Money Saving Tips When Buying a New Car

5 Essential Money Saving Tips When Buying a New Car

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Are you in the market for a new car but working with a very tight and strict budget? Do you need to be sure it offers all the features you’re after, has an impressive safety rating, and is of course comfortable to drive? It may seem like a lot to have on a wish list with a tight budget. But in reality, there are plenty of ways you can save money when buying a new car. Remember, each little saving you find adds up. So the more places you can save, the easier it will be to stick to the budget.

Here’s a look at five essential money saving tips that you’ll want to make use of.

Don’t Purchase a New Car

Sure, a brand-new car that is shiny, has never been driven, and is fresh off the assembly line may seem wonderful. But it’s not always the most practical financial decision to make. Here’s the thing – the moment you drive that new car off the lot, it will depreciate instantly, making it worth less than you paid. The newer the car, the higher the percentage of depreciation.

So, if you get a car that is a couple of years old, that rate of depreciation will have slowed down significantly. Which makes the purchase price more true to its value.

The one benefit in going with a new car is that you will have a warranty on the vehicle. This could save you thousands in repair costs.

Make Sure You’ve Got a Cash Down Payment

While this may not seem like you’re saving money, the more you can put down at the time of purchase, the less money you will need to borrow. This means you may be able to pay it off faster, and then pay less in interest overall. It can also make your monthly car payments more affordable.

Spend Time Researching Makes and Models

You will also want to give yourself time to research various makes and models. As well as do a little comparison value shopping. You want to be sure that you know exactly what the car is worth when you’re ready to make the deal.

There’s Nothing Wrong with Negotiating

The sticker price may seem intimidating, but that’s where negotiating comes into effect. There is absolutely no reason not to haggle with the salesperson. Even if the sticker price won’t come down, you may be able to get free extras thrown into the deal that save you money.

Don’t Forget to Compare Car Insurance Rates

Finally, there is car insurance. You may be surprised to learn that you can find very cheap car insurance rates out there; it’s just a matter of knowing how to find the information. For example, Quotezone allow you to compare car insurance quotes from UK providers. You’ll have instant access to very cheap car insurance rates so you can determine which provider would be best for you. The tool is quick and easy to use. And you’d be shocked at how much money you can end up saving.

A Deal that You Can Be Happy With

Each of these money saving tips when buying a new car will ensure you get a deal that you’re happy with.

*This article is a collaborative post – for more details see my Disclosure Policy