How to save money as a first-time car buyer

How to save money as a first-time car buyer

So, it’s time to buy your first car? This is an exciting time, especially for those who are new to the car buying world. You likely have a set of features in mind that you want for your new wheels, as well as a budget that you have to stick to. You may have even planned out your first road trip but as a first-time car buyer there are some tips you need to help you save money.

To buy the car of your dreams, look into private car finance to help you along the way. And saving money at the same time is never a bad thing. If you have never bought a vehicle before, you might find yourself being caught up in the sales pitch of a car you cannot afford. But if you read on below, you will find out how to save money as a first-time car buyer.

Do your research

One of the first steps to take before applying for car finance is to do some research before you decide on a car or a deal. You can do this by doing some online comparison shopping or by visiting different dealerships and asking for quotes.

Online comparisons are easier if you already know which car you want to buy. This way, you can simply look for the model on different dealership sites and see what their quotes are. By making comparisons and not simply choosing the first quote you will be able to save money on your purchase. Look for the average price your dream car is being sold at and compare them to find one that suits your budget.

Time it right

Now, you might not think that the time of year or month is important for car shopping, but in actual fact, it is. The end of the month is when you should start looking for and buying cars. This is because dealerships need to meet their sales targets and will be more willing to negotiate prices at this time.

After applying for finance, you will start looking for a vehicle. You could also keep an eye on your favourite car manufacturer and make a note of when they are releasing new models. This means that older models will need to be sold, and you might find the perfect vehicle for your needs at the perfect price for your wallet.

Read over all paperwork carefully

As with any large purchase you make, it is a legal agreement with the dealer and with your lender. This means that you will have paperwork to sign. It is important that you read over the terms and conditions carefully before signing on the dotted line.

If you notice that there are extra features included that you have declined or were not made aware of, raise these with the dealer and tell them to remove them from the contract. You are also able to shop around for insurance rather than simply accepting what the dealer has offered. Bring a friend or family member along with you so that they can also read over the paperwork. Do not sign anything that you do not feel is fair or correct.

Negotiate the maintenance or service plan

Whenever you apply for private vehicle finance, you will have to look at maintenance or service plans for the car. And comparing them or negotiating them will help you to save money over time.

For example, you might find that a service plan fits your needs better than a maintenance plan in terms of cost and wear and tear. If this is so, you will need to negotiate the terms and conditions with your dealer and ask for a rate which you can afford. A maintenance plan is more comprehensive but it could cost you more. Take a look at your private finance costs to see how much you are able to afford each month and negotiate terms with the dealership.

Avoid the extras

Buying a new car is exciting, and many of us are tempted by the added extras that come with certain models. Who wouldn’t want an upgraded sound system with Bluetooth and USB capabilities? But you will also have to consider the fact that this will cost you more.

Your new car will likely come with its own features already installed, meaning that you do not need any extras. But if you feel the need for a new speaker or two, or some new rims, you can upgrade these when you have the finances. By only taking what comes with the car, you will be saving more money each month and you will be able to put aside funds to upgrade your car however you like.

Authored by: mjones

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