Cars are big-ticket buys, so savings can be significant for budget conscious motorists buying new vehicles. They are also deeply personal purchases, with each consumer coveting different car features. For some, cars are merely conveyance from A to B, while others embrace handling and design features, placing them higher on the list of priorities. Wherever you fall on the spectrum, saving money is probably on your mind when buying a car.
Proven money-saving approaches help car buyers spend within their means, avoiding cash flow problems making car payments. Education and information are at the heart of consistent savings, yielding strong negotiation powers and informed buying decisions. It is also important to remember that the price paid for a car is only the starting point for spending, which also includes insurance, taxes, maintenance, finance charges and a host of other costs tied to driving. Koala loans can offer funding, but always look for the best rates available as you prepare to buy a car. Keep tabs on vehicle prices and financing rates leading up to your buy. That way, when the time comes, you are prepared to jump in for the best bargain possible. Car values follow, using these simple approaches
Choose Options Within Your Means
Creature comforts are widespread among vehicle options these days, so there are plenty of ways to spend money buying cars. When money is no object, spending on all the bells and whistles is not out of line, but if times are tight, it makes sense to consider fewer options as a money saving strategy. In the past, options were singular add-ons, sold as ala carte features. Today, option “packages” are the norm, representing various price points for car buyers. Technology drives the number of options too, as advanced navigation features and high-end audio equipment are made available to car buyers in various forms. Why pay for an audiophile sound system in your vehicle, if you seldom listen to music on the road? Likewise, navigation enhancements may not be worth the money, when you are already equipped with a GPS device suitable for use while driving. While many options are included in base models, there are still opportunities to save along the way.
One rule of thumb when weighing the value of add-on car features is to always pay for enhanced safety. Side airbags and other special safety equipment are worth the price you’ll pay, because it has the potential to save lives. Anti-lock brakes, driver air bags and other basics are usually included on base models, but additional fortifications are offered by most manufacturers. Think about resale value as you plot your car purchase, especially if you don’t plan to keep your car very long. In some cases, it is appropriate to include options making your car more appealing on the secondary market.
Favourable Financing Yields Savings
The price you pay for your car is only part of the picture budgeting for a vehicle purchase. Financing fees and interest payments are substantial add-ons to the total cost of buying cars, so consumers are urges to follow financing trends to land the best car bargains. While vehicle loan interest rates are generally single digit concerns, there are marked differences in terms and conditions offered by various makers and dealers. For the best deals on car buys, jump-in to the market when interest rates are low. Occasionally, car makers offer zero- percent financing, which is like free money for buyers able to land deals when rates are so friendly. Another option to consider is saving money by driving your current car longer, putting off your purchase until sales prices and financing terms are more favourable. Every additional kilo-meter added puts money in the bank for drivers who squeeze extra life out of their cars.
Image courtesy Flickr under Creative Commons.
Recent posts in Car News