Don’t Let Car Ownership Drive You Into Debt

Are you spending too much on your car? Here are a few tricks that could help to save you money and prevent you driving yourself into debt.

Know the right time to buy

There are lots of tricks when it comes to buying a new vehicle on a budget. One that most people don’t consider is timing. You can often find many cheap deals in December and January – most people have spent all their money on Christmas and so dealers have to set competitive prices to find buyers. Similarly, weekdays can often be much better for negotiating deals than weekends. Friday in particular can be the day when many dealers are trying to meet their weekly bonus, and so they may be more eager to secure a sale at a lower price.

Lease, don’t loan

If you’re having to finance a vehicle, think twice before taking out a loan. Loan monthly payment rates are often more expensive than lease rates, as you’re paying interest on top. Unless you’ve got a really good credit score and can find a low interest loan, leasing is likely to be more worthwhile. Data released by Intelligent Car Leasing shows that there are plenty of leases out there for less than £300 a month. You may even be able to get your vehicle delivered for free, saving you money on this fee.

Shop around for everything

You can lower your payments by shopping around for everything. This doesn’t just apply to buying the vehicle and taking out insurance. You can also shop around for repairs using services like WhoCanFixMyCar, which collects quotes from multiple mechanics in your area. Apps like Gas Buddy meanwhile are fantastic for comparing fuel costs in your area so that you can find the cheapest place to fill up your tank regardless of where you are.

Hone your haggling skills

Being a master haggler can be a great help when owning a car. Haggling can help you to not only purchase a car for cheaper, it could help you to secure cheaper repairs and even insurance. Make sure that you’re always asking if there’s any room for manoeuvring the price.

Keep on top of basic maintenance

Basic maintenance tasks like keeping tyres inflated and having a regular oil change can save you big costs in the long run. Such maintenance tasks could prevent parts from wearing out as quickly, reducing the need for as many repairs. They could also prevent accidents leading to higher insurance rates. All in all, it pays to keep your vehicle well maintained.

 

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