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5 Tips For Saving Money On A Used Car

Heather Gribbin

Heather Gribbin

November 12, 2018

Heather loves Land Rovers and spending time in the great outdoors.
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Used cars are often cheaper than brand new cars, but you can still get ripped off if you’re not careful. Here are a few tips for getting the best deal possible on a second-hand car.

Shop around

You should always take time to shop around. Spare yourself time to look around the various local dealerships in your area. You can also check out dealerships further afield by looking online where you’ll find everything from offers on Mercedes used cars to cheap second-hand Minis. On top of dealerships, try checking out independent sellers advertising their vehicles on the likes of Gumtree and Facebook. Of course, you do need to be wary of certain other factors such as the reputation of the dealer (independent sellers may be harder to trust) and the distance you’ll need to travel to pick up the vehicle (whilst you may find a cheap deal on the opposite side of the country, you’ll then need to get it delivered or pick it up yourself – which will involve added costs).

Know when to negotiate

You can usually always negotiate the price of a used car – most sellers are willing to drop the price by a small fraction. The only time you may want to avoid this is when a vehicle has had a lot of interest from other buyers. Dealerships can be harder to negotiate with as they have more experience with bartering, however there are strategies you can use to encourage them to lower the pretending to walk away or shopping during non-busy periods (you’re more likely to get deals on weekdays than on weekends).

Consider the running costs

It’s important to look at costs beyond the sale price. For example, it’s always wise to look at insurance prices first as well as researching into the fuel economy to see how much money you’ll be spending on fuel. Certain vehicles may also come with higher tax if they’re less eco-friendly. On top of this, there’s the cost of repairs to consider – depending on the age and mileage, a car may be more likely to suffer from faults. A car with a history of faults is most likely to have future problems. Running a history check and getting a mechanic to inspect the vehicle before you buy could be useful ways to determine just how much you’re likely to pay in future repairs.

Say no to extras

Dealerships may try and throw in extras when buying a car. This could include anything from a roof rack to floor mats. Try not to get sucked into buying these extras if you’re trying to keep to a budget.

Take care when financing

Many people take out a loan in order to buy a car. However, you should be careful when choosing a lender – you don’t want to pay huge amounts in interest in the future. Having a good credit score can usually allow you access to lower interest loans.

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