Family Finance Tips: How To Save Money When Buying A Car

It’s fair to say a lot of families have financial problems. Consequently, the need to save money is very high. Especially when making big purchases like buying a car. Bearing that in mind, here are some ways you can save when buying a car:

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(Flickr: https://flic.kr/p/9VBaGL)

Avoid Loans & Other Finance Options

When some people buy a car, they look for different options to finance it. They do this as they might not have all the money to afford the vehicle right now. So, they get car loans or ask for car finance plans. While these can be helpful, they can also end up costing you more money. Miss any payment dates and you could incur penalty fees. Not to mention the interest rates that mean the car costs more than its original price. The best thing to do is save up until you have enough money to pay for the car in full. This way, you don’t owe anyone any money, and the car belongs to you. There’s no worry of penalty fees or added costs via interest. As a result, you can end up saving money by not using any finance options. I suggest you set yourself a budget to understand how much you can afford to pay for a car. This prevents you from looking at things you can’t afford. As such, you should have no need for financing or loans.

Look For Used Dealers

Generally speaking, the worst thing you can do is buy a brand new car. Why? Because they depreciate in value the moment you turn to drive it out of the dealership. You could buy a new car, drive it for a few months, and sell it in the exact condition you bought it in. Do you know what will happen? You’ll get less money, full stop. The better idea is to look for used car dealers like Spire Automotive. A used car is cheaper and can be just as safe and reliable as a new car. Plus, used cars can also have room for improvement. So, say you fix some niggling issues when you come to sell the car, you may get more for it. All in all, buying used is the way to go if you want to save money for your family.

Never Pay The Asking Price

A proper wheeler-dealer will never pay the asking price for a used car. Why? Because everyone knows sellers are open to offers. They set an asking price just to lure in the customers. Then, it’s all about who has the best offer. More often than not, the seller is happy to give you the car for a fair bit less than what they’re asking. All you have to do is haggle, and negotiate a price that suits you both. If you pay the full asking price, then you’ve missed out on the chance to save a lot of money.

It’s important that you try and save money on every big family purchase. It’s possible to save a few hundred quid when buying a car. That money can be so useful for you and your family. It can go towards Christmas gifts or a nice family holiday. Save money, and keep your family finances in shape.

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