Buying a New Car: Six Money-Saving Tips

Friday, September 21, 2012, 2:00 AM | 5 Comments

Buying a new car is always a fun experience. You get to drive a vehicle that is the pinnacle of automobiles. There is a great sense of pride as you impress your friends while driving past them in your new car. However, a new car can be expensive. What are some ways that you can lower the price tag?

  1. Always Be Ready To Haggle

    The sticker price is never the price that you should pay for the car. Instead, try to get the salesperson to come down at least $1,000 from the price on the sticker. The dealer may try to tell you that there is no room to move. This is when you go home.

    You should get a call within a couple of days agreeing to your price. Haggling may be a totally alien concept to you, but it is a tried and tested way to get money off.

    Whether you are buying a new Holden Commodore or splashing out on a Range Rover Vogue, don’t just take the first price you are quoted. Haggle like your bank account balance depends on it!

  2. Get Maximum Value For Your Trade

    You should always make your current vehicle available for a trade. If you have kept your car clean and shiny while you have owned it, you should be able to get a few thousand dollars for it.

    Consult a car magazine or another expert to get an appraisal before you accept a trade-in offer.

  3. Lower The Interest Rate On Your Loan

    Make sure that you check your credit before shopping for a car. This will allow you to get the lowest possible interest rate on your car. The lower the interest rate, the less you have to pay for your car.

    Lowering the amount of interest you have to pay the bank equals real money going back into your pocket.

  4. Take A Shorter Loan Term

    Attempt to pay your car off in 48 or 60 months if at all possible. Spreading the loan out any longer is going to force you to pay more in interest. This will increase the amount of money that you actually pay for the car.

    A 36 month loan is available if you are feeling ambitious about paying your car off quickly.

  5. Use Other Dealers As Leverage

    Competition can be your best friend when negotiating a price for a new car. If your salesperson thinks that another dealer could get your business, that salesperson is going to do everything possible to match that price. This means that you need to be willing to shop around a little bit to get multiple quotes on the car you want to buy.

  6. Don’t Purchase Costly Accessories

    You don’t need a navigation system in your car. The GPS on your phone will work just fine. Bigger wheels, a VIN etching and rustproofing your car are also things that you do not need. All this does is give the dealer a higher profit margin for the sale.

Anyone who is buying a car needs to understand what it takes to get the best price for that car. Don’t splurge on unnecessary accessories, be willing to haggle and make sure that your credit score is high. If you can do those things, you are going to get the best price for your your brand new car.

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