New car models are notoriously expensive. However, there are ways to save money on the latest models so that they’re not quite as costly. Check out these following tips to save money on a new car.
Shop around for prices
Dealerships all buy cars from manufacturers for the same price. However, they don’t all sell them for the same price. Some will charge more per vehicle due to higher overheads. For instance, dealerships in cities will often pay more rent for their location than dealerships in smaller remote towns – and will often price cars higher because of this. Others simply price vehicles higher to see what profit they can get away with. By shopping around various dealers for the same model, you can compare prices and find the best deal.
Buy at the end of the month
You can haggle down the price on new cars. Quite often you’ll be able to negotiate the best discounts towards the end of each month. Car dealership sales reps often have monthly targets to meet – and are therefore more willing to slash prices towards the end of the month to make these targets. The month before a new model comes out, you could find some particularly great deals, as a dealership may be trying to clear its stock for the latest release. You can check which month a new model is being launched online.
Take care when customizing
New cars can often be customized – which can include a choice of different bodywork colors or interior materials. However, you could find that certain customizable options come with an extra fee such as adding an extra USB slot or rear facing cameras or designer tires. Decide which features you truly want and need so that you’re not paying huge amounts on extras. Be wary that some sales rep may try to upsell these features so you’ll need to put your foot down and say no.
Buy nearly new
There are some dealerships that sell nearly new cars such as these used BMW cars. Such cars may be the latest model (or a recent model) and may have very little mileage, making them pretty much brand new. They’re typically a little cheaper than true ‘new’ cars and so are a good option if you want to buy one of these cars at a reduced price. Of course, this does mean you’ll miss out on certain benefits like being able to customize the vehicle.
Shop around for finance
Most people can only afford to buy a new car on finance. It’s important to factor in interest rates when choosing a finance scheme so that you don’t pay too much in interest over the years. Dealerships will offer finance deals, but they may not always be the best deals on the market. Take the time to shop for car loans elsewhere to see if you can save some money. Having a good credit score will help you to access finance deals with lower interest rates.