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It’s no secret that purchasing a car is expensive. Aside from buying a house, it is generally one of the biggest purchases most people make. Fortunately, there are many ways to get costs down and reduce the financial burden that accompanies buying a car. To learn some of the best ways to save money when buying a car, continue reading.
Opt for a Manual Model
An easy way to save a significant chunk of money when purchasing your next vehicle is to opt for a manual model rather than an automatic one. A manual vehicle refers to a car with a standard or manual transmission, which requires the driver to physically shift the vehicle into different gears using a clutch pedal and shift knob.
Because operating a manual vehicle is more complicated and requires more skill than an automatic model, manual vehicles are often far less expensive. Generally, manual vehicles cost around $1,000 less than their more convenient counterparts. If you are willing to learn how to drive a manual model, doing so could save you a lot of money on your next car purchase.
One of the more obvious ways to save money when buying your next car is to purchase a used rather than a new model. Cars significantly depreciate the moment you drive one off the lot, and in only five years, they can lose over half their value.
While this isn’t great news for new car owners, it is highly beneficial for those open to purchasing a previously owned vehicle. Due to the high depreciation rates of vehicles, purchasing a used vehicle can allow you to buy a high-quality car in great condition for a fraction of its original purchase price.
Wait for the Right Time
Another of the best ways to save money when buying a car is to be patient and wait for the right time. Many car dealerships have sales quotas that generally fall into yearly, quarterly, and monthly goals. By purchasing a vehicle toward the end of one of these segments, you might find an automotive sales representative who will be more likely to offer you a better deal in order to meet their sales quota.
Generally, the most advantageous time to purchase a vehicle is toward the end of the month and especially at the end of the year during the month of December. By timing your purchase strategically and sharpening your negotiation skills, you can end up getting a great deal.