Buying a car is always challenging; especially when you are looking into purchasing a brand new set of wheels. New cars are undoubtedly costlier and you don’t want to end up paying a fortune for an average car. So, how can you get the best deal on a new car? Here are some of the key tips and tricks to ensure you don’t pay a fortune.
Consider the model
A part of the cost of buying a new car comes from the fact that it’ll quickly end up losing value. If you’d be looking to find the single biggest cost of a new car, it would be how much the car’s value slumps from its purchase price to resale price in just a few months. But when it comes to car value, certain models tend to lose it quicker than others. What Car? provides a car depreciation calculator, which is handy to understand how well your chosen model might hold its value and the annual depreciation rate you should keep in mind.
Pick the right time
You’re probably aware of how the cost of holiday can change depending on the peak tourist seasons, but a similar rule also applies to buying new cars. The trick here is to know that car dealers have specific targets to meet to ensure they receive a bonus. These tend to be based on quarterly sales, which make the end of September, December, March and June a lucrative time to buy. This is the time when dealers want to shift cars as quickly as possible, and therefore, they are more open to negotiating on the price.If you’re buying a ‘specialty’ car, such as a convertible, look to buy it during the opposite season of use: winter, instead of summer.
Remember the rules
You should have decided on the kind of car you want based on your needs. But you can still be smart by focusing on some of the features of the car if you want to save more money. For example, car experts have identified the cheapest cars to run:
- Smaller engine is often cheaper to large engine.
- Petrol cars are cheaper than diesel.
- Manual cars are more affordable than automatic models.
- Hybrid cars have higher initial cost, but are cheaper to run in the long-term.
- Higher CO2 emissions can increase the costs.
- Smaller cars have lower insurance costs to large cars.
Skip the extras and accessories
The dealer is going to be offering you all sorts of extras and accessories to go with your new car. While these might sound tempting you should just say ‘no’. Most of the extra functions in the car can be unnecessary and end up adding a lot to the price tag. Always think carefully what you actually gain from the extra and whether you need it to drive around.
In terms of accessories such as car components and extra tyres, it’s again good idea to skip them. You most likely won’t need these straightaway and you could find cheaper alternatives elsewhere. Purchasing accessories separately from companies, like RAC and Kwik Fit, can cut down the initial cost. Both automotive retailers also offer savings through VoucherBin.
Switch the dealer to online broker
While there are benefits to buying in-store, new car deals could be up to 20% cheaper online. Internet-based car brokers often buy in bulk and hand out part of this saving to the customer. Sites like Carfile.net and UK-Car-Discount.co.uk are worth checking out to see what’s on offer and at what price. The brokers often want you to pay a deposit up front, with the full sum being credited as you get the car. Just remember to ensure the site is legal and has insurance to ensure you aren’t scammed.
Haggle your heart out
Finally, it might not seem like something you are naturally good at doing, but you need to haggle to get the best car deals. Dealers expect you to haggle and they are willing to come down slightly on the price – you should never pay the list price of the car. If you’ve never haggled before, here are a few handy tips from the MoneySuperMarket.com:
- Ask for a free extra function like a navigation gadget or extra tyres.
- Consider already discounted cars first, as they might have more room for haggling.
- Don’t buy anything straightaway and get the dealer to contact you about the deal.
- Don’t talk constantly, but let silence settle in occasionally, as this might make them more likely to offer something.
- Consider mentioning offers from other dealers – just don’t bluff too much, but be honest that you’ve checked out other deals.
- Don’t lose your politeness at any point. If you are charming and friendly, you get the dealer on your side. If you’re rude, well, they don’t want to deal with you anyway.
- Aim high and you’ll get something. Sometimes it helps to reach for the stars, just to get to the moon.
So, with the above tips, you can find the best deals on a new car. Just do your research, take your time and enjoy your new ride!