5 Ways How to Save Money When Buying a Car

5 Ways How to Save Money When Buying a Car

Are you in the market for a new vehicle? Do you have a plan for your next car purchase?

Getting a new car is an important financial decision – even more so when you have the luxury of planning out your car purchase ahead of time. A crucial factor that must be fully considered is the method that you will use to pay for your new car. Today I’m going to share with you 5 ways how you can save money on your next car purchase! Let the countdown begin.

#5 Be Patient

Don’t be in a rush to buy a car.  I understand that your car may be on its last leg or already kicked the bucket and cross over to the junkyard.  But being in a rush to buy is the worst thing that you can do when it comes to trying to save money when buying a car.  You would actually save more money by renting a car for a week or two. By rushing a car buying decision it will lead to an impulse purchase, costing you much more money.  It’s vital to keep an emotionally detached demeanor when looking; otherwise, the car salesperson will know they have you.

#4 Go Online

Now of days you can do most of your car shopping online. I would still recommend you to visit the dealer to visually inspect and test drive the vehicle. Car dealers understand that most people go online to compare prices.  So they know if they’re going to compete with other dealers in the area, they post extra deals online to attract your business.

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#3 Negotiate

It never hurts to negotiate the price of the car. You can lower the price at least several hundred dollars by simply knowing the value of the car.  Shop around at several dealers to get an idea of what you can expect to get for your price range. One of the best ways to keep the ball in your court is to be willing to walk away. If the car dealership sees you being willing to walk out, they are more likely to lower the price.  They know other dealerships will welcome the business. And never fall for the KEY trick. They ask you for the keys for your trade and they disappear with them. They know you can’t leave.

 

#2 Timing

Save money when buying a car by being smart about your dates.  Month’s end is normally the best time to buy as salespeople are trying to meet their monthly quotas which they might be more willing to go the extra mile with price negotiations.

New car models normally come out in September so it’s often a good time of year to buy last year’s model. The end of December is also a good time as you get the quota double whammy of end of year and end of the month.

 

#1 Research  Ahead of Time

I cannot emphasize this enough. Before you head out looking for a car make sure you know the market value of the vehicles that you want.  Knowing which brand, model and price point can significantly raise your chances of getting the best deal for your money. Having researched your car you’ll be able to negotiate and demand the price you want (within reason).

The easiest way to do this is to research the Kelley Blue Book price for each make and model. You may also want to check out the Consumer Report for the car, as well.

Hopefully, these give you some good insights into how you can save money on your next car purchase. What are some of the ways that you saved money when purchasing a car?  Please leave them in the comment section below! Remember that being frugal isn’t about being cheap, it’s about being resourceful.

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