Is 2024 the year you buy a car? You may be hesitant to venture into the car buying market due to sticky inflation and the high cost of living. However, you can drive away with a great bargain if you do a bit of hunting, homework, and hustling at dealerships.
How can you buy a car in 2024 without breaking the bank and driving away feeling like you got a great deal? Find out in this article!
Set a clear and firm budget
It’s important to establish a budget and have a clear idea of the type of vehicle you’re looking for, one that aligns with your financial situation. Share your top priorities with your family too. Think about towing capability, safety features, fuel efficiency, and storage capacity. Now it’s time to narrow down your selection of vehicles and figure out how much you’ll need to borrow. It’s important to consider that certain car models come with standard features that are typically considered luxurious. These features can actually help you save money in the long run, so it’s wise to keep them in mind.
Buy at EOFY and holiday time
Buying a car at end of financial year (you might see this printed as EOFY) or the end of the calendar year (Christmas/New Year) is your far and away best chance of getting a steal on a new car. Why? Because dealers are eager to make room for new models and will try and sell as many units as they possibly can – which means you can negotiate a harder bargain with salespeople. If you can’t wait that long, going during the week at the end of the month can also help, as dealers look to fill quotas and maximise their commissions.
Gain car loan pre-approval
Now, to really maximise your benefits, get pre-approval for a car loan. It’s important to have your loan sorted in advance, rather than waiting until after you’ve purchased the car. With this helpful tip, you can make the most of a great deal by taking advantage of your lender’s maximum pre-approval limit. If you happen to come across a car that’s slightly beyond your budget, you’ll need to negotiate with the dealer to meet your desired price – or politely decline their offer. Trust us; they want to make a sale more than they don’t!
Bad credit? You can still get finance
It’s getting harder and harder to maintain a spotless credit history, especially after all the turmoil of the past few years. If you’ve checked your credit score and it’s not looking like roses, you may want to start paying down debts or saving up for a deposit so lenders will be more willing to lend to you. The more “skin in the game” you have, the better your chances of approval – and perhaps avoiding sky-high interest rates.
By following a few simple tips and tricks, you can drive away with a new car way below the list price – so get hunting!