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How to Save Money In Buying a New Car

Disclosure: This is a sponsored post. Regardless, all opinions are honest and my own. You can click here to read our full disclaimer.

If you’re looking for a new car, chances are you’ve gone to a few dealerships to see what’s available for your budget. However, you’ve probably soon realised that your budget won’t get you very much at all and now you’re left with two options – stick with your old banger and hope it doesn’t break down on your way into work OR start saving like mad in order to purchase something that will be reliable and efficient. The obvious answer is to save, right? But with bills to pay and life to live, it can seem like a mammoth task. So we’ve come up with a few handy tips to help you save a lot of cash towards buying your new car.

1. Sell your old car yourself
Watch out for dealers who are eager to take your old car as a trade-in as part of the transaction. In many cases, trading your car in at the dealer can cost you dearly when compared to selling your car on the open market.

TIP: Dealers will typically lowball you on the trade-in value so it is better to sell your old car yourself. Trade-ins are easy but you’ll get more if you sell it yourself. You just need to be willing to spend lots of time waiting for the right buyer. An Auto Trader classified ad would be a great place to start.

2. Get a lot of financing options
Watch out for dealers who will offer financing rate. Some car dealers will offer you a very good financing rate on some car models other will not. Just keep in mind that financing offered by the dealer is often not the best deal you can get. Sometimes the dealers get paid for a referral.

TIP: It’s fine to listen to what the dealership has to offer, but be ready with a backup plan that includes your own car financing options. Look around and list down all the financing options you can get and evaluate which one will give you a much better rate. Make sure you read all the fine print -compare the annual percentage rate (APR) as well as the length of the loan and the amount of monthly repayments. Always look at the total amount repayable and compare this to the price of the car to see the cost of the finance.

Save Money In Buying a New Car

These two tips boil down to being a hard-nosed or well-informed car shopper. For instance, you can do a simple Google search to know if there’s any car sales near you or if there’s any car dealers near you that sells good cheap cars or sell cars at a low price. You can save a lot of money if you take the time to research and understand how the business works.

Also, don’t forget that we have Car & Accessories Giveaways category so make sure to check them out if you want to get a new vehicle or car accessories for FREE!

Disclosure: This is a sponsored post. Regardless, all opinions are honest and my own. You can click here to read our full disclaimer.


10 comments

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