When buying a new vehicle there are a lot of things you can do to save money over the entire lifetime of owning a new vehicle, besides simply getting a good purchase price up front. Here are the top tips in order to save you the most amount of money possible, when buying a new car.
When looking for a new car it can be tempting to take your old car to the dealer for a better price on a new model at the same dealership. However, most dealers expect to make 20% more than what they buy your old model for, they of course need to make money too. This means that if you were to resell yourself you’d get that 20% extra to spend on your next vehicle. It’s almost always going to be in your best interest to resell your old car yourself.
The top way for you to save big on a new car is to simply a buy a used car that’s new to you. If age is a big factor for you, then simply purchase a near-new model or purchase a dealer show model. These are just the cars that dealers have on the showroom floor and sell for a fraction of the cost of a new model. Because these cars have only been driven for test drives, it means that generally the car has been driven very safely and for short periods, meaning less mileage.
Buy for Keeps
When looking to buy a new car that will save you money over the lifetime of the vehicle, think ahead and buy for keeps. Instead of buying a used convertible or a small city car, consider where you’ll be in 5 or even 10 years’ time and buy a car that will suit you in whichever stage of life you’re in. It’s always going to be cheaper to buy a car and stick with it, than buy a new car for every change that comes your way.
When deciding on a new or used car always do your research and determine how fuel efficient the car is before buying. Not only will choosing a more fuel efficient car save you a lot of money over the lifetime of the vehicle, it will also mean buying a greener, more environmentally-friendly car that’s both good for your wallet and the planet. It’s a win-win.
Once you’ve selected your car, based on price point, how fuel efficient it is and whether you’re buying for keeps, you’ll need to select car insurance. This is another area where you can save a lot of money over the lifetime of the vehicle. You’ll need to pay at least every year you own the car so you can easily calculate the savings by selecting the cheapest (yet trustworthy and right) car insurance for you. Compare different insurers by price point, payout, and coverage to determine the best insurer for you. Don’t expect loyalty to amount to much in monetary value either. Shop around annually to make sure your pick is still your best pick.