Purchasing a car is a substantial investment. However, buying a car doesn’t need to cost you your entire savings. There are many different things you can do to purchase a car for less money. If you’re strapped for cash or simply need advice on how to get a good deal, consider these tips for spending less on your next car.
Buy a used or salvage vehicle
One of the most popular ways to spend less when purchasing a car is to simply buy a used vehicle. Once vehicles are driven off the lot, their value immediately decreases. As such, buying a pre-owned car can save you a lot of money on a vehicle that’s still in good shape. If you’re particularly handy, you could even consider purchasing a salvage vehicle. Few people consider purchasing salvage vehicles due to the work required to repair them. However, if you have a talent for mechanics, you could purchase a car for an extremely low price and fix it up, potentially saving thousands of dollars.
Don’t let a pushy car salesperson pressure you into purchasing a vehicle on the spot. To get the best deal, it’s important to research similar vehicles at other dealerships and compare prices. If you find that a similar vehicle at another dealership is selling for a lower price, you can use this information to your advantage when negotiating for a better deal.
Strategically plan when you make your purchase
The day that you plan your purchase can have a large impact on how much you pay for your vehicle. For example, towards the end of the month, salespeople may be willing to sell a car for less money to meet their monthly quotas. The year’s end is also an especially opportune time to purchase a vehicle. At this time, car companies are often in a rush to sell older models to make room for newer ones. As such, vehicles are usually discounted during this time.
Don’t hesitate to negotiate
While negotiating is often intimidating, doing so could save you a lot of money on your next vehicle purchase. If you notice any flaws in the vehicle, such as scratches or dents, you may be able to negotiate the price down several hundred dollars. To effectively negotiate, you must have a good understanding of the car’s value and not be afraid to walk away if the salesperson isn’t able to give you a good price.