Cars are a big purchase. They’re the big-ticket items on your bucket list of must-haves. Not as big as buying a house, but bigger than buying furniture for your new place. If you are lucky, you can pay for your new car outright and up front, but for most people, a car has to be on finance to be an affordable purchase.
It’s just a fact that cars in general are not a small expense. Once you get the cost of the actual car out of the way, you have to factor in road taxes gas costs and insurance. Saving money is the name of the car game and if you are in a position where upgrading your car is your next option, then you’ll love the tips we’ve put together for you.
- Research! When you choose your new car, you need to look at every costing avenue. Do your research on car insurance quotes and go with a company you can get the best coverage for the least amount of money. You’ll find car insurance companies to be very competitive as they attempt to outdo each other, so take advantage of that!
- Timing! Believe it or not, the time of year you buy your car is going to matter greatly. The new registration plates happen on certain months during the year and when these happen, there are more cars sold. When dealers have more cars to sell, you get more leverage and the ability to negotiate your price is higher. You can also get bargains on newer cars when sales are slow, as salespeople will be happy to shift their stock.
- Understand! Your rights as a car buyer and owner are important. If you are buying a second-hand car, use dealers like these where you can be covered. Buying from a private seller always comes with risks. If you make sure that you test drive the car and have the MOT and history checked, you can cover your back and protect your rights.
- Borrow! While we aren’t in the practice of advising people to get loans out and put themselves into debt, you can sometimes get a better interest deal on a loan than on car finance. It also means that you own your car outright rather than it being on a hire purchase agreement, which is far easier to pay off with the bank.
- Need! Assess whether you need an upgrade. You may be doing well with your current car and only want the upgrade for aesthetic purposes. There’s nothing wrong with that, but your contribution to the environment and your carbon footprint should be at the forefront of your mind with your car choices. If it’s just you, then a gas guzzling vehicle isn’t going to be totally necessary, is it? You can also save money by buying a car with a smaller engine.
You can save money with a lot of avenues for your new car, it’s all about being savvy and finding the best deal!