10 Budget-Friendly Ideas to Get the Best Deal on a New Car
April 11, 2023
7 min read
Searching for the perfect car can be an overwhelming experience, as there are countless makes and models to choose from. Knowing how to negotiate competitively and snag the best deal on a new car is key to selecting the right ride and saving money.
10 Smart Ways to Get the Best Deal on Your Dream Car
Buying a new car can be a thrilling adventure, but let's face it, it can also bring about stress and high costs. With so many different models, dealerships, and financing options available, finding the best deal on the car you want can be challenging. Fortunately, there are several ways you can use to secure a great deal on a new car.
1. Do Your Research
Doing your research is a crucial step that cannot be skipped. It not only gives you a comprehensive understanding of the car you want to buy but also helps you to negotiate a better deal.
Researching a new car is easier than ever, thanks to the internet. You can find reviews, videos, and specifications on almost any car model you're interested in. This information can help you decide which car to buy and how much to pay.
2. Get Preapproved for Financing
Getting preapproved for financing is an essential step in the buying process that can save you both time and money. Preapproval means applying for a loan before you start car shopping and getting approved for a specific loan amount, interest rate, and loan term.
Getting preapproved for a car loan comes with the major advantage of having a clear idea of your budget and how much you can spend on a car. This can prevent you from falling in love with a car that's outside your price range, ultimately saving you from financial stress and potentially defaulting on your loan.
3. Know Your Trade-in Value
Maximize your savings with a successful car trade-in! Before upgrading to that new vehicle, ensure you're armed with the value of your old one. Knowing its worth can impact bargaining for better pricing and ultimately help reduce costs when purchasing.
When it comes to determining your car's trade-in value, there are a few options available. Using an online tool like Kelley Blue Book or Edmunds is one of the easiest and most convenient ways. These websites take into account various factors, such as the car's age, mileage, and condition to provide you with a fair estimate of your car's trade-in value.
Another option is to consult a trusted mechanic or car appraiser. They can provide a more accurate assessment of your car's value based on its condition and any repairs or maintenance that may be needed.
4. Avoid Add-Ons and Extras
When you're purchasing a new car, it's common for dealerships to offer add-ons and extras such as extended warranties, rustproofing, and fabric protection. While these items may seem appealing, they can significantly increase the cost of your car purchase and may not be necessary.
One of the most effective ways to save money on your new car purchase is to avoid these add-ons and extras. Be firm when declining these items and focus on negotiating the price of the car itself. By doing so, you can potentially save thousands of dollars on your car purchase.
It's important to note that some dealerships may use high-pressure tactics to convince you to purchase these add-ons and extras. They may try to make you feel these items are necessary to protect your investment, but this is not always true. Be confident to decline these add-ons and extras and stick to your budget.
5. Negotiate the Price
As a buyer, it's important not to be intimidated by the task of negotiating when purchasing a new car. Though daunting at first glance, armed with confidence and knowledge, you can get an amazing deal that could save you thousands!
As you begin the process of buying a new car, ensure that your research is done ahead of time. Familiarize yourself with market values for the model and make question to be ready if any higher than expected prices come up during negotiations—this can include price comparisons from other dealerships or potentially applicable discounts/sales promotions.
When conversing about pricing at the dealership, remain firm but polite; keep in mind that it's also beneficial for them to arrive at an agreeable cost that allows both parties to walk away happy!
6. Time Your Purchase Right
The end of the month is one of the best times to buy a new car. Why? Dealerships have monthly sales quotas to meet, and if they still need to meet their goal by the end of the month, they may be more willing to negotiate and offer discounts to close a deal.
Similarly, the end of the year is a great time to buy a new car. Dealerships are looking to clear out old inventory to make room for new models, which means they may offer significant discounts and promotions to entice buyers.
Major holidays are the perfect time to get a great deal on your next car purchase. Keep an eye out for dealership discounts and promotions, so you can drive away with huge savings!
7. Shop Around
When you're purchasing a new car, it pays to shop around! Don't limit yourself to the first dealership—take an in-depth look at offerings and prices from multiple sources before making your decision.
Shopping around can give you a better idea of the going rate for the make and model you're interested in. Use online tools such as Kelley Blue Book or Edmunds to research pricing and features, and don't be afraid to contact multiple dealerships to get a sense of their pricing and availability.
8. Don't Rush the Process
Buying a new car is a huge decision and can be an exciting experience. However, it's important not to rush the process. Taking the time to consider all your options and making an informed decision is crucial when it comes to getting the best deal and avoiding costly mistakes.
One of people's biggest mistakes when buying a new car is rushing the process. Getting caught up in the excitement of a new car is quick, but it's important to step back and consider all your options. Rushing into a purchase can lead to overlooking important details, such as financing options or hidden fees, ultimately leading to costly mistakes.
9. Leverage Incentives and Rebates
Incentives and rebates can take many forms, including cashback offers, discounted financing rates, and reduced lease payments. It's important to carefully read the fine print to understand the terms and conditions of each offer. Some offers may have specific eligibility requirements, such as being a recent college graduate or a military member, so be sure to check for any restrictions.
Look for opportunities to combine multiple incentives and rebates to maximize your savings. For example, you may be able to stack a cashback offer with a discounted financing rate or a loyalty program discount. By taking advantage of all available offers, you can potentially save thousands of dollars on your new car purchase.
10. Don't Be Afraid To Walk Away
One of the essential things to keep in mind is that you should never feel obligated to make a purchase just because you've started the negotiation process.
If at any point during negotiations you feel like the dealer isn't being fair or transparent, don't hesitate to walk away from the deal. Remember, there are plenty of other dealerships out there who would love your business, and you should only settle for a deal that feels right.
Walking away from a deal can be a powerful negotiating tactic, as it shows the dealership that you're serious about getting a fair price. If you do choose to walk away, be polite and professional, and let the dealership know that you're open to continuing negotiations if they're willing to make a fair offer.
Save Money on Your Next Car
If you dream of cruising down the highway in a shiny new car, these proven ways are your road map to scoring the best deal possible. Don't just settle for the first dealership you stumble upon; do your research and shop around. And if a dealer isn't willing to budge on price, don't hesitate to hit the brakes and walk away.
Remember, you're in control of this journey, and plenty of other dealerships are out there eager to earn your business. So, buckle up and get ready to put the pedal to the metal on your way to a fantastic deal on your new ride!
