Cars

The Cheapest Way To Buy A Brand New Car

Tired of buying used cars that are in constant need of repairs? Craving that new car smell? Buying a new car straight out the factory certainly isn’t cheap, but that doesn’t mean you should dismiss the idea completely. Here are several ways that you can make a brand new car more affordable.

Time your purchase right

There are times of the year when you’re more likely to get deals on brand new cars. February and August tend to be key times – sales tend to be slow around this time as many drivers are waiting for the new number plate to come in. The day of the week can also make a difference. Weekends are busiest and dealers may not be as hard-pressed to negotiate the price down. You ‘re better off buying during a weekday, particularly on a Friday when some dealers will be trying to hit their weekly sales target and so will be more willing to drop the price.

Take care with car loans

Many people buying a new car choose to do it by taking out a loan. However, some car loans can have very high interest rates or may reject you if you have a poor credit score. Always shop around for loans to find the cheapest rates. This car loan calculator at Confused could help you to find a loan you can afford.

Consider a hire purchase

Hire purchase companies often have brand new cars to lease. Monthly rates for leased vehicles are often cheaper than were you to take out a loan, although you don’t own the vehicle and so cannot sell it for profit once your lease is up. That said, some companies do let you buy the car once your lease is up. Leasing can sometimes save you money on expenses like road tax and, according to Intelligent Car Leasing, some companies will also pay for the delivery. You just have to be aware that by leasing, you could pay more for the vehicle in the long run than were you to buy.

Negotiate

Whilst there’s certainly more room for negotiation when buying a used car, you can often still barter with new car dealerships. You may only be able to get a very small discount of about 2%, but it’s still money you’ve saved. Negotiating with dealers can be difficult given that they’re skilled negotiators, however as the buyer you always have the upper hand. Use tricks such as walking away to think about the price as some dealers will lower the price so that you make a purchase there and then. You may also be able to ask for a price match if another dealership is selling for a cheaper rate.

Consider running costs

The advantage of buying a new car over an old car is that running costs are generally cheaper. New cars are often more fuel efficient and require less maintenance. They may have higher insurance however, which is something to look up before you buy a vehicle. Research these costs – whilst they might not make an impact a straight away, they could add up in the long run.