It’s no secret that vehicles are large purchases. In fact, outside of homes, cars represent the most expensive things many of us will ever own. As such, there’s little wonder as to why the prospect of car shopping tends to fill people with dread. While there’s no magic wand solution for high vehicle prices, there are a number of simple measures anyone can take to save big bucks on your next car. Anyone looking to take the hassle out of the car buying process would do well to consider the following measures.
Pay Off the Vehicle Right Away
Although many people take out loans to purchase vehicles, going this route generally entails paying a fair amount in interest. Given how expensive a new car can be, it’s easy to see why paying for it with a loan would seem like an attractive option. However, if you have the money to pay a vehicle off in full, you’d do well to skip the loan. In addition to saving you a bundle in interest, agreeing to pay for a vehicle in cash may prompt certain dealerships to provide you with additional discounts. While parting with a sizable amount of money is never easy, not having to worry about monthly payments or accumulated interest can lift a tremendous weight off your shoulders.
Should you ultimately decide to get a loan, make sure to factor in the cost of interest when tallying up your monthly payments. Doing this in advance of taking out a loan stands to save you a considerable amount over the long term.
Purchase a Pre-owned Vehicle
Although some car buyers make a point of avoiding used vehicles, there’s a lot to be said for going the pre-owned route. For one thing, buying used is considerably less expensive than purchasing a brand-new vehicle. Additionally, if you’re willing to settle for a car that’s a few years old, you may find that you’re able to afford a lot more features and amenities than you’d be able to with a new vehicle.
Of course, this isn’t to say that all used vehicles are equally good purchases. For example, since buying a used car from an independent seller is always risky, limit your options to certified pre-owned vehicles at a highly-rated auto car dealership. Since many certified pre-owned cars come with parts and service warranties, you can rest assured that you won’t get stuck with a lemon.
Do Some Comparison Shopping
When buying something as expensive as a new vehicle, it pays to comparison shop. This will give you a general sense of what a car is worth and help illustrate pricing differences between local dealerships. Additionally, knowing what multiple dealerships are charging for the vehicle you wish to purchase can provide you with bargaining power when it comes time to start filling out paperwork.
Don’t Hesitate to Haggle
In the interest of keeping things cordial, many car buyers will simply pay sticker price without even trying to negotiate with sellers. Wanting to avoid an uncomfortable or confrontational sales situation is perfectly understandable, but it’s important to remember that professional salespeople are no strangers to haggling. So, if you’re not crazy about the sticker price of a vehicle you wish to purchase, don’t be afraid to request a reduction.
However, when doing so, make a point of being polite instead of adopting a confrontational tone. As the adage goes, “You catch more flies with honey than with vinegar.” You may think that being aggressive is what it takes to get a good deal on a vehicle, but if you come off as rude, many salespeople are less apt to give you the deal you’re looking for. If a good discount on a Chevy sports car is what you’re after, remember to approach the situation as respectfully as possible.
Many of us actively dread having to replace vehicles. In addition to the high costs associated with new cars, people often experience anxiety at the prospect of dealing with pushy salespeople and trying to negotiate mutually beneficial prices. While there’s no denying that a vehicle purchase will set you back quite a bit, you should still take active measures to save as much money as possible. As evidenced by the tips discussed above, saving big on your next car is far from an impossible undertaking.
