When it comes to purchasing a car, getting the best deal doesn’t always mean buying at the lowest price.
Beyond the sticker price, you need to consider the overall value of the vehicle, the timing of your purchase, and your negotiation strategy.
The motor insurance experts at InsureDaily.co.uk have offered some insider tips to guide your next car purchase, to help you bag a great deal, save money, and to find the vehicle that’s right for you.
The car buying process can be complex, but understanding a few key principles could save you money in the long run.
Paul Daly, Director of InsureDaily.co.uk, said, “Purchasing a car is a significant investment for most people. By understanding car values, adopting effective negotiation techniques, and considering a few other key strategies that we’ve listed below, you can secure a great deal on your next vehicle and save money.
“Timing your purchase is also important. Dealers often have sales targets and may be more willing to negotiate as they approach the end of a month or quarter. Securing a great deal when buying a car isn’t just about reducing the upfront cost, it’s about making strategic decisions that result in long-term savings and satisfaction.
“Once you’ve purchased a new vehicle, it’s important that you’re covered by insurance for your journey home. Consider purchasing Drive Away insurance, which is the perfect cover for those who need insurance before updating their annual policy when you’ve arrived home.”
Six top tips from InsureDaily
Understand the market value:
The first step in getting a great deal on a car is understanding its current market value. Utilise online tools and resources to assess the average price for the make and model you’re interested in.
You need to make sure you’re considering aspects like the car’s age, mileage, condition, and any additional features it might have which may be a factor of the vehicle’s price.
Prepare to negotiate:
Negotiating can seem intimidating, but it’s a crucial part of the car buying process. Start the negotiation with a figure below the asking price but above your ideal price, leaving you room to meet in the middle.
It’s also helpful to be aware of common selling tactics and to be prepared to walk away if the seller won’t meet your price. Remember, the goal is to reach a deal that’s fair and satisfactory for both the buyer and dealership.
Get your timing right:
Believe it or not, timing can play a significant role in securing a great deal. Dealers often have sales targets to meet at the end of the month or quarter. Buying a car during these periods could give you leverage to negotiate a better deal.
Check over the vehicles history:
Never underestimate the importance of a full vehicle history check. This should provide details of past owners, service history, whether the car has been involved in any accidents, and if there’s any outstanding finance on the vehicle.
If you spot anything on the car that you’re looking to purchase that’s not quite ideal, but you’d be happy to live with, it’s worth using your negotiating tactics again to see if you can knock some money off of the price.
New vs old:
It’s always tempting to buy a brand new car, but consider the value of nearly-new models.
Cars that are a year or two old often come with the same benefits as new ones, such as updated features and low mileage, but more often than not they’ll be sold at a significantly lower cost.
Evaluate payment options:
There are several ways to pay for a car, for example via cash, dealer finance, or even via vehicle trade in. Each method has its pros and cons, and the best choice depends on your personal financial situation.
Paying outright can sometimes give you a bargaining edge, but for some a monthly payment plan might be more manageable, even though the total cost might be higher.