How to Save Money on Your Next Car Purchase

car-tire-1031579_640So you are looking to buy a new car, but want to make sure you get the best possible value for money. Following a few simple rules will help you save money.

Money Matters

The first and probably best tip for saving money on your next car purchase is to, if you possibly can, pay cash for your car. This way you will avoid finance repayment charges that can really ramp up the overall price of the purchase.

Even with a reasonable APR rate you can pay up to 10% more, once these charges have been factored in. To get an accurate idea of how much your finance costs could be use an online calculator.

Someone You Can Rely On

The next thing to consider is who you buy from. The motor trade is notorious for attracting rogues who will try to rip you off and make easy money for themselves in the process. If you use a well-respected dealership or contact the sellers via a respected car sales website, the risks begin to diminish.

Even so, you are still entitled to ask for the car to be serviced and doing so will give you some peace of mind regarding its current condition. Ask to look at the service history to ensure the car has been looked after properly and of course compare prices online to make sure you aren’t paying above the going rate.

Is That Your Best Price?

You should look to use anything, big or small as a tool with which to negotiate the price of the car down. There may be some minor scratches or particularly high mileage for the age of the car and all these small things could add up to big savings.

This is a particularly good plan if you approach dealerships at the end of the month, when the sales staff are trying their best to hit targets or secure bonuses.

And at the end of the day, don’t be afraid of walking away if you’re not happy, with so many used cars on the market, you’re sure to find something that suits you and your pocket.

Look After Your Investment

After you have bought a car, one of the best ways to save money is to drive it sensibly. This reduces fuel costs, clutch wear etcetera and the likelihood of being involved in an accident.

Have your car serviced regularly and if you do notice anything unusual, engine noises and warning lights, for example, get it checked out as soon as you can and save money on expensive repair bills.

In addition to this, there are a number of more unconventional ways to look after your motor and using every trick in the book to look after your car.

Buying a car is easy, but getting a great deal and saving money post purchase, takes a little thought and imagination.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Leave a Comment

*