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Save Money on a New Car

You don't necessarily have to buy a used car in order to get a great deal. You can get a pretty good deal by buying a new car too if you just follow the following advices that will help you save money on your new car purchase.

  • A bigger down payment can save you thousands in interest.

    Many car buyers today allocate for down payment just 5% or less of the car's purchase price. However, putting down such a small amount hides the risk of getting you upside down on your car loan. Moreover you will need a bigger amount to finance you purchase which means a bigger amount for interest payments too. Therefore you should try to make at least 20% down payment in order to save money in interest and avoid the risk of an upside-down car loan.

  • Trade your old car in.

    Selling your used car to a private party may seem like a better deal at first but in fact most of the cases it is better to trade it in since you will pay lower sales tax for the new car which will save you money. Additionally, if you decide to buy your new car from the dealer you may negotiate your used car price up.

  • Focus on the price, not the monthly payments.

    Many dealers will try to distract your attention from the total cost of your new car by stressing on the lower monthly payments. However, stretching out your car loan will only make you pay more money in interest so don't fall in the "lower monthly payments" trap.

  • Buy only the additional features you need.

    You may want a shiny new car with all the bells and whistles but don't be enticed into buying extra options you don't really need, especially from the dealer. Most of the cases options like stereos will be more expensive when purchased from the dealer.

  • Be ready to buy the new car.

    If the dealers know that you are ready and able to buy the car, they will be more willing to make you an offer you cannot resist. Tell them that you will buy the car right away if they offer you a price that suits you. This may get you a very good deal.

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