Are you in the market for a new car? Purchasing a new car is often one of the most stressful and expensive transactions that you can encounter.
To save money on your next car purchase, keep these five easy steps in mind and keep more money in your pocket.
01. Discuss Your Needs with Multiple Dealers
It’s no secret that the Internet has made purchasing a new car all that more simpler. Contacting and working with a number of car dealerships and comparing prices online provides you with powerful knowledge, facts and figures. This will ultimately provide you with more more leverage when you approach your local dealership when you have settled on the car you wish to buy . Undertaking research online is often the best way for you to save time and money on your next car purchase.
02. Know What You Want
It’s no secret that we all have some form of idea of what our ideal car next car might be. Whether it’s a small hatchback, a medium size family car or larger 4WD. But then there is a range of other things that you should also take into consideration, like colour, transmission, kilometres travelled, service history and optional extras. The more detailed your selection of vehicle is, the easier it will be to negotiate a better price.
03. Buy an Older Vehicle
Obviously purchasing a second hand vehicle will itself save you quite a bit of money. This is because you can take advantage of the combination of time and vehicle depreciation after it leaves the show.
But if you have your heart set on buying a new vehicle, considering purchasing the previous years’ model. This step is an ideal way to save money, with many dealerships looking to clear stock to make room for newer models, allowing your more room is discuss pricing and additional extras such as extended warranty and even roadside assistance. Yes, you may lose out on some of the features with the latest years’ model, but this is the perfect way to save money on a new vehicle.
04. Consider Trading In Your Old Vehicle
Many car dealerships will immediately discuss with you trading your old vehicle in and using the credit as payment towards your new car. There are even some dealerships that will accept your trade in as a downpayment on your next purchase. However, dealerships will often offer you the lowest amount possible for your old car. Understanding that you pay a heavy price for the convenience and ease of getting rid of your old car as part of a dealer buying process.
It’s important that you have completed your research, including the decision to trade-in or to sell your car privately. Once you have all the required payment and finance figures with you then you will be in the best position to be entering into discussions with your chosen dealership.
05. Be Mindful to Read the Fine Print on All Finance Paperwork
If you are going down the new car finance route, it’s vital that you take your time when reading all the documents, terms and conditions associated with undertaking finance through your chosen dealership. This includes all the fine print. Too often, people neglect to properly read the terms and conditions and are surprised to learn that there are penalties associated when they make extra payments to pay their new purchase off quicker.
Make sure you also check the interest rate being charged on your finance. What seems like a great dealer price on the car may in fact be being clawed back by higher interest rates and repayments over the life of the finance taken out on your vehicle.
How Can My Next Car Buying Advocacy Assist with Your Next Vehicle Purchase?
Buying a new car is often one of the most expensive purchases we make, however, with sound, expert advice you can actually save a decent amount of money on your next car purchase. Parenting with our personal car advice, buying and selling client advocacy can help you from falling into sophisticated strategies that many car dealerships practice such as:
- Offering extra paint protection that you don’t really need;
- Overpaying excessive dealer delivery fees;
- Pushing extended warranties;
- Promoting finance deals that are extremely appealing in the beginning – but not when you read the fine print.
At My Next Car Buying Advocacy, we are here to assist you with all your car buying needs.