How to Buy a New Car Without Going Bankrupt

Buying A New Car Cheaply

A new car is one of the most expensive purchases you can make in life. And while you can save a great deal of money by opting for a second-hand model, sometimes you need the peace of mind that it will keep you going for several years. A used car might look good in the dealership, but there could be hidden problems that will cost you further down the line. As well as wanting something reliable, you also want something that looks good and makes you feel like a master of the road. And there’s no better way to achieve this than to splash out for a brand new vehicle.

But new cars are expensive, and if you’re not careful you can end up overspending and feeling the consequences on your finances several years later. But fortunately, there are ways to purchase a new car straight out of the showroom without breaking the bank. 

To help you out, here are five tips to save money on your new car.

Downsize

Do you really need a six-seater SUV if you live by yourself? Would it be the end of the world if you downsized to a simple two-door Polo? Before you settle on a model, make a list of your criteria and separate your needs from your wants. A smaller car will come with a much lower price tag, and it will also save you money on tax, insurance, and fuel. 

Pick an outgoing model

Rather than plumping for the latest releases, why not consider a car that is reaching the end of its lifecycle? If a particular vehicle is set to be replaced by a newer model, many dealerships will start to sell them at bargain prices. 

Don’t be too picky

Many buyers walk into the dealership with a firm list of essential features in their heads, which can blind them to excellent cars that only just fall shy of their extremely high standards. If you want to save money, you can’t be too picky. Is that particular shade of blue a deal-breaker, and can you make do without a fancy Bluetooth speaker?

Haggle over extras

Even if you can’t negotiate the price of the car down to your ideal level, you might be able to find some wiggle room with the optional extras. An eager salesperson might just be willing to drop down the price of your accessories and care package just to make the sale.

Pick the right finance 

When buying a brand new car, most people won’t have the means to pay for it upfront. Therefore, the method of financing you choose will be crucial. There are so many different options out there when it comes to paying for a car, from personal loans to hire purchases to logbook loans. These can all vary in relation to interest rates, length of the contract, and overall cost, so it’s worth taking the time to do some research and find the best deal for your new car.

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