Tips to Save Money on a Used Car Purchase

Buying a pre-owned car is just as exciting as buying a brand new car when it’s time to get a new set of wheels. Sure, you miss out on that new car smell and maybe some of the latest and greatest features, but the thousands of dollars in savings are worth the sacrifice per the standards of most drivers. Plus, saving money on the costs of a pre-owned car is simple if you’re not afraid to take a few minutes of your day to find deals that may rack up to thousands of dollars in savings. How is saving money on a quality pre-owned car possible? There’s an endless number of money-saving techniques to try when you’re in the market to buy a pre-owned vehicle. Take a look below to learn some of the best money-saving car buying tips that save major cash on your major purchase.

1 - Get Pre-Approved for Financing

Most drivers finance their vehicle purchase since they don't have the total costs in hand at the time of the purchase. Many lenders offer to finance, but they all offer different terms, conditions, APRs, and interest rates, all of which are important to consider before you sign on the dotted line of any contract. Compare a few financing options to find the best rates. Getting pre-approved for a loan also saves time and hassle and may very well help you get the vehicle you want even faster.

2 - Avoid Most Popular Models

Everyone wants to drive the most popular vehicle models. It’s these vehicles that dealers promote more often and usually the vehicles that have the best features. As a result, the showstoppers oftentimes include a price tag that’s considerably more than some of the other non-premium models that you could buy instead. Keep your options open, avoid the premium models and you may find it possible to save a considerable sum of money on your pre-owned car purchase. Just try out some of the less advertised models until you find one you really like! 

3 - Choose the Vehicle Year Wisely

If you purchase a vehicle that’s less than a year old, then expect to pay a premium price and perhaps even face serious depreciation costs. Go back a few model years to find your vehicle and get most of the same features at a fraction of the costs. Drivers who choose a vehicle that’s a few model-years-old save thousands of dollars. Choose a base model without all the extras to keep the costs of the vehicle to a minimum as well.

4 - Consider Total Cost of Ownership

It’s important to buy a vehicle that fits within your monthly budget. But, do not consider only this amount instead of the total costs of ownership. How much is the financing charge for the vehicle you have your eyes set on? How much will the vehicle maintenance cost? What’s the cost of auto insurance? These factors are important to consider before you sign on the dotted line of a pre-owned vehicle since you’ll pay these costs each month. Don’t forget about the costs of repairs. That slightly older luxury car may have the same initial cost, but the repair parts can cost five times more! 

5 - Search Deals & Discounts

Auto dealers offer deals, coupons, promotions, and other discounts in order to attract customers to their lot. Don't shop for a vehicle until you browse the deals and discounts and take advantage of those most suitable for your needs. Deals make saving money on the costs of your pre-owned car simple, and really, who doesn't appreciate the opportunity to save money, especially when doing so is this easy? Take your time and be patient and a good deal will come along!