Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (309 words)

Overlooked Ways to Save on the Cost of a New Car

Many people believe there is only one way to save on the cost of a new car: compare dealers until you find the cheapest deal.

While this is a great place to start, there are other ways to keep money in your pocket without compromising on the vehicle you purchase:

1. Cut back on the options. Do you really need leather seats? Is it essential that the vehicle has a sunroof and navigation system? When you cut back on the number of options, it is only natural for the price of the vehicle to drop as well.

2. Lower interest rate. This has nothing to do with the actual vehicle, and everything to do with the time you put into the financing process.

There is nothing wrong with getting the assistance of the dealer’s finance department, but don’t consider this the end all. Instead, you should shop for your own loan before you ever visit the dealer. You may find that a local bank or credit union, especially one with which you have an existing relationship, can provide you with a competitive interest rate.

3. Hard ball negotiation. You don’t have to go into this process looking for a fight. You don’t have to make things awkward between you and the salesperson. What you do need to do is this: research a fair buying price and then stick to this number as you negotiate. As long as you are working off of a fair number, you have no reason to feel bad about what you are asking for.

Buying a new car sounds like a lot of fun, until you arrive at the dealer and realize what this will do to your finances. With the three tips above, you may be able to save on the cost of a new car without going too far out of your way.

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Friday, 15 November 2019

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