How to Save When Buying Your Next Car
Purchasing a car is a major financial decision. Make sure you’re getting the best bargain with these car-buying tips.
Find a Private Seller
Doing business with a private seller is one surefire way to save on a car. Here, you’ll have the chance to negotiate and you don’t have to worry about bargaining with a trained salesmen. However, before you go to make a deal, do you your homework.
After you’ve found a car, you should find its value. Sure, it may look good on paper or online, but you need to know what it’s really worth. It’s important to know both the low retail value and the average retail value of the car.
Be advised that low-value retail valued cars may have visible signs of wear and tear, high-mileage and in some cases these cars may not even be in running condition. Average retail valued cars are generally in good condition with mileage that’s acceptable for its model year. For more helpful information on the subject, visit the NADA guidelines online.
Pass the Test, on the First Try
Saving money when it comes to a car involves more than just the initial cost of the automobile. According to data reported by the experts from the website Driving Tests, four out of 10 people who take the driver’s test will fail on their first try. Earning a license doesn’t come cheap. In fact, it costs $26 the first time to take the skills and knowledge test and $11 each time after, according to the Department of Motor Vehicles.
If you’re the parent of a young driver who’s hoping to get his or her license without studying, encourage them to study for their big test online. The free online resources offered by Driving Tests include practice exams that are similar to the skills and knowledge tests at the DMV. Plus, these tests are catered to each state, quizzing users on state-specific questions, from New Jersey to Washington state.
There’s nothing wrong with buying a pre-loved car. And if you’re looking to save some money on a set of wheels this is the best way to go. When purchasing a new car, you can expect to pay $400 a month, while a used model will cost just $301 on a monthly basis, as the average price of a used sedan is just $15,688, according to Edmunds. However, if you’re looking to save even more money and ownership isn’t a big factor, consider leasing your car. This way you can save even more. Another great place to find a quality used vehicle is at an estate sale. Find great estate sales in your area.
Know the Best Time to Buy
While you may have heard of visiting a dealership on a rainy day or coming in around closing time to score a deal, rest assured that these “tricks” won’t guarantee a deal. But time is a factor when it comes to securing a good deal on a new car. It’s estimated that the best time to buy a new car is around Labor Day. According to data from Edmunds, reported by the financial website MarketWatch, the average discount from the manufacturer’s discount price is best around August and September, making these two months a great time to find a bargain. In December, bargains are even greater. However, be advised that you can’t be too picky. As the year comes to a close many dealerships are left with what’s already been picked over, so you might have a hard time finding the model you’re interested in or that perfect car color.