How To Save Money When Buying A Car
Cars are often one of the most expensive purchases people make in their lifetime. They can be very pricey depending on the age, the make and the model, but that does not mean you cannot find one within your budget. So, depending on whichever car you decide you would like to buy, finding the best deals is essential. Below are our top tips on how to save money whilst buying a car:
The Basics
Unless you have been saving money to buy a for years, the chances of you having the right amount all in one sum are unlikely. Some people prefer to purchase their cars outright to avoid any debts from car loans or financing. Whereas other people choose the car loan option as it allows them to pay gradually.
Did you know that around 20% of a new car’s value is wiped out as soon as it leaves the showroom? Following this, the price of a new car depreciates with its age, therefore, buying a new car may not be the best idea for everybody.
Auction
Purchasing a car at an auction can be a great way to get your hands on a high quality used car. Typically, when buying a car from an auction you may expect to see prices which are thousands of pounds lower than the retail pricing. If you are patient and are aware of how auctions work, then this may be a great way for you to find yourself a bargain.
Buying Used Cars
Finding a used car at a price you like is usually easy as they tend to be a lot cheaper than the new cars you see in showrooms or online. Thankfully, there are plenty of used car dealerships all over the UK. Although, please remember that just because you are purchasing a used car does not necessarily mean that it will be as cheap as you may have wished for. But, it is always best to remember that most used cars are priced upwards to allow for negotiations. Therefore, if you make an offer lower than the asking price, you may be able to save some money.
Do Your Research & Shop Around
Unless you are looking for one car in particular, we suggest that you shop around to try and find the best deals. Whether you are looking for a new car or a used car, there will be plenty of deals all across the UK for you to choose from. Doing your research is essential when it comes down to saving money while purchasing cars. You should try to become familiar with the U.K.’s top car dealers to ensure you can get a rough price of your desired car or even just some aspects you would like it to have. This way, the process will be easier for you.
Our Help
Here at simple personal loans, we offer the option of a car loan. Although, if you can afford to purchase a car outright using your savings, we suggest you do this. This is because if you fail to repay the loan you could find yourself with debt or other serious money problems. For more information on car loans click here.