Purchasing a new vehicle is a long process and a hefty financial outlay for an asset. Whether you are leasing, getting a new car on finance or paying in cash, you will need to know the ways in which you can make your purchase more affordable.
If you are thinking of saving some money when purchasing a new vehicle, here are four handy tips:
Wait for the right time to buy
The time when you purchase your vehicle can have a big effect on the price, but it is not just about the month or season. The make and model of your vehicle will also have an impact on how much you pay.
If you do some research, figure out what your needs are and set your price range in advance, you will be on the way to saving money. Generally, at the end of the financial year, salespeople are often looking to sell their current stock. This means that the deals on offer can be significantly better than usual.
Think about your finance and related costs
There is more to buying a vehicle than just paying for it at the point of purchase. You should also think about how much you will spend on fuel, car insurance and potential maintenance costs. Also how you will pay for the initial purchase will it be with finance or cash? Both have their own costs and benefits. Purchasing a car on finance will typically be more expensive, but you may also get some added extras.
Shop around for a better deal
Just like with insurance policies and home loans it is always worth shopping around when buying a vehicle. Look out for any specials or deals that are on offer as these could help make your purchase cheaper. If you have identified what kind of vehicle you want and have an idea of the price that is within your budget, shop around to see if there are any deals to be had.
An online search can help you find all sorts of good deals on new vehicles. Take advantage of any special offers such as 0% finance deals or loyalty schemes. Look for deals in your local area that financial institutions may be running, if you’re based in Queensland research car finance options on the Gold Coast and surrounding regions online to find a great rate. Also, check out online car auction sites, but make sure you do your research beforehand to ensure that what you are getting is a great deal.
Don’t pay for extras you don’t need
Another way to reduce the overall cost of your vehicle is to identify what it is that you need in a car, rather than what you want. For example, if you have a young family, you may be tempted by all the extras that come with a vehicle designed for families; electric seats and car seats.
However, these extras can add up big time and may not be necessary at this stage of your family life. By simply going for the basic model, you will save yourself some money.
There are plenty of ways that you can save money on your purchase and it is simply a matter of researching the market, finding a suitable vehicle within your price range and then buying at the right time for maximum savings.
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