10 Ways To Save Money On A New Car
When it comes to cars, everyone’s got something to say. Whether it’s about preferred models, what powertrain to use or how to actually drive when we’re out on the road. One thing that most people can agree on, however, is that cars are expensive. In fact, car prices have increased by 38% in the last decade alone. There’s also increased running costs, with one study deducing that the average monthly costs are around £388. Saving money, then, is more important than ever. Here are 10 ways to save money on a new car…
Buy At The End Of The Month
If you’ve ever worked in sales or have had distinct KPIs, you know how important last-minute sells are. This is when businesses and salespeople are most likely to budge on prices and to haggle; they want to make money and commission after all. It’s therefore worth making enquires or offers at the end of the month rather than the start.
Do you need a car that’s similar to, or ‘better’ than, the one you already have? There’s no point investing in a vehicle that has superfluous and therefore redundant features. If you’ve found that your current vehicle isn’t right for you then it might be worth downsizing. You can still get yourself something reliable, you’ll just be paying less for what you need rather than more for what you don’t.
Assess Your Options
It’s a simple fact that consumers who take their time and assess their options save more money than those who don’t. Dealerships love lazy drivers who simply nod at every detail and price that’s thrown at them. Getting a new car is exciting but you’ll get more out of your new car if you’ve made sure it’s right for you and that the deal around it suits your circumstances. Look into dealerships, cars, models and trims. There’s a lot on offer, it’s easy to end up making the wrong choice.
Ask The Question
Generally speaking, salespeople aren’t going to offer discounts or special offers if they don’t think they need to. They resort to these when they think it’s a question of winning or losing your custom. If you nod and agree from the start, you’ll face the highest price they feel they can realistically set. In other words, you’ve got nothing to lose by haggling. Ask for a price reduction or extra throw-in, all they can say is ‘no’ at the very worst; in other words, if you don’t ask you don’t get.
Consider Using A Broker
If you don’t fancy the idea of haggling or researching yourself, you may want to look into using an online broker. A good broker is an expert at negotiating with dealerships and will potentially stand a better chance at realising the bulk of your wish list. To make things better, reputable brokers won’t even charge you; they’ll receive a modest payment from the dealership for referring you.
Get The Best Price For Your Old Car
So you’ve had enough of your old car and can’t wait to see the back of it. This doesn’t mean you should just throw it away at the first price you’re offered. When dealing with your old car you should be acting like the salesperson who’s trying to sell you a new one. Come up with a realistic price and take some time to find a buyer; it’ll be worth it when you’ve got more money to spend on your new car.
Be Prepared To Compromise
It could be that your heart is set on a specific brand, model and trim. You want a large array of particular features from ambient lighting to heated seats. The reality is a small list of essential features can dramatically increase the end price of your specified model. You should determine what’s really essential to your driving experience and what you’re willing to compromise on. It’s rare to get everything we want in any situation, so focus on what’s most important to you.
Go For An Outgoing Car
When a new model is due to be released, its predecessor immediately loses demand and drops in value. Why? Because consumers are always being duped into buying the latest car in a line-up, even when it only possesses slightly altered features and design. Just because a car has been replaced doesn’t mean it’s not suitable or worth investing in. If you’re prepared to give up on having the latest model, you’ll save money.
Research Finance Options
Nowadays there are many ways to pay for a car. Whether it’s at the point of purchase, leasing or finance, you should consider what’s right for you. A car is probably going to be the second largest purchase you ever make after a mortgage or property investment. Looking into each method of payment means that you can work out what suits your plans and circumstances.
There was once a time in which consumers would choose a provider and stick with them throughout the bulk of their lives. This is no longer the case as people now take the time to compare and contrast their options in a given moment; this makes it hard for car dealerships to secure long-term customers. If you find one that suits you and stick with it, you may find yourself getting a better deal in return. If you can find a dealership and salespeople you get on with, it might be worth sticking with them.