delivered. The company’s full sized S90 se

    • So, You’re A Graduate Looking To Break Into The Automotive Industry
      So, You’re A Graduate Looking To Break Into The Au...

      July 11, 2018 - The 2017-2018 school year will see colleges and universities award more than 3 million associate, bachelor and master degrees, according to the US Department of Education. Most of the big car manufacturers offer trainee roles to graduates looking to

    • 5 Signs That You Need a New Car
      5 Signs That You Need a New Car

      July 11, 2018 - Your car is your pride and joy, and it can be extremely difficult to let go of a vehicle which you love and one that you have been driving around for a long time. But there comes a time in every car owner’s life that it is time to move on and upgrade

    • Is Your Car Costing You Too Much?
      Is Your Car Costing You Too Much?

      July 11, 2018 - Cars are expensive. There’s nothing new about it. The average transaction price of a new vehicle in Canada is $33,464. So why are many vehicles so expensive? You’d be surprised to know that scrap yards and Craiglist buyers can buy cars from less than

    • Protect Your Car On The Roads This Summer
      Protect Your Car On The Roads This Summer

      July 9, 2018 - When the weather is scorching, it’s essential you keep your car cool, but steps should also be taken to protect your car in the blistering heat.

    • Don't Go Shopping For A New Family Car Without This Checklist
      Don't Go Shopping For A New Family Car Without Thi...

      July 9, 2018 - Trying to find a vehicle that ticks both those boxes can be extremely difficult, especially if you have quite a limiting budget. But those aren’t the only two things that you need to look out for in your next family car. In fact, there is a whole ran

    Share This!