9 Ways to Make Your Next Vehicle Purchase More Affordable

Whether you want to buy an RV for road trips or just a standard car for running everyday errands, there are ways to make your next vehicle purchase less financially strenuous. By finding ways to save money, you can get the vehicle of your dreams without depleting your entire budget. Here are nine great ways to make your next vehicle purchase more affordable.

1. Be Willing to Negotiate

Not all dealerships or private sellers will be willing to negotiate when it comes to the price, but you shouldn’t be afraid to present a lower offer to see if it’s accepted. Negotiating may involve having to sacrifice certain vehicle features that you want or agreeing to different payment terms, but the tradeoff could end up saving you some money.

2. Apply for Financing

If you want to purchase a vehicle from a dealership, you may be able to sign up for an in-house financing program that allows you to make payments at an affordable rate. Some banks also still offer car loans to people who qualify. The best way to get an auto loan may also involve applying through a car loan company that will approve you regardless of your credit.

3. Do Without Certain Cosmetic Features

Of course you want a vehicle that looks nice, but deleting certain cosmetic features from your wish list can help you save money on your purchase. Fancy headlights, rims and hubcaps are great to have, but they could also add on to the final price of the vehicle. If you choose to buy a used vehicle, you might be able to save some money by selecting an option that has some chipped paint or stains on the seats or carpets and fixing these cosmetic flaws yourself later.

4. Look at CPO Options

Some car manufacturers have certified pre-owned (CPO) programs that allow people to buy high-quality used vehicles at cheaper prices. Many of these pre-owned vehicles are only a few years old and include many of the same features as newer models. Most CPO vehicles are covered under warranty and fully reconditioned by mechanics who are factory-trained. You might also be able to enroll in a CPO program that comes with free roadside assistance if you ever experience an accident or other mechanical problems while driving.

5. Find a Great Insurance Plan

In addition to buying a vehicle, you’ll need to take insurance into consideration so that you can lawfully be behind the wheel. Insurance rates could be higher or lower depending on the type of vehicle that you choose to purchase. Most places require drivers to have at least liability insurance coverage in case accidents happen. You might be able to save some money on your insurance by signing up for a plan that includes a higher deductible.

6. Create Competition Among Dealers

It’s possible to make dealers compete against each other to try to win your business. To do this, try contacting some local dealers by phone or online to let them know about the type of vehicle that you wish to purchase. You can then tell them that you’ll purchase from the dealer who offers you the lowest price. Many dealers will jump at the opportunity to convince you to choose them and offer you an incredible deal.

7. Wait to Reveal Your Trade-in

If you want to offer a dealership your old car to reduce the cost of your new vehicle purchase, you should wait until the final price has been agreed upon before you reveal that you have a trade-in. This will likely prompt the salesperson to reduce the price on your new vehicle even more. Informing the dealership of your trade-in too soon might result in you overpaying due to calculation errors.

8. Buy at the Right Time

August through October is the end of the model year for many types of vehicles, and you can possibly get a discount by purchasing during this time. Many dealers will be happy to sell to you for less so that they can make room for their new models. The end of each month is also a great time to buy if you want to try to save some money.

9. Be Cautious About Purchasing Additional Services

Some dealers will try to sell you an extended warranty or another type of service contract that you don’t really need. Some of these services come with very limited terms and could cause you to waste money on them. If you want to buy one of these additional services, be sure to review the terms and ask a lot of questions before agreeing to the sale.

Buying a new vehicle can be both an exciting and a challenging experience. You can make the process easier for yourself by taking the right steps to try to save some money.

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