If you are thinking about buying a new car, there are quite a few ways that you can save significantly. There are a lot of options out there, and each car comes with its own pros and cons that you should evaluate. It is not uncommon for the car salesperson to entertain you into believing that an expensive car is actually a real bargain, which is why you should initially know just what you are looking for and how much you are willing to spend.
Taking out dealership finance can reduce the ticket price
If you opt to get pre-approval for a specific loan amount and compare loans by applying to a few different financial providers and banks, you should do so within a two-week period to ensure that the loan applications are seen as one transaction. This will prevent your credit score from being affected by multiple applications. However, if you opt for dealership finance, you will have a peace of mind in knowing that the dealership is negotiating the best deal for you with lenders. Additionally, you will not only be ensured the process is running smoothly and your credit score is not potentially affected, but you may also receive special deals on both the car price and car insurance.
Part exchanging your old car can give you a negotiation room with the dealership
Part exchanging refers to using your old car to pay a portion of the new car’s total price. This is a great option specifically if you are willing to replace your old car. Part exchanging your old car will allow you to negotiate with the dealer, which could lower the price of your new car.
Selling your old car privately gives you more capital to take off the ticket price
Even though part exchanging is a great option to lower the total price of your new car, selling your old car privately could potentially save you even more. This is because you may be able to sell your old car for a larger amount than what the dealership may be willing to offer.
Leasing a car instead of buying can drastically reduce monthly payments
As opposed to buying a new car, if you opt to lease a car instead, you return the car to the dealership after a fixed period. This option will drastically reduce your monthly repayments and also allow you to make periodic upgrades on the vehicle you are driving, without costing a fortune. Leasing is also a great money savvy option because repairs are usually covered by the warranty and there is no selling involved.
Storing it in a closed garage can reduce insurance premiums
There are quite a few factors that affect your car insurance premiums, such as your age, your driving history, the type of car, and many others. While many of these aspects cannot be changed to lower your premiums, parking your car in a closed garage can. Storing your car in a closed garage will lower your premiums because the insurance company will note that your car is safe and securely parked and there is less chance of theft and damage to your car. Additional security features, such as an immobilizer can also further lower your insurance premium. Have great pleasure in driving your new car.