Cars are an important part of our everyday lives and for most of us, they signal independence and the ability to get about in our daily lives.
Buying a new car is a massive financial commitment and second, to buying a house it is one of the biggest buying decisions you will make in your lifetime.
That’s why it is, therefore, vital to choose not only the right car to fit your everyday needs (i.e family car or city car) but it will need to be a car that you can comfortably afford monthly.
Not to fear as below is 4 tips to help you save money when buying your next car.
Choose A Used Car
It’s a well-known fact that used cars are cheaper to buy than new cars. New cars depreciate at a much higher rate than new cars.
Did you know that a new car can lose up to 50% of its value in the first 3 years? That’s a massive loss if you want to sell it on. Older cars will, of course, depreciate in value as well but at a much slower rate than this.
When it comes to choosing an older car there will be much more choice available. But there are certain things you need to watch out for when it comes to buying a used car, see the next tip for more.
Check The History
Every used car will come with a history and you need to do your homework to make sure you are not conned out of your money.
You can use websites like Cazana.com to get a full car history check. This check gives you a detailed the car’s MOT history, legal status, running costs, mileage and rice valuation.
This will show any potential buyer that you are serious and have done your research. It will give you more bargaining power and allow you to check for any clues that the sale is not above board.
Haggle On Price
Don’t just settle for the first price quoted always negotiate with the seller or dealer to drive the price down fairly.
Do your research into similar cars, how much they are selling for and how much the car you are buying is worth so you have chips to bargain with.
If you feel the seller isn’t being reasonable be prepared to walk away and see how quickly they change their minds.
This may seem obvious but don’t be lethargic in your search. If you are buying privately search a few websites such as gumtree and eBay motors and the same goes for dealers try out a few to see what’s on offer.
This again will give you more leverage when bargaining with dealers or sellers as you will know whether or not you can get it cheaper elsewhere or at the very least you can probably get a similar offering.
This will make it easier for you to walk away if you are not happy with negotiations, so always give yourself options.
In general, you can haggle more with a private seller versus a dealership. Private car sales are typically priced lower than a dealer, partially due to the fact that no middleman is involved.