Buying a new car can be both exciting and stressful.
You’ve decided to get rid of an old clunker or maybe the lease on your current vehicle has come to an end. Finding the best deals can seem like hunting for a needle in a haystack.
Let’s examine the best ways to save money while buying a new car.
Do You Need It?
First off, do you really need to buy a brand new car?
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New cars are great and most come with a comprehensive warranty plan that can be well worth the extra money. New vehicles receive free oil changes and upkeep from most dealerships. You may need to pay more for insurance, though. It often depends on the safety features of your new car, the ‘greenness’ of it, and how far you drive each day.
You can keep up to date on sales by contacting your local dealership or by calling the manufacturer of your preferred car.
No longer do we need to wait until near the end of the year for clearance deals. New models for the upcoming year are often released in the summer. During the month, you may be able to find money saving deals on new cars after the 25th of the month when dealers want to cut inventory or on the weekend if sales were not high enough during the week.
One last point on new cars – rebates.
Ask the dealer to deduct the rebate from the purchase price instead of mailing you a check. The deduction saves you money by preventing the need to pay taxes on a large check.
Is a Used Car For You?
If a new car isn’t in your price range you can still save a lot of money purchasing a used car.
You don’t have to settle for the one in your cousin’s garage, either. New car dealerships offer used cars at great prices. They’re usually very happy to negotiate the price. Remember, used cars sitting on a lot don’t do a lot for the dealer if they can’t sell them. Many dealers offer used cars that have been inspected and put through the mechanic shop to place them in top condition for a used vehicle. Used cars purchased from a new car dealership also have warranties that are better than those from used car dealerships.
You can find decent deals at used car dealerships, but buyer beware.
Having Internet access will allow you to check into the online reputation of the dealership, while also talking to previous customers where possible. You’ll save a lot of time, hassle, and cash if you can avoid a dealer offering lemons. Use social media and online forums to see the chatter involving both new and used car dealers.
Before making any decision take the car to your own trusted mechanic if possible. Don’t choose a car that needs high priced parts if it breaks down. The best money saver is a used car that costs little to repair and has very common parts.
Retired Rentals A Possibility?
Some people like to purchase retired rental cars. These cars can go either way – save you a ton or cost you a bundle.
Most are not very expensive to buy when compared to other used cars. This is because they typically have high mileage. A lot of miles isn’t always a worry if the car has been well maintained. Reputable rental companies keep their cars in top shape, so you may want to consider purchasing from a trusted company.
No matter where you go – used or new dealers – don’t tell them you have a car to trade in until you’ve reached a final price. Walk to the dealership if possible.
Don’t let the dealer use your car as leverage, that’s for you to save money with at the end of negotiations. Wait until you have finished negotiating, then once the price is settled on…spring the trade in.
If you keep those tips in mind, you could save a few thousand dollars off the lowest price.