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How Not To Break The Bank When Saving For Your Next Car

How Not To Break The Bank When Saving For Your Next Car

When investing in your next car, it’s easy to get caught up in the hype surrounding exciting technological developments and flash new models. Yet, while the shining car industry still booms in a world defined by climate change, that doesn’t make the dent in your pocket any less daunting when you eventually hand over your money. Understandably, for many people it’s a big step to take. Other monetary commitments can get in the way of you having your dream car, and you can end up compromising where you shouldn’t have to. Luckily, there are a few foolproof tactics you can follow which will help you save money in finding the perfect car.

Think long-term

It’s all well and good bagging a cheap car when you buy it, but insurance costs and fuel-guzzling cars can wreak havoc on your bank account. Make sure you research how many miles to the gallon your preferred car will use. The higher the number, the more efficient it will be, and the less you’ll have to top up gas. You will also be doing your bit to help the planet this way, too.

If you’re not as fussed about what make or model you end up with, it’s always a good idea to go for a car that doesn’t require a high insurance bill. Financial helpers have found that smaller cars have significantly lower insurance costs. However, if you need a family car, or just want more space, there are a whole host of insurance deals out there which will help you save some extra cash.

Go second hand

Switching from buying new to buying used cars can be a great cost-effective venture to consider. If you go with a reliable and fairly priced retailer such as Autotrader, you can be assured you’ll find good quality, low priced cars. With years of testimonials backing it, the number of used cars for sale has skyrocketed, meaning there are even more for you to choose from than ever before.

From vintage cars to modern cast-offs, the used car industry boasts an unbeatable variety to choose from. Often, car showrooms won’t feature models over a couple years old, which can lead to people missing out on cars they’ve been dreaming of. Hope is not lost there, however. In fact, the renowned financial section of Time states that there are lots of models in used car retailers that are pretty much brand new. In most cases, this isn’t a rarity. This means that there is usually one that can fit everyone’s brief. Not only this, but heavy quality checks mean that you won’t have to worry about safety, longevity, or hidden costs in the future.

Don’t rush to buy

Most importantly, don’t rush to buy straight away. The temptation can be high when you see a car that impacts you on first glance, but you will almost definitely end up paying full price if you buy fresh off the production line. A car’s value goes down within the first year of its release, which means you can spend an extra year saving as the price depletes. Not only this, but as most of its value depreciates during this time, you can rest easy knowing you won’t get it much cheaper once you’ve bought it.

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