Years ago my husband and I decided that we wanted to pay cash for our cars. It is great not having to make a car payment each month, however we are often very limited in how much we can spend. When we do buy a car, we want to make sure we are paying as little as possible. Over the years we have learned some unusual tricks for saving money when buying a car.
Don't Be Brand Loyal
About ten years ago we bought a little car that we really liked. We sold it years later and thought about buying another newer model. Unfortunately, the prices had risen so much it was no longer in our budget. We quickly learned that you can't be brand loyal when buying a car.
I try to list the top two or three things that I really want in a car. Then I try to find what works with our budget. We have driven just about every brand. Don't be afraid to try something different, especially if it will save you a lot of money.
Watch The Gas Prices
Are you wanting to buy a gas guzzler? Maybe you know that it gets terrible gas mileage, but you need that big of a vehicle for your family. Prices on cars can fluctuate based on gas prices. When gas prices go up people want to sell their gas guzzlers and they are often willing to do so for a great price. If you are looking for a car that gets great gas mileage wait until gas prices drop. Figure out what will work best for you and use the gas prices to your advantage.
Location, Location, Location
We live in a large city, however prices for vehicles have always been high around here. I have learned just by driving 3 or 4 hours to get a car will save us over 25%. I like to look for car deals nationwide on sites like Cars.com. You can put in your zip code and say how far you are willing to drive.
My husband and I once purchased a car that was 13 hours away from where we lived. He flew out to pick up the car and drove it home. It cost us around $500 to do that, however we paid $7000 for a car that was selling for around $13,000 near us. I was thrilled when we sold it three years later for more than we paid for it!
We have also rented a car for the day to get a car that was 5 hours away. Since we purchased the car we just returned the rental car to a place nearby to the dealership. It wasn't much money to get the rental for just a day and we saved over $3000. It may take a bit of work, but by traveling you could really save.
Buying a car can be a scary process, but with a bit of planning you can find a car that is in your budget and that you love. What tips or tricks do you have for saving money when buying a car?
Holly@ClubThrifty says
We don't buy cars often at all, but it does help to use the internet for research ahead of time. It makes it easier to compare prices on similar models and helps us narrow down which dealerships or sellers have a car we want to look at.
Julie says
What did we ever do before internet? 🙂