Need to buy a car, but haven’t got much money to spend upfront? There are a few different ways in which you can save money on the initial purchase cost of a car. Below are just a few tips for saving money upfront.
Consider the age, mileage and condition
Age, mileage and condition all play a significant part in the price of a used car. If you want to save lots of money upfront, be willing to consider an older car with slightly more damage and more miles on the clock. Just be wary of going too far - a car that’s too old, too damaged or that’s done too many miles will run into problems sooner, and you could end up spending a lot in repairs shortly after buying the car.
Compare offers online
By comparing dealerships online such as this Audi dealership, you can look for the best offers on specific models of car. You could find the exact same model of car is a lot cheaper when bought from one dealership compared to another. Of course, make sure to compare the condition of both cars too.
Part-exchange your vehicle
Part-exchanging your current vehicle can allow you to receive some extra money which you can then put towards the purchase of a new vehicle. This is a very popular way to save money upfront, providing that your car is still worth something and is not better suited to the scrapyard.
Buy from a private seller
Private sellers tend to sell their cars at a much cheaper price than dealerships. This is because a dealership has to make enough profit to cover business running costs, whereas a private seller may not even be concerned with making any return. The downside of buying from a private seller is that you can’t part-exchange or access finance. You’ve also got less protection if a car is sold to you with hidden faults. All in all, it’s worth looking out for the red flags when going down this route.
Negotiate the price
Most dealerships and private sellers are willing to reduce the price slightly if asked. Consider negotiating the price - but only once you’ve shown the seller that you're enthusiastic about purchasing the vehicle. Most sellers are more likely to offer a discount if you’re willing to buy that same day.
Skip the extras
Dealerships may try to throw in extras at an added price such as a warranty or even accessories such as a roof box or phone mount. These extras may be promoted to you at a discounted price to encourage you to buy them alongside the vehicle, however they’re not worth purchasing unless you already wanted to buy them. By saying no to extras, you’ll be able to get more for your budget.
Shop around for finance
Most people cannot afford to buy a vehicle in cash. Car finance can allow you to put down a deposit and pay the rest of the cost off in instalments. It’s worth shopping around for finance to see what deals you can get - some lenders may be willing to accept a smaller deposit, however this could mean higher interest fees in the long run.
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