Getting The Best Bang For You Buck When You Need A New Car

This is a collaborative post

There are few purchases that weigh quite as heavily on your budget as your choice of car. However, when you need one, there’s really no getting around it. All that you can do is ensure that you’re getting a good deal. As such, here, we’re going to look at what you can do to stretch your budget as far as possible and get the car that truly meets your needs.

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Get Pre-Approved Before You Go Shopping

Before stepping onto a lot, get pre-approved for a car loan through your bank or credit union, rather than using cash. This gives you a clear budget and helps you avoid high dealer interest rates. Plus, it shows sellers you’re a serious buyer, which can strengthen your negotiating position. Knowing how much you can spend before you start talking with any dealers allows you to narrow your options, and makes you a lot more likely ot avoid being convinced into the unnecessary upsells that can see cars getting a lot more expensive than they initially look.

Consider Going Used With Your Purchase

Buying a gently used car can save you thousands without sacrificing quality. A new car is often not worth it, doing the majority of its deterioration in the first year alone. Make sure that you find a used car dealer near you that you can trust. They should be able to provide a full history on any vehicle they have, or perhaps even certified pre-owned vehicles, which have been maintained up to manufacturer standards. Any used car is going to be significantly cheaper than a new model, you don’t have to go too far to find a deal.

Compare Models Across Brands

Don’t lock into a single brand or model too quickly. Often, a comparable vehicle from another manufacturer offers similar features at a lower cost. Make sure that you work out the total cost of ownership of any vehicle you investigate, which includes not just the sticker price but the fuel economy, insurance costs, and maintenance, as well. Cross-shopping helps you spot hidden gems and gives you more leverage when negotiating. Whether it’s a sedan, SUV, or hybrid, broadening your search increases the chances of finding a better-equipped vehicle at a lower price.

Be Ready To Negotiate

The sticker price on the car isn’t the only one that you have to keep in mind. Indeed, you may be able to get the seller to wiggle on it if you know how to negotiate. This includes doing your research and knowing the price of the car in your local area, especially from other dealerships. Timing your purchase can make a big difference in how pliable your dealer is, as well. End-of-month, quarter, or year sales events often come with aggressive discounts as dealers aim to hit sales targets.

You may have a lot more wiggle room than you realize to get the car that meets all of your needs. Just make sure that your finances are in the right spot and that you’re going to the right place for the right car.