Buying a car can often feel like an intimidating process, no matter how many times you’ve done it before. Between the contracts, paying for it, figuring out which type of car you want, and more, there’s a lot to consider. Then there’s the sheer cost of most cars you’ll find. They could be more expensive than you’d want.
If that’s the case, you’ll want to know how to make buying a car more affordable. As simple as that sounds, most people don’t even know where to start with this. Thankfully, it doesn’t need to be as complicated as you could think it is. It’ll be much simpler than you’d expect, especially with certain tips and tricks.
They’re more than worth looking at.
How Much Does Buying A Car Cost?
Before diving into how you can make buying a car more affordable, it’s worth taking a look at how much a new car actually costs. On average, it costs $42,258 to buy a new car. That works out to average monthly payments of $563. That’s much more than quite a few people can afford.
That’s far from the only cost you’ll need to worry about, though. There are more than a few other car ownership costs to be aware of, such as insurance, fuel, repairs and maintenance, and much more. While each of these can be relatively minor, they add up pretty fast. You’ll end up paying much more than you’d think in the long term.
That’s why you might want to know how to make buying a car more affordable. Thankfully, this doesn’t need to be as difficult as you could think. It can be much easier than you might’ve thought, especially with five specific car-buying tips.
If you’re on a budget, they’re more than worth considering.
How To Make Buying A Car More Affordable: 5 Top Tips
1. Buy Second Hand
One of the most obvious ways to make buying a car more affordable is to get a second-hand car rather than a brand-new one. Used cars are intrinsically more affordable than new ones since they’ve naturally been used before. While these can often have some issues, they’ll be much more high-quality than you might think.
At worst, they’ll just need a little extra care and maintenance when you’re driving. If you decide to go with a second-hand option, make sure you get it checked out beforehand. Having a mechanic give things a look over makes sure there aren’t any issues that you need to worry about. Once they do, you’ll have an affordable and high-quality car before you even know it.
2. Try Auctions
If you’re not too picky about exactly what kind of car you want, auctions can be a great place to have a look. These are usually run by government institutions or local police, with the vehicles themselves being pre-owned. That doesn’t have to be a bad thing.
Instead, it means you can get a relatively good quality car for a surprisingly low price. While many of these auctions can be somewhat hit or miss in terms of the cars they offer, there’s no reason not to consider going to a few of them.
3. Pick The Right Time
You could be surprised to hear that cars are more expensive during certain times of the year than others. If you want to get a car for as affordable a price as possible, it’s worth looking around at the right times. In many cases, you could get relatively deep discounts and other incentives.
October and November can be great times for this, as they’re often when vehicles will be at their lowest prices. While that could mean waiting a while before buying, the savings should be well worth it.
4. Stay Flexible
One of the most important things you need to do when you’re trying to get a good deal on a car is to be as flexible as possible. By being open to various options, you make yourself available to ones that you mightn’t have considered in the first place. These can often be more affordable than you’d think.
An easy way of doing this is by focusing on vehicle types rather than specific brands. While getting a Ford might be great, for example, you could find a similar vehicle for a lower price with a different brand. The savings you see could be more than worth it.
5. Improve Your Credit Score
It’s not uncommon not to be able to pay for the full cost of a car outright. You’ll likely end up needing to get a loan to pay for it. As effective as this is, you’ll then need to worry about paying it back, which often costs more than the overall price of the car. The interest on your loan will be one of the largest factors in this.
The interest rates you get play a significant role in your monthly repayments, as well as how much you pay back overall. If you want to make these as minimal as possible, it’s worth taking the time to improve your credit score as much as you can. While this takes a little time and effort, it’ll be more than worth it in the long run.
It’ll not only affect the interest rates you get on your car loan but any loans you end up getting in the future. It’ll be much better for you than you’d think.
How To Make Buying A Car More Affordable: Wrapping Up
Figuring out how to make buying a car more affordable seems like a long and complicated process. It doesn’t have to be. There are more than a few ways to make your new car more affordable, all of which are worth considering. Picking the right time to buy, improving your credit score, trying auctions, and similar options are great for this.
While these take a bit of time and effort, they’re more than worth it. With how expensive cars can be, there’s no reason not to give them a go.