The need for a new car can't always wait for your financial situation to improve. If you're in need of a car and are looking for ways to make it more affordable, keep reading. Here, you'll find a few tips to help you save some cash on the initial investment as well as what it'll cost you to own the car through the next several years.
Shop Used Affordable Brands
Cutting the cost of the initial investment begins by choosing a make that is more affordable. Used Hyundai cars are among the lesser expensive makes and offer a lot of the same luxuries that the more expensive makes do.
Shopping used cars will save you a fortune. When you buy brand new, you're going to take a loss in value the minute you drive it off of the dealership's lot. Used cars with low miles are oftentimes just as good as if you were to buy new – in fact, sometimes it's a better option because many of the recalls that occur on new vehicles are identified and fixed within the first couple of years of use. So, not only will you pay less for the car, but you won't have to be as concerned about recall alerts and things going wrong unexpectedly.
Make a Down Payment
To lower the month to month costs of owning the car, lower the loan payment by saving up at least a small down payment. The more you can put down on the car, the better financing rates you can get and the lower the monthly payment will be. It may only be a few hundred dollars that you can save up, but even that much can save you the cost of financing the tax and title fees when you buy the car.
Carefully Select Insurance
Car insurance is a must, but how much insurance is required will vary. If you took out an auto loan, you will likely be required to carry full-coverage insurance – liability, collision, and comprehensive coverage. You can reduce the cost of full-coverage insurance by raising the deductible. Just be sure to check with the lender to learn if there are any limits on how high you can set the deductible. Some will require the deductible to be no greater than $500 and others may allow for greater sums.
Talk with your local used car dealer to learn more about cutting the cost of buying and keeping the car you need to get around today.