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Buying a new car requires you to take a careful look at how well the price tag and payments fit into your budget. While you don’t want to buy more of a car than you can afford, you also don’t want to skimp on quality, since repairing a poorly made car can cost more in the long run. Saving money when you buy a car is easy when you know how to follow a few simple strategies. Here are 5 ways to save when buying a new car.
Get Your Finances in Order
You need to start your search with a firm understanding of your budget along with how you plan to make your payments. Start by looking at your income and expenses to develop an idea of the maximum amount that you can spend for a car. Plan out how much you would need to set aside each month to either save up or make lease payments. Consider what things, like eating out, you could cut back on. You might also need to take into consideration any trade-in value for a vehicle that you plan to offer along with your down payment. Having some basic numbers already in your head primes your mind for finding the best deal. By having your finances in order, you will be well equipped to handle any curveballs the buying or financing process throw at you.
Take Advantage of Specials
You can find special deals on cars that are designed for specific situations. For instance, first responders and recent grads can often find deals on new Ford cars for sale at certain dealerships, as well as other brands. You can start looking for specials on the dealerships website, but it also helps to remember to ask your salesperson to let you know the latest deals that might apply to your situation. Take advantage of seasonal sales and promotions, but remember to look at the overall price tag as well.
Look at Featured Vehicles
Many car dealerships offer specific vehicles for sale at lower prices than others to maintain a competitive edge in the marketplace. These vehicles are often overstocked, or they may be one of the more popular models. Keeping an open mind about the type of car that you want allows you to take advantage of the special offers that are made for a constantly rotating set of vehicles. Featured vehicles are an excellent way to snap up a new car for a much lower price.
Know Which Features You Need
Cars today have so many bells and whistles that it is easy to be mesmerized. However, you can cut the cost on a car by only selecting the extra options that you need. For instance, you might not need the specialized speakers, yet you will appreciate having the optional safety features. Don’t get sucked into thinking you need the latest and best tech. In most cases, the bells and whistles aren’t worth the extra you’re paying for them.
Explore Your Financing Options
The interest that you pay on a car loan also affects the long term overall cost. Work with a financing department that helps you identify your best rate along with potential options such as refinancing an existing loan. If you’ve been making regular payments since your last car purchase, then you may have an improved credit score that rewards you with a better interest rate.
The car buying process should be fun and exciting. Knowing how to save money helps to take the stress out of your decision, and it allows you to get the best car that fits your budget. Follow these 5 tips to save the most money you can when buying a new car.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan
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