Anyone who is considering getting a new vehicle will want to try and get the best deals. Getting a new car can be very exciting, but it can also be very expensive, and for some people it can become unaffordable without finding ways to cut costs. The good news is that there are various ways in which you can bring down the cost of purchasing your next car, and this is something that you can do with both brand-new vehicles and used ones.
It can be very expensive to buy a car, even if it is a used one. So, by finding ways to cut costs, you can save a considerable amount of money. Of course, you want a vehicle that is reliable as well as affordable, so you must never compromise on quality and safety in a bid to keep costs down. In this article, we will look at some of the ways in a normal car market which you can save money on your next car purchase.
It must be noted that the current COVID distorted car buying and selling markets that we are all experiencing makes the strategies below still relevant but more difficult.
Why?
Due to a number of factors including changes in behaviour of car buyers and sellers due to COVID. Inability to travel overseas, interstate, outside ones suburbs in long lockdowns meant many people were looking to upgrade for cars for domestic holidays and to avoid using public transport for the fear of contracting Covid.
Initial car production closures at the beginning of the pandemic meant a shortage of new cars. This lead to higher prices in new cars and a greater demand on used cars. This has further compounded by a worldwide shortage of computer chips for motor vehicles. In addition, more variant waves of COVID affecting production workforces and logistic chains which have further slowed down production of cars. This has created long waiting times and a shortage of new cars with little or no discounting being offered to buyers.
This demand combined with long waiting times and shortage of new stock means the used car prices in the last 18 months since the start of the pandemic have risen at least 30-40% with some model cars demanding even higher increases in prices.
What You Can Do
So, what can you do if you want to save money on your next car purchase? Well, there are various solutions that you can consider, some of which are:
Choose a Used Car
One of the things that you can do if you want to cut costs with your next vehicle purchase is to go for a used car rather than a brand-new one. This is still an effective strategy if you cannot wait the necessary time to buy a new car with some models exceeding 12 month waiting periods.
However, the value equation for the same money and budget you may have spent 18 months ago in this COVID car market is far less. You essentially will get an older model car with more kms for the same budget. For some buyers there will be little choice if you have to replace your car and cannot wait to buy a new one.
While we all love the idea of a new car, the cost can price many people out of the market. If you do not want to spend a huge amount only to be hit by immediate depreciation, a quality used vehicle could be the ideal solution. You can even go for one that is just a few years old, which means that you get a recent model but at a much lower price than buying from new. It’s just that currently, the value equation and choice is less.
Get Expert Assistance
Another thing that you can do to try and boost your chances of finding the ideal vehicle and cutting costs is to enlist the help of experts. There are specialist companies that can do all the legwork for you when it comes to finding the ideal vehicle even if it is a used car. This means making sure you stay within your set budget as well as ensuring you get a vehicle that is tailored to your needs and requests. This is a great way of saving yourself a lot of time and stress as well as money.
Trade-In Your Old Vehicle
If you already have an old vehicle that you want to get rid of to make way for your new one, it may be worth training it in against your next car. In the current COVID car market, Dealerships are paying higher prices for trade-ins as their general stock levels of all cars are low. If you are buying from a dealership, they may let you do this on both their new and used vehicles, although it does depend on your old car. So, this is something that is worth looking into if you want to cut your costs.
Learn to Negotiate
Of course, one of the other simple ways to reduce the amount you pay for your next car is to learn how to negotiate – or haggle! Many people are too nervous to haggle, and they end up paying the full price even though they could have secured a better deal with a little more confidence.
This is as important as ever because your ability to get a lower price with good negotiating skills is higher in the private car market as many sellers in the current “ COVID sellers market” are testing the waters and starting with high prices. Knowledge of the market is king and an essential ingredient to being able to negotiate successfully. However, as mentioned earlier, there are experts that can help you to get the best deals.
Our Experts Can Help
If you want to find the perfect new vehicle and get the best price, you can turn to our experts at My Next Car Buying Advocacy. We offer a range of services to help car buyers, so get in touch today for more information.
