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8 Ways to Save Money When Buying a New Car

8 ways to save money when buying a new car. Savings strategies to save you money on your next car purchase.

Disclosure: This post was sponsored by Cars.com. 

When it comes to buying a new car, there are people who love the process, and there are those that dread it. Some people, like my husband, enjoy spending hours upon hours reading car reviews and comparison shopping, while others find the process a bit overwhelming and intimidating. Whichever camp you fall into, it’s best to follow these tips to help you make an informed decision on your next car purchase and get the best deal on the vehicle that’s right for you.

Tips to Save Money Buying a New Car:

Determine your budget and stick to it

Before you go shopping for a new (or used) car, you should always take a good look at your current budget to determine how much you can realistically spend without stretching your finances too far.

Consider how much of a down payment you have available, what monthly payments you can comfortably afford if you’re planning to get a loan or lease, and be sure to leave a buffer for unexpected repairs. Don’t forget to get a quote on car insurance for the vehicle(s) you’re considering as there can be quite a difference between different models and years of cars.

Do your research

With so many new and used vehicles to choose from, it’s important to do your research before you start shopping for a new vehicle. Cars.com is a great resource to check out when you are looking to purchase a new or used vehicle. In addition to featuring a huge variety of vehicles for sale on their website, the expert reviews and videos help you learn more about what vehicles might best suit your needs.

Shop around

Never before has there been so many resources and ways to buy a new car. The internet has made it so much easier to compare new and used cars available from a variety of car dealers and private sellers. Even if you think you have a great contact at a local dealership, it’s always best to comparison shop so you know what comparable vehicles are selling for. This information is invaluable in helping you to negotiate the best deal.

Compare new vs used

While you may have a strong preference for new vs. used, it’s a good idea to keep an open mind when you’re doing your research. Both offer pros and cons which you will want to consider in making your decision. New vehicles are more expensive, but the warranty coverage, lower maintenance costs and cheaper borrowing costs are definite benefits. On the other hand, it’s more likely you’ll be able to get a great deal on a vehicle if you’re willing to look at used vehicles. Even one a year or two old can save you a significant amount of money over a brand new vehicle. Insurance costs are likely to be lower as well.

8 ways to save money when buying a new car.

Take your time

Try not to rush into a purchase decision. Spend lots of time researching your options, test driving vehicles you’re interested in and shopping around for the best features to meet your needs. By taking your time in the car buying process you will know exactly what you are looking for and when you find a great deal on the ideal vehicle you’ll know it. You’ll be less likely to be pressured into making a quick decision that you might later regret.

Be flexible

You may have your heart set on a certain model or colour of vehicle, but if you keep an open mind and are willing to consider other choices you can end up saving yourself a lot of money.

Sell your old car yourself

It’s more convenient to incorporate trading in your existing vehicle into the purchase of a new vehicle, but you could be losing out on hundreds or even thousands of dollars in the process. It’s best to keep the two transactions separate. Online listing sites like cars.com make it relatively easy to find an interested buyer for your old car that will be willing to pay more than a dealer will give you for it on a trade-in.

By using these tips, you’ll be well-equipped to find the best vehicle to meet your needs, and negotiate the best deal on it. You can be confident you’ll make a great car buying decision and save money on your new car.

 

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