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How to save money when buying a car

How to save money when buying a car

Has your prized motor seen better days? Perhaps you’re set to buy your first car? Or maybe you fancy a newer model? Whatever the reason, buying a car can be very exciting.

When it comes to selecting a car there is lots of choice; new cars, used cars, different makes, models, specifications, colours and fuel types.

In addition, you may want to think about cost and how to save the most money.

Here, we explore how.

Identify your needs

Before you shop, identify what you want from a car. That way, you can secure more time to find the right model at an affordable price.

Plan ahead by exploring which manufacturers are able to meet your needs. You’ll then be in a better position to calculate potential costs. You could then incorporate this into your yearly budget, so that you can manage your finances better.

With a clear price range in mind, you’re more likely to achieve a fair deal with a broker. As a result, you stand to increase how much you save.

Look for older models

To make the most of your money, why not choose an older model? Unlike younger cars, they are often cheaper to buy. And they typically retain value for longer, too.

Usually, the newer the make, the quicker its depreciation rate. A vehicle loses around 30 per cent of its value during its first year. Usually, this doubles within the following five years. For this reason, you may be better off buying a more established automobile.

If you do, it could make it easier to sell your motor in the future. An older make can reap positive rewards both before and after you buy it.

Consider an extended warranty

You may already know about warranties. Essentially, they ensure that costs incurred by repairs and breakdowns are covered by the manufacturer.

However, their duration depends on the make of a car. In most circumstances, they last three years. Once this time is up, owners must cover all repair bills themselves.

But an extended warranty could provide a solution. As the name suggests, this kind of contract can guarantee repair coverage for a longer period of time.

It could help you to reduce how much you spend on your vehicle once you’ve bought it. With it, you can also make sure that any issues are rectified immediately by expert mechanics.

Through this option, you can keep your automobile in top condition for longer.

Looking for a new car should be a fun activity. With these tips, you could save money and enjoy the experience.

 

 

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