When it comes to getting a great deal on a new car, there’s a right and a wrong way to go about things. A little bit of research can go a long way, but sadly, most car buyers focus too heavily on monthly payments, and once they’ve found a price that works well for them, they’re straight to the nearest dealership to pick the car up. But you could be missing out. Here’s what to do to get a great deal on your next car.
1. Trade your old car in
Most people who are looking to buy a new car will already have a vehicle that they are planning to replace. Figure out how much your current car is worth; you can sell this car privately first or trade it in at the dealership you’re buying your new car from, making a massive impact on the amount that you have to put down as a down payment, in turn driving down your monthly payment.
2. Figure out your budget
It’s all too easy to get caught up with only thinking about the monthly car payment when you buy a new car, but bear in mind that this isn’t the only expense that you’ll be incurring when you drive your new car away. It’s a good idea to get insurance quotes on the car that you are thinking of buying. You may find that insurance premiums are high, and it’s not as good a bargain as you thought it was.
Everybody wants to be the first person to drive a brand-new car away from the showroom, but the sad truth is, this isn’t usually financially smart. After just five years, your car will be worth less than half of what you paid for it, and if you’re getting a loan to pay for it, then you’ll probably have borrowed more than the car is worth as soon as you drive it away. Instead, look for used car deals from reputable dealerships like Applewood Mitsubishi.
4. Consider leasing
It’s also worth considering if it’s more financially sensible to lease rather than purchase your vehicle outright. It can be better to buy in many cases, but there are some exceptions. For example, if you like to change your car often, leasing gives you the freedom to swap your wheels for a newer model, and you don’t have to worry about depreciation as you do not own the car.
5. Ask around
While heading straight to the nearest car dealership once you’ve found a car that you like is convenient, you could be missing out on better prices. Search online or get in touch with car dealerships in your area to see if you can find the make and model of the car you’re looking at with a better offer. Some dealers will run special offers and discount prices, so it’s always worth asking around about promotions you can take advantage of.
When it comes to buying a car, it can be all too easy to get ripped off. Keep these tips in mind to make sure that you secure the best deal!
This is a collaborative article.
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.
