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Driving Down The Price: How To Cut Costs Buying Your Next Car
No matter which way you look at it, buying a car will always be expensive. In fact, for most people, it’s one of the largest investments they make in their lifetime, often second only to property. For this reason, when it comes time to get behind the wheel or replace your car with something new, it’s only natural to want to save as much money as you can. This isn’t always easy, but don’t be fooled into thinking it’s impossible or not worth the effort. If you want to get the best deal when buying your next car, here are nine things that you can do to drive down the price.
- Always Do The Research
The very worst thing that you can do when buying a car is arrive at the lot without knowing anything about the vehicle that you want to buy. Without any knowledge of its typical price range, you could end up paying much more than the norm. For this reason, you should first spend some time researching the vehicle so that you know when you’re being offered a fair deal. You should also shop around and leave some dealerships to find out their rock-bottom offers.
- Pay With Your Cash
Cars aren’t cheap, which is why most buyers choose to take out some sort of loan to cover the expense. Whether this is from the dealership itself or a high street lender, borrowing money to pay for your car will cost you more in the long run. After all, in addition to the price of the vehicle, you’ll also have to pay interest. Because of this, you may want to pay for your car in cash, if possible. If you have to borrow the money, shop around for the very best financing option for you.
- Look At Used Vehicles
The value of a brand new car depreciates the moment you drive it off the lot and continues to do so quickly for at least a few years. With that in mind, used vehicles may be the best option. Whether you’re shopping for a Chevy, Hyundai, or something completely different, you’ll find that gently used options are much cheaper than buying brand new. You’ll also avoid a huge chunk of depreciation, which means that your car will have a higher resale value later down the line.
- Speak To A Professional
The biggest concern with used cars is the possibility of wear and tear, maintenance issues, mechanical problems, and other faults. If you don’t know much about vehicles, you could miss these serious problems, leaving you paying much more than you should for a car that’s going to cost you later. To avoid this, you should have potential purchases checked over thoroughly by a mechanic. This will allow you to haggle a better price or walk away if the car is just not worth it.
- Show Off Your Status
Students, OAPs, and those with military status are often eligible for discounts or cash back on their purchases. Thankfully, this is no different when buying a car. Because of this, you should look at a few different dealerships online to see if any offer better deals for those with your status. If there’s nothing online that you can find, then give a few a call instead. Just remember to bring along proof of your status when you go to buy your new wheels.
- Haggle Like A Dealer
When you go to buy a car, whether it be new or used, you need to let the salesperson know up front that you won’t be taken for a ride. Do absolutely everything that you can to knock the purchase price down by starting with an outrageous figure and working backward. It can feel incredibly awkward at first, but, if you stick to your guns, it can work out ridiculously well. If you’re not good at haggling, then bring along someone that you trust to do it for you or back you up.
- Keep Trade-Ins A Secret
Trading in your old car is a great way to knock some money off the cost of your new one. However, you shouldn’t mention your trade-in right away. Instead, hold your cards close to your chest and work to haggle a better deal first. Then, only once the dealer is at the very lowest that they will go, work to get the most for your old car. If you mention your trade-in right away, the salesperson may try to use this information against you and charge you more than usual.
- Don’t Purchase Any Extras
A new car is a huge purchase, and, if you pay for it with borrowed money, you could be left making repayments for years to come. For this reason, you should avoid doing anything that might drive up the price. Purchasing add-ons and other modifications are one way to do this. While your salesperson may say that you need a built-in GPS and rust-proofing, you have to remember that you don’t. Their job is to make money, but yours is to spend as little as you can.
- Choose The Right Time
Unless you’re on the clock, you should hold off from buying your new wheels until the right time. Salespeople and dealerships have targets to meet, which are typically based on quarterly sales. This means that March, June, September, and December are good months to shop, as lots will be trying their hardest to sell more cars. You can also choose the right time from your style of car. Convertibles, for example, are cheaper in the winter when fewer of them are sold.
Cars are an expensive purchase, but they can be made less so with some thought and careful planning. Make sure that you research every part of the process and educate yourself on your chosen vehicle so that you can go into negotiations well-prepared. You should also avoid any unnecessary extras and consider shopping for a used car instead of a brand new one. As long as you follow this advice, you should have no trouble driving down the price.