How to Save Money Buying a New Car in Brantford

How to Save Money Buying a New Car in Brantford

Posted on January 17, 2022

Car prices are on the rise, and with inflation moving at a breakneck pace, you will need to be proactive if you want to save money buying a new car in Brantford or stay in your budget.

Inflation has made everything from food to fuel more expensive, so be prepared to sharpen your pencil to make the most out of your budget.

Clearly defining your vehicle needs

You should list what your current vehicle needs are and also what you anticipate for the next couple of years. The last thing you want to do is be paying for a vehicle that no longer meets your requirements.

Once you have defined your requirements, you can start identifying all of the vehicles that meet those needs.

Are you buying new or previously owned?

The microchip shortage has reduced the total number of new vehicles that are rolling off the assembly lines. This issue will last for quite some time, so if you were thinking about buying a new car, you may have to wait a few months before delivery.

If you really need a car fast, then previously owned may be a good option. The prices of used vehicles are in some cases just as high as a new car, so you have to take that into consideration.

Cash vs financing

The average price of a new car is over $40k, so unless you have a huge amount of cash stashed in your home, you will need financing.

One way you can save a considerable amount of money is by finding out if the seller is offering 0% financing.

You would never be able to get 0% financing for used cars, that type of financing is reserved for new vehicles and you need to have excellent credit to get that rate.

Interest rates are low, but you will need to meet the underwriting requirements.

To really save money when buying a new car, you need a credit score over 650 to get a prime interest rate car loan in Brantford. You can still get a car loan if your credit score is below 650 but the borrowing costs are going to be considerably higher.

You can check out your credit score by using free apps like Credit Karma.

Save money by purchasing your car at the end of the month or quarter. Car dealerships want to sell as many cars as possible to hit their targets. At the end of the month and quarter, the dealership will be super motivated to make a deal happen.

Do you have a car to trade-in? Even if the vehicle you are trading in has lots of mileage, you will get top dollar for it. The new and used car shortage will continue for the next 12-18 months, so you need to visit the dealership asap. If you have credit issues, don’t worry the dealership will find a lender that will give you a loan.

We all need a car to lead a normal life, and now that you follow these suggestions, you should be able to get a great deal.

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