Many people dream of the day they can drive home in a brand new vehicle. With a little planning and a lot of budgeting, you can get that brand new dream car and still stay on the right financial track.
Here are 5 useful tips for getting that new car and still saving money:
5 Useful Tips for Getting that New Car You Want at a Price You Can Afford 1 of 6
Click through for 5 useful tips on how you can get that new car and still save money...
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Start Saving Early 2 of 6
You will have more power at the dealership if you have the cash to back you up. When you know you are interested in pursuing a new car purchase, start stashing your cash away as soon as you can. Whether you can save up a sizable down payment on the new vehicle or can cover the total purchase price in cash, you'll need to make sacrifices in advance of the car purchase to save the most money and have the upper hand in negotiations.
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Choose Your Time Wisely 3 of 6
There are certain times of the year when it is wise to visit the car lot. You want to time your purchase to coincide with the dealership's plan to get rid of the â€˜old' and bring in the new. They typically will try to move the current models off of the lot during the month of December to make space for the next year's models. There will also be clearance-type sales during the end of summer so keep your eyes out for announcements in the newspaper or on the dealership website.
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Do Your Due Diligence 4 of 6
If you walk into a dealership clueless about pricing, features, or quality, you will likely be taken advantage of and end up spending way more than you want for a vehicle you don't necessarily like. There are a lot of resources online and off that can give insight into the which make and model of vehicle is right for you based on features, capabilities, safety, and sticker price.
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Think About the Big Picture 5 of 6
Of course you'd love to have that sporty, two-seater but is it a realistic choice? You need to consider what vehicle is right for your family and your personal driving needs now and in the future. Most people will keep a vehicle for as many years as it lasts so think about how the vehicle you choose fits into that big picture. Also consider the overall cost of owning the vehicle you select such as the cost of gas and maintenance services.
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Secure Your Financing First 6 of 6
While dealership financing may offer you some discounts or deals you can't get through other lenders, it may be a smarter move to seek financing first to determine what loan amount is right for you and which loan options will suit your needs. Find your financing before visiting the dealership so you are not tempted to spend way more than is affordable on a vehicle you fall for onsite.
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