Buying a car is usually an emotional process, especially for first-time buyers. You’ll find it hard to fight the urge to buy that brand-new dream car you have on your mind. However, buying new cars is not always the best option. For instance, many people would rather purchase a used car with less mileage and more reliability because they are cheaper or a better deal financially. But still, many others don’t want to spend less or sacrifice quality and will opt for a new car. So many factors come into play when you’re buying a new car that it can seem almost impossible to find a good deal. These tips can help you get the best deal on new or used cars:
1. Research Before Shopping
It is essential to research before going to buy a car. For example, check the market price of cars and find out if there is any difference between new and used car prices. You can get this information from ads, online or by visiting dealerships. Research websites which give you an idea about the cost of similar cars in your area. Once you have a clear picture of market value, you can determine if buying new or used cars will be more economical.
2. Arrange Financing Before Negotiating
It is strongly advised that you arrange to finance before looking for a car to buy. So, visit your bank and other financial institutions and get loans or second mortgages. That way, you will have more room to negotiate the price. If a particular dealer doesn’t lower the price, you can always walk out of the deal without paying anything and look elsewhere.
3. Shop More Than One Dealership
Car dealers often try to get your business, so it’s best to shop around before you buy a new or used car. Most people prefer one particular dealership, but don’t limit yourself to one. There are usually more dealerships willing to sell their cars at lower prices; therefore, you should take advantage of the situation by going there more than once.
4. Visit the Showroom Unannounced
It is always a good idea to visit the showroom before you buy a car and even after. If you already know what you want, it’s better to take your time. However, if it is not certain or you don’t already have a particular model in mind, you should go there so the dealer can show you their line-up of cars available for sale. If there are no suitable cars, they may lower their price for your convenience.
5. Negotiate the Price
Negotiating the price of the car is an essential part of buying a new or used car. There are indeed dealers who are reluctant to lower their price, but you can always talk them into reducing it without giving up anything. It all depends on how much they want to earn and how much they would lose in terms of margin if they walk out now. On top of that, if you pay cash, they might lower their price even more because it’s cheaper.
When buying a car, most of us prefer a new one as it is more appealing and convenient. But buying new cars can be quite expensive, especially if you work with a small salary and have to pay for all your transportation expenses. If you are economy-minded and would rather search for the best deal on used cars, follow the tips above to get the best deals available in your area.