Buying A Car When Tightening Your Belt: Ways To Save

For many people, the future is looking uncertain at the moment. Taking time off and losing business are likely to contribute to financial losses, and for some, the next few months will involve tightening their belts and trying to save money. If you’re looking for a new car, and you need to get from A to B without breaking the bank, here are some tips to take on board.

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Spreading the cost

There are several options available to buyers looking for a new or used car, including the possibility of spreading the cost. If you can’t afford to put a substantial deposit down, or you don’t have the cash flow to buy a car up-front, look into monthly payment options. Figure out how much you could afford to spend on a car each month, set a budget and start your search. The amount you pay will depend on the make and model, the age of the car, the mileage and the spec. If you have a car in mind, it’s worth contacting local dealerships and national chains to get some quotes. You might find that some offer more competitive rates than others.

Buying a used car

It’s very satisfying to drive away from a forecourt in a brand new, sparkling car, but the reality is that new vehicles start to lose value immediately. The retail price of new cars is also much higher than those that have already toured the roads. If you’re looking for a specific make or model, and you can’t afford a new vehicle, consider a used car. Even if the car is only a year old, and it’s done less than 10,000 miles, the cost will be significantly lower. Take a trip to trusted, reputable dealerships in your area and compare prices online. Businesses like O’Brien Honda allow you to check an online inventory and filter the results depending on the model you’re looking for. It’s always beneficial to organize a test drive before you buy a used car and to have a good look at the vehicle. Avoid closing any deals without seeing the car in the flesh. 

Negotiating

Competition among dealerships and private sellers is fierce, and this means that there is often room for negotiation. If you’re on the hunt for a new car, compare prices and see if dealers will match better offers you’ve found online or been offered by other businesses. If you’re buying from a private seller, do your research in advance and get an idea of how much the vehicle is worth. You don’t want to pay over the odds. Start with a relatively low offer. This gives you the opportunity to increase the price without forfeiting the chance to grab a bargain. 

Many of us will be looking to tighten our belts in the coming weeks and months. If you’re looking for a budget-friendly way to buy a new car, consider spreading the cost with finance options, looking at nearly new and used cars and flexing your negotiation skills. 

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