Buying a new car (which doesn’t have to be brand-new, just new to you) is a great opportunity. It’s exciting, it should be fun, but more than this, it’s a chance to get the car you really want (budget allowing) and will be happy with for many years to come. If you can achieve that, you’ll find that you save money as time goes by because you won’t have to buy anything new until you really can’t keep your current car running anymore.
Of course, no matter what you’re buying or how much you’re spending, you’re going to want to get a great deal on it, otherwise those cost savings we mentioned above won’t mean much. So with that in mind, here are some of the best ways to get a great deal on a new car. Read on to find out more.
Set Your Budget
Before you even think about starting your search for a new car, you’ll need to have a realistic budget in place to work to. If you don’t know where you can go up to in terms of the price of the car, you could easily end up over-spending, or you might find a lovely car, but when it comes time to pay for it, you realise it’s just too expensive, and you’re therefore disappointed.
So, to begin with, you need to evaluate your finances by taking a close look at your income and expenses. When you know what’s coming in and going out, you’ll also know what’s left over that you could put towards a monthly car payment, for example. Or, if you’ve decided you want to pay for the car in full right from the start, you’ll need to think about how much money you have in savings, and how much of that you want to spend on a vehicle.
Not only will doing this mean you won’t over-extend yourself financially, but it also means that you’ll narrow down your options, which might make things easier. Plus, when you have a very strict budget in place, you’ll find it’s much harder to be tempted by a more expensive vehicle.
Choose The Right Model
Choosing the right model of car is another good way to get a good deal, as strange as it might seem. By choosing a car that suits your needs, you’ll only be paying for features you’re really going to use, rather than paying for things you’ll never use just because you like the look of a particular car, for example. That means the money you pay will actually go towards something useful. Even if you paid the same amount of money for a different car, if that car wasn’t the right model for your lifestyle and had features you didn’t want and was missing some that you did, that wouldn’t be such a great deal.
As well as thinking about what you want from a car so that it perfectly suits your lifestyle, you need to research the different models available within your budget. When you do that, you can combine what the car has with what you need, and hopefully you’ll come up with a great match. Once you’ve done that, you can compare prices to find out what price range you might be looking at and whether negotiation might be possible.
It’s also wise to read reviews of the shortlist you’ve made. Each model will have various pros and cons, but the only way to really find out what they might be would be to read honest reviews left by other car owners. You can get a good idea of whether or not that model is the one you want to go for once you know what people love and dislike about it.
Choose A Reputable Dealer
Choosing the right dealer to buy your car from is a great start when it comes to getting a good deal on it – whatever it might be. The fact is that some car dealerships are good and honest, and some are less so, and it’s the good, honest ones you want to work with. The cars that the good dealers are selling will already be priced fairly, and they’ll generally be good value for money, not to mention the fact that you’ll get some form of warranty as well definitely helps.
You might have guessed what we’re about to say here, but we’ll say it anyway; research. You’ve already done plenty of research when it comes to your car type and model, so it shouldn’t be too hard to continue in that vein and research the various car dealerships around that you might be interested in visiting. Read more reviews, look at any star ratings they might have been given, and always check out their social media pages; how (and even if) they interact with their customers is a good indication of how you’ll be treated if you decide to buy a car from them.
You can also ask for recommendations from friends and family. People aren’t going to recommend places they’ve had a bad time with, and although everyone’s experience will be different, if someone you trust had a positive experience with a particular dealer, then chances are you will too.
You’ll probably do a lot of your research online, but nothing beats going to the dealer physically and talking to the sales team. You’ll be able to gauge whether or not they really know what they’re doing – and how expert they are when it comes to cars. Have some questions ready to ask them so you can work out what’s what. Remember, you’re not trying to catch them out or trip them up; you just want to know if you can trust that you’ll get the right advice and guidance. If you don’t feel good about how you’re treated or the experience and knowledge on offer, look elsewhere.
Understand The Financing Options
If you’re not paying for the car outright, you’ll need to look into different financing options so you can pay on a monthly basis. As with many other things on this list, there will be a few different choices, and it’s well worth doing some sums because some will be more expensive than others, and some will give you a much better deal.
Firstly, think about your deposit. There are some finance options that don’t ask for a deposit up front, and you might think that these are the best ones, but these will usually cost you more in the long run because that initial deposit will be included in your payments. If you pay it at the start, it won’t be, so the payments will be lower each month. Perhaps that’s not much of a saving when you’re spreading the cost out over years, but when you think about the interest rate, it might actually save you more than you think. In other words, if you can afford to pay a deposit, that’s generally the best way to get a good deal on your car. And, the bigger a deposit you can pay, the more you’ll save overall.
Speaking of the interest rate, if you have a good credit rating, you should be able to find a good interest rate and save some more money, so don’t just opt for the first rate you’re offered. It’s wise to shop around to make sure you’re getting the right deal for you.
Look out for special deals as well. You might find that something with a higher interest rate offers cashback or other incentives that off-set that extra cost. Although it does mean it will take you longer to buy your car, it’s well worth putting in the homework hours to ensure you’re getting a good deal.
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