Thursday, 23 January 2014

Money Saving Tips when Buying a Car

Here at Ashley Park Financial Solutions we know how difficult it can be to get around without your own car. But we also realise how expensive it can be to purchase and run a car, especially when money is tight. That’s why we’ve decided to bring you some money saving tips to help you save when you spend on a run-around.

Before you head out to make a purchase, be sure to do a bit of digging so you know what you’re dealing with. Look for cars that hold their value. For example, the Fiat 500 is one of the best new petrol cars for retaining value. A 69bhp 1.2l model in Sport trim is worth £6,275 after 3 years, which is an incredible 66.7% of its original £9,410 price tag. Lasting value is important in case you ever need to sell the car on yourself.

Most for your Money
You should also be aware of cars with good safety records and mileage per gallon. There’s not a lot of point in buying a car that will fall to bits or cost you twice as much in petrol. It’s a good idea to shop with a model in mind and a price that you’re willing to pay.

Stand Your Ground
When you’re actually at the garage, don’t feel badgered by the salesperson. If you know what you want you can stick to your guns without being dissuaded. And don’t be made to feel like a cheapskate! Some dealers will try to intimidate you into spending more, but don’t fall for it.

Deals and Trade-ins
Try to time your purchase to coincide with a showroom deal. Dealers often offer discounts on a quarterly basis to meet their targets. Aim towards late March or late December and you might just bag a bargain! If you’re hoping to trade in your current car, talk to several dealers then compare their offers. The best thing to do is consider the amount of money you’ll pay after the trade. This is the true cost of the deal.

Internet Brokers
For those of you that are clear about the make and model you want, internet purchasing can be an option. Internet car brokers bulk-buy popular models then pass part of the savings on to their customers. There are a number of online brokers including Honest John and Drive the Deal.

The main thing to bear in mind is that this is a big purchase and you should take a lot of time about making the right decision. If you have any other tips or advice, we’d love to hear from you! Comment below, or follow Ashley Park Financial Solutions on Twitter.

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