How to save money on your next car

It’s natural to assume that cars are expensive. I think we’ve all been in a situation where we’re thinking about upgrading our vehicle, and then our face drops when we look at the prices online. You can’t afford to spend over ten grand on a car, so you settle for the one you’ve got and keep plugging away for a few more years.

The thing is, cars don’t need to be expensive. Yes, some cost a lot of money, but there are so many ways you can reduce the cost of car ownership. So much of this is down to pure common sense – there are simple things you can do to save a lot of money when buying your next car.

Seeing as it’s the start of a new year, I felt that many of you might think about upgrading your car and going for a fresh start. With that in mind, here are my tips to save money on every car purchase from now on:

Never buy a brand new Vehicle

It’s just not worth it. I know, there are some advantages to buying brand new cars. They have the latest technology and safety features, there’s no wear and tear, you don’t have to pay for an MOT for a few years – I get it.

The problem is that they’re just far too expensive. Not even that, it’s more the fact that the value for money is terrible. With used cars, you get a much fairer price for a vehicle. They still come in excellent condition, but you don’t pay through the nose for one. A new one is expensive, and the value will only go down as you drive it. At least used cars have room for improvements!

Don’t be drawn in by unnecessary specification

A lot of cars are expensive because of the specs or technology inside them. For example, cars with bigger and more powerful engines are always going to be more expensive. Think to yourself, do you really need or care about some of these specs?

What’s the point in buying a car just because it’s faster than others? Unless you’re a professional track racer, you’ll never be able to drive it at top speeds anyway! Save money by only paying for specs that you need.

Never Pay The Asking Price

No matter where you buy your car – we’re talking about used ones here – you should never pay the asking price. That price is always negotiable, always. People set it just to be hopeful, looking for a chump that will offer it.

Instead, go in with a low-ball offer. See how they respond, then start negotiating a price. You will almost always get the car for less than advertised.

You don’t need to be a financial expert to understand how to save money when buying a car. It’s much easier than you think, and you can save hundreds – maybe even thousands – of pounds. That money can be used to upgrade your car, cover fuel costs for a while, or be put away in a savings account.

** This is a collaborative post