Are you in the market for a new ride? Perhaps your car broke down a couple of days ago and fixing it would be too costly. There may also be a model you’ve been eyeing for years. Well, now is the perfect time to purchase your new car.
In the U.S., 95 percent of households own at least one car. It’s what you use to drive around town to shop for groceries, go to work, or send your kids to school. Without a car, you’re practically missing an important limb.
Speaking of limb, buying a car isn’t always cheap. In fact, some models cost an arm and a leg. This is why you may have to look for ways to minimize the cost of buying your new car. To start with, here are some ideas:
Pay in Cash Instead of Using Credit/Loan
Let’s get it straight first. Paying cash for a car is not the common practice, but some people do it. The thing with paying cash upfront is you are limited to buying a model that falls within your budget — usually, a used car — as opposed to using that same amount as a down payment for a brand new and more advanced model.
But credit cards and other types of loan encourage you to spend more than you intend because these services provide you with more capital than you can genuinely afford. Paying for your car in cash is way cheaper, and you don’t need to worry about the interest rate you’ll have to pay every month on top of the amount required to pay off the original cost of the car.
Consider Hiring a Negotiator
According to Era Autos, working with a negotiator can save you time and money. This is because car buying services or deal negotiators work for you and not the dealership. Usually, if you go directly to a car dealership, the salesperson has a quota to reach. They sound very convincing in making you think you’re getting a good deal for a car when you might be paying more than you should for your chosen model.
Meanwhile, car deal negotiators know the ins and outs of car dealerships and how much makes and models actually cost. They can get the lowest deals for you without compromising the quality and condition of your desired model.
Shop for Your Vehicle During Off Season
You have to time your purchase right. The end of the year or the month is also a perfect time to invest in a vehicle. Car dealerships are scrambling to reach their quota during these times. This urgency makes them much more likely to agree to you or your negotiator’s desired amount for a car so they can reach their quota. Plus, dealerships want to get rid of this year’s model before they become last year’s models the moment the calendar flips to the first of January.
Trade-In Your Old Ride
Some dealerships allow you to trade-in your old car for credit towards the one you’re interested in buying now. If you own a popular model and have kept your old car in good condition, you’re likely to get a higher value for it, which you can then use to finance your new ride.
There are tons of other ways to lower the cost of buying your next car. The key here is doing research: what car you want, what you’ll use it for, and which dealership you will purchase your car from. With enough research and planning, you’ll get your desired ride at a low price in no time.