5 Surprising Ways to Save Money When Buying a Used Car

Purchasing a previously owned car is an excellent way to obtain a high-quality model while spending less money than you would on a brand-new vehicle. However, purchasing a second-hand car still involves parting with a fair amount of cash. Fortunately, there are some clever tips and tricks you can use to maximise your savings when shopping for used wheels. Follow this advice to find the best deals on second hand cars in Darlington and elsewhere in the UK.

Do Your Research

The first step to get the lowest price on a used car is thoroughly researching the make and model you want to buy. Get to know the typical market value by checking websites that sell cars in your area. This gives you a benchmark to gauge whether a dealer’s asking price is fair or inflated.

Reviews from sources like Motorscan will tell you about ownership costs, common problems, and reliability issues to watch out for. And checking finance, insurance, road tax and MPG figures will help you budget for ongoing costs. Doing this essential research means you’ll negotiate and shop smarter.

Cast Your Net Wide

Most people only look for used cars within a few miles of where they live. But expanding your search radius can unearth some real bargains. These days it’s easy to browse vehicles nationwide online.

Widening your options allows you to take advantage of better deals in other areas of the country. For example, used car prices in the North East may be lower than the national average. So, don’t limit yourself. Be prepared to travel to purchase if it means securing a lower price.

Haggle

Dealers always build in room for negotiation on the asking price for used vehicles. So, don’t be shy about bargaining once you’ve settled on a car you want. Highlight any flaws or wear and tear to justify a lower offer price.

Pointing out issues needing repair also gives you a bargaining chip to potentially get the dealer to cover the cost of replacement parts or repairs as part of the sale. Just remember to still have an inspection done afterwards to uncover any problems they didn’t disclose. Flexing your haggling muscles almost always knocks money off the price.

Exploit Timing

Certain times of the year, like holidays and the end of financial quarters, are better for buyers seeking deals from dealers eager to hit sales targets. You can use this to your advantage when shopping for used cars.

End of model year sales are another prime time to get the lowest prices, as dealers will be discounting outgoing models to clear old stock in anticipation of new variants arriving. Making your purchase during peaks in supply means more leverage to negotiate the best possible price.

Finance Creatively

There are a few clever financing techniques you can employ when purchasing a used vehicle to maximise savings:

• Get pre-approved financing from your bank or credit union at the lowest rate and use that as leverage to have the dealer match or beat the rate.
• Consider a shorter loan term like 24 or 36 months. This lowers the total interest paid over the life of the loan.
• Put down a larger down payment if you can afford it. This reduces the amount financed, slashing the total interest charged.
• Pay extra each month to pay the loan down faster. You’ll build equity quicker and again minimise interest payments.

Using financing strategically takes plenty of money off the total out-of-pocket cost for your used car over time.

Buying a used car doesn’t have to be an expensive endeavour. Armed with these money-saving tips, you can negotiate the best deal and drive away in a quality pre-owned vehicle while keeping more pounds in your pocket. Employ this advice when browsing for second-hand cars to become a savvy used car buyer.