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Buying A Car On A Tight Budget

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Looking to buy a car on the cheap? Here are a few ways in which you can keep the price low.

Opt for a used car
New cars tend to cost thousands, whilst used cars can cost hundreds. If you want to save money, you’re much better opting for a used vehicle. It is important to consider the condition of the vehicle as this could determine how much money you fork out in the long run. The older and more used the car is, the more likely it is to have worn parts – which could mean lots of expensive repairs around the corner. Always inspect a used car in person before buying.

Know your needs
Practicality should come first when buying a car on a budget. Consider whether space is important – if you haven’t got kids and don’t need a lot of boot space, opting for a smaller vehicle could save you money. You may also be able to sacrifice certain mod cons when buying an older model. For instance, you may be able to sacrifice air con.

Take out a loan
Whilst you’ll pay more in the long run by taking out a loan, you’ll spend less upfront, which could be better suited if you’re on a tight budget. Some dealers such as Hilton Garage offer finance schemes to customers, whilst other may require you to shop around for a loan. Having a good credit rating can help you to get accepted for a loan and could also allow you to pay less interest, a smaller deposit and possibly smaller monthly instalments.

Buy from a private seller
Dealerships have their advantages – they often sell more reliable vehicles and are able to offer warranties – however, they tend to have higher prices in order to cover dealership overheads and make a profit. Private sellers can be found advertising on sites like Freeads and Gumtree. When buying from a private seller, you may want to do some of your own background research into the car to check that everything is legitimate. Ads that are detailed and well-written with lots of photos tend to be more trustworthy. Never buy online without seeing the vehicle in person.

In most cases, it’s possible to negotiate down the price. Make sure that you show enthusiasm over the vehicle before bartering – sellers are more likely to drop the price if they genuinely feel you’re interested. You may also want to check as to whether any other buyers have been interested as it could be harder to negotiate the price if other buyers already have their eyes on it.

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