According to the most recent data, the average Brit will spend £168,880 on cars and driving in his or her lifetime. One of the most common reasons that people buy a new car is to accommodate a growing family. Whether you’ve just welcomed a new addition to the family, or if you need extra space to help out with the football practice carpool, nearly all families reach a time where their current vehicle isn’t meeting their needs.
Since buying a car is not a cheap purchase, you’re probably looking for ways to save on your vehicle upgrade. Before heading to the dealership, check out three tips that make buying a car more affordable.
Sell or Trade In Your Existing Vehicle
Don’t need two (or more) vehicles? Trade in or sell your current vehicle for cash to use towards your new car purchase. Depending on the quality and age of your car, the cash you receive from the sale or trade-in may cover most (or potentially all) of the cost of your new vehicle. If you are unsure as to whether you can sell or trade your current car, carefully consider your day-to-day activities, your weekly schedule, and what you would do if one of your cars would break down.
Save Up a Substantial Down Payment
When buying a car, you might be tempted to take the “no money down” route that many car dealerships offer. However, having a good down payment when buying a car carries multiple benefits, especially when reducing the amount of money you’ll owe. When placing a sizable down payment on your new vehicle, your monthly payments will be much more affordable every month. As an additional benefit, you may become eligible for lower interest rates on your car loan.
Do Your Research Before Arriving at the Dealership
If you don’t do your research before embarking on your car shopping adventure, you may end up paying more than you should. Become well-versed in the costs of the vehicles you are considering, fees you will be expected to pay, and review current promotions at local dealerships. Having a good grasp on current costs and fees will help ensure that you get the best deal on a vehicle.
Upgrading Your Family Vehicle Can be Quick and Simple!
With the right amount of research and preparation, buying a new family vehicle can be a painless process. Arriving at the dealership with a solid understanding of your budget and what you need will help simplify your experience. Before you know it, you’ll be on the road in the perfect new car for you and your family!