Ask Away...: How To Save Money On Your Next Car

Wednesday, June 7, 2017

How To Save Money On Your Next Car

When you first passed your driving test, your first car was probably second hand and bought with some help from your parents. Now you’re a little older and it’s looking less likely that your car will pass its next MOT. If you rely on your car to get to work and run major errands, you can’t afford to put off buying a new one for much longer. Unfortunately, you’re now solely responsible for this purchase, and for taking care of the car later. Here are a few suggestion for buying a new car without breaking the bank.
Car finance
If you’re buying new, then rather than having to fork out a massive lump sum, most dealerships will offer a range of finance packages, to make sure that you can keep it all affordable. If you take this route, then you can keep the monthly payments even smaller by keeping it simple; if you don’t need alloy wheels, heated seats or coloured brake pads, then don’t buy them. Some manufacturers charge very high prices for these optional extras, so big savings can be made here. The same can be said for buying sporting or luxury models - if you don’t need the extra performance, or comfort, then it’s much cheaper in the long run to buy the basic model.
Everything else is negotiable
Many times you can find a lot of auto sales contracts with the add-on fees already printed on, implying that this price is fixed and non-negotiable. These costs cover the credit for the trade-in, the financing rate, the incentives, and the cost of the car itself. If you’ve done your research and know how much the car is worth, then you can start haggling over the incentives which would be subtracted from the negotiated price, or the trade-in, or the financing.
Shop around
Unless you’re loyal to one brand, look at different manufacturers to see what the best value for money is. If the vehicle you’re interested in is still commonly seen, it’s a good indicator that it has few design faults, and is cheap to maintain and insure. Using this information, you can start looking at Cars and Co Peugeot deals because Peugeot is definitely a model you still see on the road. It’s also helpful to do some research on how much a model will cost to be repaired. Some cars can be very cheap up front, but could cost you a small fortune in parts and labour costs later, especially if the parts are hard to find, or the car’s engine is difficult to work on.
Get a pre-approved loan first
Shopping around gets a lot easier when you know exactly what you can afford, so the first thing you should do is get your auto loan approved. Keep the applications within a 14-day period and all the loan applications will only count as one inquiry, minimizing the impact on your credit. Once you’ve been approved by a lender, you have 60 days to choose your new car.

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