When purchasing a new car, you don’t have to break the bank. You can save money. Whether you’re buying from a car dealership or from a private owner, plot a strategy for negotiating the deal and have a game plan. In the end, you’ll save money before driving away in your new car.
1) Shop Around
The best deals are had just by shopping around and comparing prices. This is no exception when purchasing a vehicle. You could find cheaper prices at car dealerships in the suburbs, compared to the prices at dealerships in the city. Just by traveling 30 minutes to an hour away, you could save thousands of dollars on the same model. Also, browse online classifies, such as AutoTrader, Cars.com and Craigslist, for cheaper prices.
Come prepared for the negotiation. Let the seller know that you’ve done research on the vehicle. Research car valuation guidelines, such as Kelley Blue Book, Edmunds.com and TrueCar.com, to gauge a ballpark figure of how much the vehicle is selling for in your area.
3) Easy On The Options
Adding a long list of bells and whistles will definitely increase the final price of your vehicle. You can save money by not purchasing options that you could very well live without, such as an upgraded stereo system, high-performance tires, sportier wheels, foglights, rear spoiler, leather seats and other vehicle features that although are more attraction, are not really necessary. Buyers can also save money by not purchasing an extended warranty. Today’s vehicles are better made than models that were produced in years past. Also, many car manufacturers today have warranties that protect the vehicle for at least 100,000 miles.
4) Looks Can Be Deceiving
Car manufacturers don’t drastically change their vehicles’ designs every year, so in some cases two models from different years could look identical or almost identical. You could greatly save money just by purchasing the model that was manufactured one, two or more years earlier than the current model. The savings realized could be in the tens of thousands of dollars.
5) Good Credit
If you’re going to finance your new car purchase, then make sure your credit is in good shape. A low credit score will result in being required to pay a higher down payment and annual interest fees and rates. Weight your options. The better choice could be purchasing an older model for cash, instead of financing the new one.