If you’re in the market for a car, then you know that you’re going to have to spend. After all, they are some of the biggest purchases we tend to make, second only to a home for most people. But that doesn’t mean that you have to let it totally run away with your budget. Here, we’re going to look at the various steps you can take to make sure that you’re getting the best deal possible on your next car.
Know Your Needs And Explore Your Options
If you’re in the market for a new car, then having some strategy about it is always recommended. Before you set foot in a dealership, make sure that you know what your core needs are, even if you don’t know specifically what car you want to buy. Prioritizing things like fuel economy, space, or utility can make sure that you don’t go down the rabbit hole of looking at cars that really do not suit your needs. When buying from a dealership, be sure to check the vehicle history reports on vehicles if they’ve been pre-owned to prevent yourself from having to do too much guesswork, as well.
Do Your Research More Thoroughly
If you’re looking to keep your trip to the dealership as focused as possible, then you should take your time to research the specific car models that you want to look for. For one, aside from getting to know more about their reliability ratings, fuel efficiency, and ownership costs, which can help you manage your budget in the long run, you will be able to compare pricing and see if your local dealership is really offering the best deal on it. Knowing the numbers ahead of time gives you confidence and prevents overpaying. Check owner reviews and recall information to avoid vehicles with common issues, to avoid getting a car that‘s going to give you more trouble than it’s worth, as well.
Consider Going Used With It
If you’re looking to keep the financial impact of buying a car down to a degree, then going used really is the most effective option there is. However, going with a private seller can be risky, as they may not be able to offer as much information or reassurances on the car’s history or condition. With the help of a dealership, you can get a warranty with your car, as well as a full service and ownership history. Unlike private sellers, used car dealers may also provide financing options, trade-in deals, and access to a broader range of vehicles. There’s still room to negotiate with dealers as well, but you’re going to be making big savings thanks to the depreciation hit on a used car compared to a new car, regardless.
Time Your Purchase Well
If you need a car right this moment, then there might not be much to be done to stop you from getting one. However, if you’re able to wait, then the timing of your car purchase can make a significant difference in how much you pay. End-of-month, end-of-quarter, or end-of-year periods are ideal, as sellers and dealerships are often trying to hit sales targets and are more willing to negotiate. By shopping in the off-seasons, such as late fall or winter, you can buy when demand for cars is a lot lower, so sellers might be willing to offer a deal just to secure a sale. Monitor the prices of cars over the weeks so you can spot and act on any sudden drops.
Get Pre-Approved For Your Financing
Unless you have the cash at the ready to complete the purchase right this moment, you’re likely going to need financing to complete your purchase. However, rather than buying financing there on the spot, walking into a sale with your own financing already secured puts you in a much stronger negotiating position. By getting pre-approved through your bank or credit union, you’ll know exactly what you can afford and avoid being pressured into higher-interest dealer financing. With financing at the ready, you’re much better able to focus on the total cost of the car, rather than the monthly payment, since you already know you have the financing agreement you want pre-approved.
Check Your Car In Detail
When you’re buying a car, if you’re able to spot any issues, it could be good news for the deal that you’re trying to make. Any issues you might spot, even minor ones, can be used as points of negotiation to drive the price down. For that reason, you should always take the car for a test drive and, if possible, have it independently inspected. A test drive lets you check for performance issues, handling, comfort, and features you might overlook online. Make sure that you pay close attention to how the brakes feel, the smoothness of shifting gears, as well as any strange noises or smells there might be. Of course, any major issues might put you off purchasing the car entirely, but avoiding a money pit that needs constant repairs is a good deal, too.
Don’t Be Afraid To Negotiate
If you’re willing to use your silver tongue, it could end up saving you some money on top of everything. If you’ve taken the time to do your research, secured financing, and had the vehicle inspected, then you’re in a good position to negotiate with confidence. Start by making a fair but firm offer based on your findings. Be polite but assertive, and don’t be afraid to walk away if the deal doesn’t meet your expectations, as there are always other cars that you can buy instead. Negotiation is a normal part of the car-buying process, but a lot of people skip it because they don’t want to get combative.
From being more mindful of which vehicle, exactly, you buy, where you buy it, and even when you buy it, you can make sure that you get a much better deal, allowing you to enjoy more car for your money. If you’re paying full sticker price for a car, then you’re likely missing a trick.