How to Save Money on a Used Car
How to Save Money on a Used Car
Posted on June 14, 2021
The easiest way to save money when buying a new car is to buy a used one. New cars lose 10% of their value simply by being driven off the lot, and they only depreciate more from there. While necessary for many people, most cars are not really investments because they only lose value.
However, that does not mean that good deals cannot be found at a dealership. In truth, used cars are the best way for prospective buyers to save and get the best value for their money. Here are a few used car savings tips to help buyers get started.
Consider Overall Ownership Costs
While drivers might want to pick out the shiniest and fastest car on the lot, it is important to take overall ownership costs into consideration. This means considering fuel economy, insurance costs, taxes, and expected maintenance. Choosing a brand with high-reliability ratings will most likely mean less unexpected maintenance that hits right in the pocketbook.
Another aspect to consider is how this car is going to be used five years down the road. If buyers anticipate starting a family in the near future, perhaps the two-seater convertible is not the right choice right now because it would need to be traded in for a more practical vehicle in a short timeframe.
Look for Base Models
There are so many cool features available on today's vehicles, but just because they are neat does not mean they are needed. Base models have fewer features, which means that they also have a lower overall cost. But they are still well-equipped and able to transport passengers from one location to another.
Increase Your Down Payment
Buyers that have less-than-ideal credit scores will find that financing terms are also less than ideal with shorter term lengths and higher interest rates. One way to offset these costs is my increasing the down payment. The more money that is paid upfront, the less interest is paid over the life of a loan. In addition, the monthly payments will also be lower, and the interest rate could be as well.
Trust Your Local Dealership
Myers Car Canada offers a fantastic selection of used cars for sale in Ottawa. With over 200 vehicles on the lot at any given time, buying a used car has never been so easy. This variety also allows buyers to easily compare and contrast different automobile manufacturers and the models that they have to offer.
Comparison shopping at Car Canada can help buyers realize used car savings. A base model of one brand might have just as many features of a higher-level trim from a different model but at half the price. It is important to consider all options before purchasing.
These are just a few used car savings tips that buyers can implement when shopping for a new-to-them vehicle. A little research and calculations beforehand can save some heartaches and headaches from occurring during the searching and buying process.