How To Save Money On A New Car

After a home, generally the second biggest item people buy is their car

. Purchasing a new car can be a very stressful and costly venture but a large part of this can be mitigated by following a few simple steps.

Dont Buy Last Minute

The more desperate you get, the more you will end up paying. Instead of waiting for the engine on your car to stop working before looking for another, plan ahead and begin looking between 3 and 6 months before you will need the vehicle. The more you are able to save, the less impact your bank account will take and the less money you will need to borrow for the purchase.

Make sure you have thoroughly researched all of the available cars and compared each car to the requirements that you have as well as with your budget. Determine how much you are realistically going to be able to save for your car and attempt to make as big of a down payment on the vehicle as possible. Along with saving money for your car, save money to put towards any debts which you might have. The more debt you have at the time of a car loan application, the higher your interest rates.

Choose Your Car

The first step to choosing your new car is to decide what factors are important to you. This might include cost, number of seats, trunk space, price, and safety or a combination of several of the above. Narrow down your search to between 5 and 10 cars and analyze each selection on your priorities. A spreadsheet is a great way to compare each of the vehicles and how equipped they are to meet your requirements. First, remove any cars that exceed or are dangerously close to being out of your price range.

Once you have eliminated the undesirables, go to the dealer and look at the cars. Focus on their features, relating to safety and maintenance in particular. Also, take the car for a test drive if you can. Dont purchase the car right away. Instead, go home and think about the best choice.

Get the Best Price

The best option is to find a friend who is knowledgeable about cars and take them with you to the dealer. Make sure to ask questions, all the while making sure that they know that you know what you are doing. Dont be tempted to go over your budget. Many dealers will attempt to add fees and other features but stick to what you need and no more.

Review all of the guarantee and insurance programs before accepting and ensure that you will be able to make over-payments or early payments without the inconvenience of a penalty.

by: Hugh Mcinnes

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