Top Tips For Saving Money When Buying A New Car

Buying a new car is no mean feat. With thousands of makes, models and sellers across the country, it can be tricky to suss out the best car for the best price. Here are our top tips for saving your hard-earned cash when buying a new car.

Buy Used Not New

Buying a used car rather than a new car will save you heaps of cash. Generally, cars depreciate by around 15-35% per year. So try to wait at least a year after a car has been released before you purchase to bag the best price. For example, buying a £15,000 car a year later will save you between £2,250 and £5,250 – that’s massive! The nearly-new vehicle will have only racked up a few thousand miles from its previous owner in its first year and is unlikely to require any costly repairs. You will get a great quality car for a great price.

Spread the Cost

Cars are a huge investment, with most costing thousands, if not tens of thousands of pounds. Instead of paying for your new car outright and watching your bank account deplete quicker than you can say ‘sold!’ consider opting for car finance. This is a flexible option that allows you to spread the cost through monthly re-payments, a much more affordable option for most of us. Consider companies such as AA Cars who can do a quick car finance eligibility check, so you’ll know if car finance is the best option for you within minutes!

Don’t Be Tempted By The Cheapest Price Tag

Don’t be fooled: a cheap price tag doesn’t necessarily mean the cheapest car. If a vehicle is old or has covered a lot of miles, it may need frequent repairs. It is always worth checking if the car has had any significant repairs in the last few years, so you can assess the likelihood that it will pass its MOT. Also, make sure you check the tyres to ensure the tread depth is at least the legal minimum of 1.6mm. If not, you will need to fork out for new ones, which should be factored into the overall cost!

Buy At The Best Times of Year

It is also worth considering the time of year, as this will affect purchase prices of cars at most dealerships. This is due to new number plates coming out each year in March and September. To take advantage of this, shop around February and August time when dealerships are keen to shift their current stock ready for new vehicles to come in.

Finally, be savvy. Always test drive a car before you sign the dotted line and trust your instincts – you will know when you’ve bagged a bargain!

*This is a collaborative post.