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Budget-Friendly Car Buying Tips

Cars are an integral part of our daily lives. From work obligations, to familial responsibilities to social engagements, a vehicle is typically necessary for an individual or family.

By kunalPublished about a month ago 4 min read
Budget-Friendly Car Buying Tips
Photo by Alexander Mils on Unsplash

Cars are an integral part of our daily lives. From work obligations, to familial responsibilities to social engagements, a vehicle is typically necessary for an individual or family. If you are currently in the market for a new vehicle, you may have noticed the staggering sticker price of even an average car. In fact, the average vehicle price is up over $6,000 within the past 2 years.

There are several factors that have contributed to soaring vehicle prices, including:

  • Advances in technology
  • Safety regulations
  • Material costs
  • Supply chain issues

The technological advancements in vehicle’s recently are astounding. From touch screen screens, to in-car wifi to advanced navigation systems, the technology in cars is leaps and bounds above where it was even 5 years ago. However, this tech comes with a price. In addition, these advances in technology have led to additional safety regulations imposed that mandate certain features.

On top of these advances, the car industry is still recovering from the COVID-19 pandemic. Among the many industries that were deeply affected by COVID, the car-buying industry ranks near the top of this list. During this time, disruption in the supply chain caused enormous delays and the prices of materials to skyrocket.

In good news, there are cost-effective ways to navigate this process. Regardless of the rising cost of vehicles, there are still steps that you can take to empower yourself as a car buyer through organization and careful planning.

Purchasing a vehicle is a deeply personal choice. On top of this, buying a car is a decision that you will have to live with for a great deal of time. According to Consumers Checkbook, Americans are keeping their cars longer than ever. In fact, the average sedan is about 13.6 years old.

Carefully deciding which vehicle to buy can help you not only make an informed decision, but also to make sure you are investing your money in the most efficient way. Some steps to take when purchasing a vehicle include:

Reflect on Your Needs: What is the primary function of your vehicle? Especially if you are a remote worker who commutes 1-2 days a week, you do not need to invest in a luxury SUV. If you are looking to grow your family within the next few years, investing in a larger vehicle now can be a way to also start investing in your future. It is also a good idea to think about your daily routine and lifestyle. If you often take long road trips, or travel with others than a larger vehicle that prioritizes comfort is perhaps better suited to your needs.

Set a Budget: Review your budget and figure out how much you can put down and how much you can spend on a car payment every month. Online tools such as Edmunds’ Car Affordability Calculator can help you get a more accurate picture of your budget.

Research and Test Drive: It is important to remain flexible in this process. Go in with several options of cars that you would consider. It is equally important to test drive each vehicle. Remaining flexible on extras, certain technological features and the color of your vehicle can help secure you the best deal as well.

By following these steps, and having a solid idea of what vehicle is right for you can help you enter into the process as an informed and well-researched consumer!

Tips and Tricks for Purchasing a Budget-Friendly Vehicle

Gaining an understanding of what type of vehicle is best for you and your lifestyle is the first step in making your budget-friendly car buying choice. In good news, there are additional steps that you can take to ensure a budget-friendly vehicle purchasing experience. Consider the below tips to help you show for an affordable car:

Consider used cars: Used cars typically have a lower upfront cost than a brand new vehicle. A Certified Pre-Owned vehicle is a used car that has been thoroughly inspected and meets the dealer’s standards to likely be under warranty. Particularly after COVID, when many people were barely driving their cars during the year 2020-2021, you can likely find a pre-owned vehicle with a reasonable mileage.

Research: Spend time researching reliable brands and models. While you want to research vehicles by cost, purchasing a cheap vehicle that will only last you 5 years will lose you money in the long run. You will want to carefully consider durability and reliability as well. Research the longest-lasting and most reliable vehicles to save you money in the long run.

Shop around: Once you settle on the type of vehicle that you want, shop around for the dealer that can give you the best price and best financing for your car title loans. Oftentimes, taking the offer from one dealership and bringing it to another is a great way to ensure that you are getting the best overall package.

Negotiate: While this may be uncomfortable for some, you should absolutely negotiate the price of your vehicle. Regardless of if you are purchasing from a dealership or a private seller, do not hesitate to negotiate. Make sure you go into these negotiations informed, and that you have all of the information on the current market value of your vehicle. Taking a print out of the Kelley

Blue Book value of the vehicle you are interested in with you is a great way to focus your negotiations and ensure that both the buyer and seller are receiving a fair deal.

Buying a car can be a stressful process. However, by shifting your perspective and looking at this experience as an investment in you and your future, you can enter this journey well-researched and fully prepared to get the best financial deal possible.

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