Purchasing a car is an exciting process, but there are also a lot of pitfalls that must be avoided. If you do not conduct sufficient research, you can end up paying a lot more than necessary. Here are 4 ways to get the best possible deal for when you buy your next car.
Consider Importing for Major Discounts
If you are serious about slashing the cost of what you pay for your next car, you can get creative and examine car prices in other countries. If you are buying a car new, you could find prices that are up to half of what you would be paying domestically.
The one rub of this method is of course that you will need to pay to ship the car to you. You must therefore factor this in before determining how much you could stand to save. Compare car shipping company reviews for an idea of the most reliable and cost-effective options.
Dealerships typically expect that there will be some element of negotiation when you buy a car with them. As a result, it is good practice to never accept the first offer they present to you. This goes for both the price of the car itself, and the details of any financing plan, if you are going this route.
You may also find that there is room for negotiation if you are purchasing from a private seller. If you can identify any scratches or damage on the car, this can be a particularly effective negotiation tactic.
Research Any Car Thoroughly
It is imperative that you accrue as much information on the make of car you intend to buy as possible, if you wish to get the best deal you can. There are several reasons for this. For one, it can be difficult to effectively negotiate with the seller, if you are not aware what the car is truly worth.
Ideally, if you can identify the price that manufacturers are selling the vehicle to dealerships for, you can determine how much of a markup the dealer would be making from a given offer. Up-to-date pricing information can typically be found on car retail websites.
In addition, if you do not adequately research different makes, you may end up purchasing a car that offers poor value for money. Finally, if you research different dealerships and alternative purchasing methods, you may find that your car is cheaper to buy elsewhere, such as from an online website or car auction, for example.
Choose the Right Time to Buy
Many people may not realize that car prices fluctuate significantly throughout the year. In fact, it is advisable to try and buy as late in the year as possible. This is because, at this point, older ‘new’ cars that dealerships acquire earlier in the year are taking up space which could be occupied by more current makes, increasing their need to sell them.
As a result, buying in November or December could save you over 5% on the recommended price of a car.