Everyone loves the feeling of purchasing a brand new vehicle. Everything about it is great, the new car smell, fresh interior, the latest gadgets, etc. However, the process of buying a new vehicle is probably the most frustrating part, especially when you are trying to get the most for your money. There is so much to the process such as finding the right vehicle for your needs, getting the right loan with a good financing, getting a good quote on the vehicle of your choice, and the biggest headache…the paperwork. There are ways to be smart about your vehicle purchase, while saving money right now and in the long run.
My first suggestion for anyone looking to buy a vehicle would be to shop around. Don’t just go to one dealer and settle for what they have to offer. If you shop around, then you will have the advantage of knowing what the competitor is offering and that may help you with the final asking price. Along the same lines, don’t settle for the first offer either. Most of the times dealers will make you an offer already knowing that you will try to bring them down to a better deal. They are usually willing to bring down the asking price, within reason.
“Shopping around” applies to financing as well. Many people don’t realize that you can search for your own financing beforehand. This way you will cut out the middle man and more than likely will get a better finance offer. Just make sure that you have this information available for when you are ready to make the purchase.
Consider a Hybrid
It is so important to not only think about your immediate savings, but also your savings for the down the road. Try to get a vehicle that can meet your needs but also has excellent gas mileage. Hybrid vehicles are by far the best option. It is a pricier vehicle, but if you are able to afford it at the time of purchase it will be so much more beneficial to you in the long run. There are more economical advantages for plug-in Hybrids versus gas-electric, such as tax-breaks, and the privilege to drive solo in a carpool lane (among many others). However, no matter which Hybrid you choose, you will still save a massive amount of money on gas; this amounts to be extra money in your pocket each year. If you think about the price of oil continuing to increasing, it doesn’t seem like such a bad option.
Purchase a vehicle that matches your budget. Sometimes the flashier, luxury vehicles are very appealing but they can cost a lot, not to mention how much you spend out of pocket once the vehicle is in your possession. Keep in mind that the higher the vehicles value, the higher the insurance premium. Another thing to consider is the future maintenance on the vehicle. Usually luxury vehicles are more expensive to maintain because the parts cost more.
When you decide to make a vehicle purchase, make sure that you are prepared. Know your budget and stick to it. Don’t settle for just anything. Knowing exactly what is best for you, can result in an easier car buying process.
Readers, do you have any other thoughts on the car buying process? What tips and tricks have you used to save money?