Buying a new car can be an expensive process – but does it need to be? It is important to take the time to consider your needs and your situation against the car you think you want. In the currently questionable climate, it is important to save money where you can, and one area in which you can certainly save money is buying your next car.
Running costs and maintenance
It’s important to check running costs to make sure that your new car isn’t going to be a money pit. If a car is cheap, you have to ask why that is. It could be that it has extortionate running costs or that it is expected to break down a lot and need expensive new parts or repairs.
Some cars might look the part or sound the part, but it is important to do your research first and make sure that the car has a good reputation for being efficient and affordable to run. In this sense, newer models often turn out to more cost-effective; indeed, research suggests that new cars are 23% cheaper to run than older models.
You need to work out if the cost of the car will outweigh its maintenance and running costs, or vice versa. In line with this, it is also important to check what the price of insurance would be in order to make sure this doesn’t catch you out later.
Find a compromise
When it comes to buying a new car within your budget, you may have to find a compromise. Write down a list of all of the features that you think your new car has to have, and then research how much a car with all of these features would cost. Then consider whether all of these added features are necessary, or whether you’re being unrealistic in your search.
Narrow your list down to the essentials which your new car definitely needs then look again. Many features that cars come with now have spoiled us – but they are not essential. If you are willing to let go of them, you might find that you can save a large amount of money on a car which still does everything you need it to – namely take you from A to B in a safe and comfortable manner.
Consider leasing your car
One way to save money and avoid disappointment when moving on from your car is by leasing. This way, if the car has lost value when it’s time to trade it in, it doesn’t negatively affect you. What’s more, you save money by avoiding the steep interest prices that come with buying a car outright. Vehicle contract hire is becoming increasingly popular; there has been a 40% rise in the sector.
There you have it – just some of the ways in which you can save money on your next car. Remember to take the time out to consider your options and consider financing options such as leasing to unlock superior quality without tying down your assets.