How Can You Save Money On Your Next Car?

Save Money On Your Next Car

A car could never be described as a cheap buy. If the time has come for you to purchase a new car, there are various things you can do to reduce the costs, whether you are looking to save money on the initial investment or spend less on the car throughout its life. Here, we look at some of the best ways to save a few quid. Here are some of the best ways to do this on your next car.

Think about whether you really need a brand new car

It’s a great feeling, picking up that brand new car and driving it off the forecourt, knowing it’s not been driven by anyone else. It’s also an expensive feeling. Before you lay down that cash, ask yourself: do I really need a brand spanking new car? On average, a car loses half its value in the first three years, which is a huge loss when you come to trade it in or sell it. A car that is a couple of years old will still give you satisfaction – and the added satisfaction of having a few extra quid left in your wallet.

Think about what you need from the car

There is no worse feeling than spending thousands of pounds on a car to realise a few weeks later that it isn’t the most suitable one for you. Before you commit to any purchase, ask yourself what you really need from a car. Some of the key questions you might want to ask include:

  • What is my non-negotiable? Perhaps you need a seven-seater for a large family or big enough boot space for a wheelchair.
  • What is better, petrol, diesel or electric? All of these have their pros and cons. While diesel is better for drivers who do more miles or for bigger vehicles, they are also facing higher vehicle tax and face having to pay out for emission zones in London. Electric cars, particularly if you do zippy around town journeys are worth a look – Electric cars in 2020 are a lot more advanced and reliable. Weigh up the advantages and disadvantages of each type and see which one looks best for you.

Think about what you are going to do with your current car

So here, we are assuming your current car is still in use and hasn’t broken down beyond repair or has been written off. There are two things that you can do: sell privately or part-exchange.

Part-exchanging it means that they offset the value of that car against your new car. This, of course, saves a great deal of hassle, but it is never going to be the most cost-effective way of doing it. A dealer is very unlikely to pay the full market value of your existing car. However, while privately selling means you are likely to get more money for your car, it is more hassle and can take some time, so again, weigh up what is a priority for you: more money or ease?

Buying a new car is never going to be cheap, but you can save money if you are careful.

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Written by themoneyshed

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