Buying a new car is expensive and as any thrifty shopper knows, it’s important to do your homework before buying, especially when it comes to large purchases. While buying a new car is never going to be cheap, you can of course save yourself a small fortune by shopping around and doing your due diligence before buying.
Don’t buy a new car
The absolute easiest way to save a fortune when buying a new car is to buy a used car. Used cars are a fraction of the cost of new and you won’t have a severely depreciating asset as soon as you’re handed the keys. Buying used is the best thing you can do to save yourself a fortune when buying a new car but you still need to do a few other things to save yourself a lot of money whether buying used or not.
Consider resell value
When considering buying a new car something you probably haven’t thought about is how much you’re likely to make when you next decide to buy another new car. Unless you intend on driving the car until it’s only good for scrap parts, you’ll likely be selling on in order to help finance your next car and the more you can make the better. Certain cars hold their value better than others. You’ll need to do your research here and compare the cars you’re considering for their resell value as well as their current value.
If you need a little help financing your car, you’ll need to compare quotes from different lenders. As lenders will all offer you different interest rates on car loans you’ll need to compare quotes from at least three financial institutions. It’s a general rule of thumb that dealerships won’t give you the best value for money so to make things easier you can pretty much skip this step and go straight to comparing financial institutions rates instead.
When buying new, you should always, always compare dealers and make them work against each other. Visit multiple dealers in your area to look at the makes and models you’re interested in. If they’re too far out of town to compare, you can always haggle with them online. Never accept the first offer you’re given or what the numbers written across the windshield says.
Wait for a good deal
When buying a new car, or anything for that matter, particularly large purchases, it’s important to maintain your cool and wait for a good deal. This doesn’t mean waiting for a good deal to find you, you’ll still need to work hard to get the price you want but it’s important to not get too emotional, too attached to anyone dealer or car and be willing to walk away. If the price isn’t what you want then move on. It’s as simple as that. Try again later. Dealers know that buying a new car is often an emotional purchase and one that too many people rush into. Don’t buy into it and stay calm throughout the negotiation process and you’ll end up with a much greater deal.
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kathrin dsouja says
very informative topics you point out. especially when you buy a new car you must follow the comparison that’s what you talk about in your post.i really recommended this article you wanted to buy a new car or reseller car
Thanks for the post
I once remember that I was able to get a 20 percent discount from what the dealer said. That saved me a lot.
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Home Page says
Everybody wants to save his fortune, we also. these tips are really helpful and it will help us to buy a car,
caravan finance says
If you have to get a car loan go to your bank or better a credit union and get the loan first. Some have special car loan deals. We would walk into a dealership with the check in our pocket and they gave us much better deals and didn’t haggle 🙂
Thanks for sharing this information it is really helpful specially for first timers. maintenance and repairs of car is also required from time to time . thus buying of spare arts too.
Really comprehensive and useful tips Heather. I’m notoriously bad with money and should make a note of them all!
In the US, newcomers can have a hard time financing a car … I would recommend that you buy a new car from a reputed car dealer. Read more here – https://news.manikarthik.com › nri
Whenever you buy a new car, it comes with OEM tires.
But after using it a while(30-60k) miles you look for new tires set
That is where tireinfoguide.com comes in
you can check https://tireinfoguide.com for tire reviews and vehicle specific recommendations
Samantha Reynolds says
Great job for breaking it down so well, Pauline! Saving money in buying a new car seems impossible at first but with the right perspective, it can be possible. Buying used cars is indeed the best way to avoid digging a hole in your pocket. You just need to be meticulous in checking the car before you buy it. I bought my first car when I was 25 and it was a used car. Years after, I’m still using it — it runs smoothly and I don’t have to worry about high debts for that matter. Thanks for sharing this post. Best regards!
Jacob Collier says
Shopping around at several dealers will at least give you an idea of what you can expect to get for your price range – and an advantage when negotiating, too.