According to the most recent data, the average Brit will spend £168,880 on cars and driving in his or her lifetime. One of the most common reasons that people buy a new car is to accommodate a growing family, but sometimes, a change is all people want. Maybe you want something a little more flash than your existing one, or maybe you need something more practical. Either way, we all get to the point where we want to upgrade our car.
Since buying a car is not a cheap purchase, you’re probably looking for ways to save on your vehicle upgrade. Before heading to the dealership, check out these four tips that make buying a car more affordable.
#1 Sell or Trade In Your Existing Vehicle
Trade in or sell your current vehicle for cash to use towards your new car purchase. Depending on the quality and age of your car, the cash you receive from the sale or trade in may cover most (or potentially all) of the cost of your new vehicle.
#2 Save Up a Substantial Deposit
When buying a car, you might be tempted to take the “no money down” route that many car dealerships offer. However, having a good down payment when buying a car carries multiple benefits, especially when reducing the amount of money you’ll owe. When placing a sizable down payment on your new vehicle, your monthly payments will be much more affordable every month. As an additional benefit, you may become eligible for lower interest rates on your car loan.
#3 Take advantage of personal hire schemes
If you are not too worried about owning the car and are happy to keep trading it in every few years, you may want to consider the personal hire scheme that many dealerships offer, for example, the Vauxhall Insignia 4 Year Personal Contract Hire Offer. This allows you to have a new car every few years. You are more limited to the mileage you can do and have to pay an excess over a certain amount, but if you are looking for something that might otherwise be out of your budget, it is certainly worth looking into.
#4 Do Your Research Before Arriving at the Dealership
If you do not do your research before embarking on your car shopping adventure, you may end up paying more than you should. Become well-versed in the costs of the vehicles you are considering, fees you will be expected to pay, and review current promotions at local dealerships. Having a good grasp on current costs and fees will help ensure that you get the best deal on a vehicle and won’t be swayed by a smooth salesperson!
Upgrading Your Vehicle Can be Quick and Simple!
With the right amount of research and preparation, buying a new vehicle can be a painless process. Arriving at the dealership with a solid understanding of your budget and what you need will help make your experience a lot more straightforward. Before you know it, you will be on the road in the perfect new car for you and your household!