If you are thinking about buying a new car, but every vehicle on the market seems too expensive, don’t settle for an old banger that is going to fail on you within a matter of months. You can gather the extra money you need (even if it does not feel like it!). Read on to discover some top tips for saving for a new car…
- Consider all of your options – Buying a vehicle is not the only option that is available to you. You could also consider taking out a loan or leasing a car. From Mercedes to Ford Ranger lease plans, you are able to get your hands on a vehicle that you may not be able to afford if you were to purchase outright. Nonetheless, if you do go down this route, don’t bite off more than you can chew. Make sure you choose a lease plan that is manageable every month.
- Get to grips with your monthly finances – You will never be able to save efficiently if you do not get to grips with your financial standing. Work out how much money you have incoming every month, how much money is outgoing, and then set aside some money for your living expenses. Whatever is left over you will be able to save. Set yourself a monthly savings goal and stick to it. If you just save aimlessly, it will take you much longer to reach your target.
- Get the timing right – Did you know that when you buy a vehicle could make a huge difference on the cost? There is a rise in the number of new vehicles being sold in September and March. This is because these are the months when new registration plates are released. Most dealers will have a large number of used vehicles to sell at this time, as many customers will choose to part-exchange when they buy a new vehicle. This could give you more leverage when it comes to negotiation, meaning you get more for your money.
- Where can you make savings? – You need to look for ways to make savings. When you assess your monthly outgoings, evaluate each and every expenditure further. Is there any way for you to reduce the said cost? For example, you may think that your electricity bill is set in stone, but that is very rarely the case. Give your provider a call to find out whether you can switch tariff in order to save money. You should also cancel any subscriptions that you don’t need, and instead attribute this money to buying your new vehicle every month. Are you paying too much on council tax? If you live alone, make sure you are claiming single persons discount.
- Spend less when shopping – Finally, not only can you make savings with regards to your monthly expenses, but you can spend less on shopping too. Make sure you make a shopping list before you do your grocery shopping so that you don’t buy anything unnecessary. You should also use coupons and search online for discount codes before buying anything.