Monday, 10 December 2018

Smart Cash Savings for Cars*

When you’re looking at buying a car, whether it’s your first or you’re trading up for bigger or better, there’s more than just the cost on the screen to consider.
You may have been saving for a while but often it’s the hidden costs of car buying that take would-be motorists by surprise.
Take a look at some of the upfront and behind the scenes costs of car buying and some smart ways on keeping outlay down.



Do Your Research

Whether you’re buying from a car dealership or second hand from a private seller, know what you’re getting into. If you have a specific make and model in mind spend some time looking online at how much similar cars are going for and what kind of average mileage you should be looking at, if your intended car doesn’t meet those expectations, walk away.

Visit owner forums and lifestyle sites to see if there are any common problems you should be looking out for, so when you turn up to view your vehicle, you’re armed with more than just your credit card.

Think too about the kind of car that will suit your lifestyle best and how long you plan on keeping it for. Buying something sporty and fun only to trade it in for a family car in two years’ time will almost certainly see you out of pocket. Cars lose their value notoriously quickly.

Insurance

Not so much a hidden cost as one that can have you wondering if it’s worth buying a car at all. Insurance can be costly but without it you’ll be driving illegally, so you’ll need some before you drive your vehicle off the forecourt.

The secret is shopping around and finding deals. You might use a price comparison site or a local insurance broker but certainly don’t snap up the first offer you’re made. Bear in mind that factors such as age, driving history and the type of car you’re buying will all be taken into account.

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Image courtesy of Pixabay

Buy Or Lease

If you’re struggling to get enough money together for an outright purchase but know you have some flexibility in your budget month to month, leasing a car could be an option for you. Car makers often offer their own schemes, such as Mercedes Finance where you pay a set amount each month. At the end of the agreed lease period you generally have the option of walking away, trading up for a newer model or buying the car at a reduced price.

While a great way of being able to afford a newer model and with the advantages of a warranty and options for regular servicing, the overall cost of leasing a car can be expensive, so choose your leasing scheme carefully.

Take the time to figure out your monthly costs, including petrol, insurance, upkeep and general wear and tear. Do a bit of research and you’ll soon be driving off with a shiny new car safe in the knowledge that you’ve got yourself a great deal.

*Partnered post

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