Written by Menswear Style in Cars on the 21st May 2021

Are you about to reach the end of a hire agreement or has your car given up the ghost and decided to call it a day? Whether you’re replacing your car out of necessity or you’ve decided it’s time for a change, upgrading doesn’t have to break the bank. Here are some tips to help you save when searching for a new vehicle.

Finance options 

Buying a car has become much more affordable thanks to the raft of finance options available to consumers today. While some buyers will prefer to pay cash and purchase a vehicle outright, more and more customers are taking advantage of car finance. With finance, you can spread the cost, covering monthly installments for an agreed term. With this arrangement, you can either hand the car back, keep it or swap the vehicle for a new car at the end depending on the type of contract you have. If you are considering buying or hiring on finance, always set a budget first and make sure you can afford the repayments. You can often bring the monthly fee down by limiting mileage and putting a larger deposit down at the start. It may also be possible to save by signing a longer contract.

Used vs new 

Many drivers will go into the search for a car wondering whether to opt for a sparkling new vehicle or a used car. While there are pros and cons of both options, when it comes to money, buying a used or nearly new car often makes financial sense. Used cars are cheaper and new vehicles lose value faster. If you’re interested in a brand new model, you may be surprised at how much you could save by waiting a few months or a year to buy the car at the top of your wish list. Nearly new vehicles offer most of the benefits of buying a brand new vehicle but the price will be significantly lower. If you’re looking at used cars, always use reputable dealerships, check the information carefully and inspect the car before you buy. Test drives are incredibly useful. You can use the test drive to see how the car runs and handles and also to make sure that you’re comfortable and you enjoy driving that particular vehicle.

Part exchange 

It’s common to part-exchange when you buy a new car or you’re looking to upgrade. If you already have a vehicle, you can use the value in that car to lower the price of its replacement. Before you accept offers, visit local dealerships, get a series of quotes and compare prices against offers for new vehicles. It’s wise to take your time to compare the different quotes before you make a decision. It’s also a good idea to undertake some research online so that you have a good idea of how much your old car is worth before you start negotiating.

Are you looking to upgrade your car? Buying a car can be expensive but it doesn’t have to cost a fortune. There are several ways to drive down costs and get a great deal. Consider used and nearly new vehicles, explore finance options and make sure you get the best price for your old vehicle if you are part-exchanging.

We discuss finance options, used vs new, and part-exchange in this blog post on How to Save When Replacing Your Car.