How to Save More When Buying a Used Car

In the previous article, we talked about some of the tips you can utilise when trying to buy a safe used car. Older cars are relatively cheaper than new cars, plus they are cheaper to run and maintain in the long run too. Even better, you can choose from a wide range of options depending on your specific needs and preferences.

Deciding to buy used is only the beginning. You can further save on your used car with the tips we are going to discuss in this article.

Get Pre-Approved

The cost of your auto loan is often the biggest cost of ownership when buying a used car. The interest and fees you pay on the loan will greatly determine how much you actually pay for the car at the end of the loan term. Fortunately, there are ways to lower your auto loan costs substantially.

Getting pre-approved for the loan is a great way to start. Not only will you be able to get a much lower interest rate, you will also know exactly how much you can afford to spend on the used car. This means you can further limit your search based on that price range, allowing you to find the right car even faster.

Getting pre-approved also means you have more time to negotiate a better deal. The auto loan market is very competitive, so don’t be surprised to find banks and financial institutions adding discounts of up to 20% just because you ask for them.

Search Online

A few years ago, shopping for a used car meant going from dealer to dealer trying to find a great deal. Today, you can find and compare used cars for sale without leaving the comfort of your home thanks to online price aggregators and resource centres. All you have to do is set the search parameters accordingly, and you will have hundreds – if not thousands – of options to go through within seconds.

Searching online is beneficial for two things. First of all, you can get a better picture of the average price of a car when you start looking into online ads and prices. Next, you will also be able to find better prices by comparing deals and going through online offers.

Be Creative

There are still so many other ways to save on your next car. A friend of mine, who is completing her online BSN degree from ADU Online, managed to get an additional discount from the auto loan company just because she is a nursing student. There are plenty of similar deals on the market, not only for a bachelor of science in nursing students but for students in other fields as well.

You can also save by comparing loans and insurance policies manually, instead of going for the ones provided by your car dealer.

Now that you have these top tips, finding the right used car at the right price should not be a problem. You can easily save on your next car purchase, which means you can invest more in the best car seat for your child.