Millions of people are planning on buying a car this year, and many of them will pay more than they should. Saving money when buying a car is simple if you know the tricks that will get you the best price. Following these five tips can help you save thousands when buying your next car.
Researching the cars available in your area allows you to compare prices and features before leaving your home. Kelley Blue Book and Edmunds are great places to find the going price and available options for the cars under consideration. Do an apples-to-apples comparison when shopping around to ensure you get the best deal.
When buying a car, you should focus on the total price you’ll pay instead of the monthly car note amount. Salespeople can configure your payments in a multitude of ways to make your monthly payments lower, but you may end up paying considerably more over time. Focusing on the total cost will ensure that you get a good price for the car you are interested in.
A data analysis from Edmunds shows that the average new car will lose roughly 11 percent of its value immediately after it is sold and driven away from the lot. Instead of eating this loss in value, consider buying a car that is a few years old. Certified used cars are inspected thoroughly before sale and are almost as good as one fresh off the assembly line.
High mileage vehicles can be a great deal for someone that does not regularly drive long distances. Car manufacturers generally design their cars to last for 200,000 miles or more, so a car with 110,000 miles on it still has a lot of life left in it. If you choose to go this route, have the car inspected before purchase so you know exactly what you’re getting.
Car buyers looking for a deal on their next car should avoid shopping in the spring. Spring is when many people get their income tax refunds and choose to put a down payment on a car. The deals are better in the winter, when dealerships see less business. The prices are also better towards the end of the month when dealers are more willing to make bargains to meet monthly quotas.