Your car is likely to be one of the biggest purchases of your life. In fact, for most people, the only pricier purchase is a home. As such, you should plan for a big expense, but that doesn’t mean you shouldn’t set any limits. Here, we’re going to look at a few tactics you can use to make sure that you’re getting the best possible deal on your car, from the seller to your lender to your insurance and beyond.
Know What You’re Getting a Deal On
Before you go talking about the cost of any car, you have to make sure that you do your research on the car to find out how much it’s really going to cost. It’s important to look beyond the sticker price and instead look at the running costs, which sites like Edmunds can help with. You need to factor in things like the fuel efficiency of the car as well as how much you’re likely to spend on repairs and maintenance to get an accurate picture of what you’ll really be spending.
Haggle With the Best Of Them
When you know what car you want, it’s important to bear in mind that there is always wiggle room to negotiate. Have a budget in mind and don’t be afraid to say no to offers that go above that. Timing your purchase for the right time of year (usually winter) or at the end of a quarter can help you get some more room, too, as the dealer may willing to drop the price to meet a sales quota. This is not as effective for private sellers, of course.
Make Sure Your Loan Works for You
The price of the car isn’t the only factor that will affect how much you spend to buy it. The kind of loan you get matters, as well. Your options may seem limited, but even if your credit is relatively low, sites like ChooseMyCar can help you better scan the options available to you. One thing you certainly want to avoid is getting financing directly from a dealership, as you can almost always find a better deal outside of them.
Make a Big Dent in Your Insurance
After you buy the car, the next immediate cost is going to be your insurance. However, there are plenty of ways to save on your car insurance, as well. Scanning the market is always highly recommended, but you can also opt for deals like black box insurance which uses proof of your safe driving habits to drop your premiums. Just make sure that if you choose a low-premium deal that you’re aware of how much you might have to co-pay in the event of a claim.
The cost-effectiveness of your car purchase will go way beyond the moment you drive your car out of that dealership (or away from that private seller.) The above advice is only the beginning, you should keep your eyes peeled for more info on how to save the costs of car ownership.