If you are lucky enough to be in the market for a new vehicle in 2013, you owe it to yourself to do your homework to ensure that you are getting the best deal possible. Part of being a good consumer is educating yourself about the options that are available to you.
Too many people get caught up in the buying process and they rush decisions. In addition, when you are spending a significant amount of money, this is something that you cannot afford to do. So, try to refrain from getting caught up in the hype and excitement of buying a new car and think about your purchase logically.
- How much money do I realistically want to spend?
- What options do I need?
- What add-ons are nice, but not necessary?
- What type of car is ideal for a person in my situation?
8 Tips for saving money on your next car purchase
Many people are looking to cut back on their spending and reduce their budget when it comes to purchasing a vehicle. The follow 8 tips will help you accomplish this:
- Opt for a smaller vehicle: Maybe 2013 is finally the year that you downgrade to a smaller and fuel efficient vehicle. Plus, you could also save money in other areas such as gas, maintenance, and car insurance.
- Buy used: While buying used could save you some money up front, it could also cost you more down the road. So, if you are going to buy used, make sure you do your research.
- Shop around: You won’t have money if you buy the first car that you see on the lot. Make sure that you shop around, get pricing information, read reviews, and test drive a number of cars before you make your final decision.
- Buy an insurance friendly car: While this is not directly associated with buying the car, if you opt for a car that insurance companies view favorable (e.g. they have a great safety rating, etc.) you will be able to save on your car insurance.
- Drive a hard bargain: Don’t settle for the first offer. Drive a hard bargain and try to get the vehicle for a better price.
- Know your facts before negotiating: Make sure that you know what the market value of the vehicle is before negotiating. Price out similar vehicles and make it clear that you are considering other options.
- Trade in your current car: You can save some money on a new car by using your current car to get trade value. Depending on your make and model, you could save a large chunk of money off the purchase price of the new car.
- Wait for a promotional offer: If time is on your side, try to wait for a good promotional offer. You could save money on the price of the car and even get a better interest rate.
Follow these 8 tips and you will put yourself in a position to save money on your car purchase this year.
Insurance Hunter is an online car insurance broker that provides free quotes to Ontario and Alberta residents.
Subscribe to get the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom. Get our newsletter and get access to the freebie: