Saving Money When Purchasing a Car

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How to Save Money When Purchasing a Car

Posted by, James Gray

cash for cars One of the best ways to save money when purchasing a vehicle is to pay cash for it. If you pay cash for a car, you do not pay interest rates, which can save you a lot of money over the years. Paying cash for your car can be difficult if you want a new car, unless you have been saving up for some time or if you have a vehicle you want to sell. If you sell a vehicle, and it’s newer, you may have enough to purchase your car with some combined savings. Always try to sell your car yourself — unless the car is old and has a lot of miles on it, you will make more than the dealer will give you on a trade.

You can also save money on a car by buying a newer, used vehicle. Check with dealerships and used car dealerships. Sometimes you might find an expensive vehicle with low miles for a decent price. For example, if you want to purchase a $40,000 SUV, look for one that is a few years old with less than 50,000 miles on it. You could save over $20,000, depending on the brand.

If you know how to turn wrenches, you can also save yourself a lot of money. Purchase a used vehicle — look on sites like Craigslist.org — and repair it yourself. If you are experienced enough to remove and replace an engine, you can purchase a newer vehicle with a blown engine, remove the engine, have it rebuilt at a machine shop, and reinstall the engine yourself. In most cases, you will still end up paying less for the vehicle than if you bought it used when it was running. Sometimes, only minor things are wrong, but the seller doesn’t want to be bothered with the vehicle anymore, and you will get a steal.

Look for “fire sales.” These are sales when someone wants to get rid of assets quickly. There may have been a death in the family, a divorce, or just because someone needs a chunk of change quickly, he is willing to sell a vehicle lower than its Blue Book value. Another way to save money on a car is to purchase from someone who is getting ready to file bankruptcy. Your purchase may help that person enough so that she doesn’t have to file bankruptcy.

Check auctions, especially police auctions. If you watch the auctions, sometimes you can get a good deal on a vehicle that is in excellent condition and runs well. You may even be able to get an upgrade to the vehicle you were going to purchase.

Bio: James works at a car dealership that specializes in paying cash for cars. His company can be found online at www.cashfortrucks.com.

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