Monday, August 4, 2014

4 Tips for Saving Money on Your Next Car

New Jersey is one of the smallest states in terms of area, but it is also the most densely populated state in America. The state's small size and large population make having a car necessary, but being able to afford one isn't very easy. When in need of a car, you'll want to ensure that you are getting a good one at a price that doesn't cripple you financially. The good news is that saving money on your next car doesn't have to be difficult. If you remember to keep these tips in mind, you and your bank account will be happy with what you get:

Image courtesy of graur razvan ionut/FreeDigitalPhotos.net

Should I shop at the end of the month?

We've all heard the notion, "if you want to get a good deal on a car, don't set foot in a dealership before the last week of the month!" Whether you're looking at new & used car dealerships in South Jersey or southern California, the reality is that the manufacturers do put pressure on car dealerships to meet an objective each month. It's actually part of the franchise agreement for dealerships to perform up to the standards the manufacturer sets. With that in mind, sometimes you can get a better deal at the end of the month, provided the dealer has not already met their objective for the month. Manufacturer incentives are generally the same for the entire month, and they set the bar pretty high for car dealers. Through use of the Internet, manufacturers have pulled back the curtain by providing consumers access to all incentives, MSRPs, and costs. This has caused many car dealerships to become very aggressive by creating month long internet specials to drive traffic to the showrooms at the beginning and the middle of the month as well. You don’t have to wait until the end of the month. You just have to keep an eye out for dealerships that give the same discount all month long with new & used car Internet Specials.

Should I go on the weekends?

The weekend may be the most convenient time for you to shop, and it's also the last day of the week for a car salesman to sell a car and make a paycheck. That of course, usually works in your favor. Keep in mind if you go on the weekend, you're usually going to be shopping with a lot of other people, and the salesmen on the floor maybe juggling another customer in addition to helping you. If you want your salesman to focus entirely on you, you may be better served to go to a car dealership Monday through Friday when it is less likely to be busy. Many car dealerships have later hours during the week as well to help accommodate your work schedule. Just be sure to check dealership hours & directions pages on dealer websites to ensure you will have enough time after work to shop during the week.

Should I wait until the Holidays to buy?

Many people want a new car when the weather is nice and they plan on traveling. But when the holidays roll around, the average consumer's mind is on buying food and gifts, and new cars are the last things on their minds. The holiday months can be a difficult time for car manufacturers & dealerships for this very reason. Thus, if you look from around the beginning of October till the end of December, you'll find a lot of dealers who are willing to give out big discounts so that they can make a sale. If you can't make it out during the holidays, you'll still have a little time to snag a deal during January and February. By then, the new models have been advertised, and most smart consumers have started receiving tax returns already, which can be a big help with a down payment on a new or used car.

Don't rely on emotion but pay attention to your wants & needs

This may seem obvious, but many budgets suffer because of impulsive decisions based on emotional attachment. That new luxury vehicle with a retractable roof may look like everything you've ever wanted in a car, but you'll regret it when you end up in debt, with a vehicle you can't afford. Of course, there's nothing wrong with buying a car that looks good, but the vehicle should be able to meet your important necessity criteria first and foremost. If you can afford a vehicle that meets your needs and still have room in your budget, then you can cater to your desires a little and get some of those extra options you really want!


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