Savvy car buying tips for students
If you’re a student, it’s unlikely you’ll have money to spare to put towards a flash car. However, this doesn’t mean you need to spend your studies getting around in an old banger, as there’s plenty you can do to save money on the upfront cost of a car. Here are our top four savvy car buying tips.
Always buy second-hand
According to the AA, depending on the make and model, a brand-new car may lose up to 40% of its value in the first year alone and a massive 60% in as little as three years. If saving money is your main prerogative, then you should only consider buying a vehicle if it’s second-hand. Look for cars that are around three years old to ensure you’re getting something at a cut price that will still last you long after your studies.
Work on your negotiation skills
In the eyes of a sales executive, a student is often seen as an easy target, as it’s assumed you aren’t going to be an experienced negotiator. However, you can use this to your advantage by doing your research and brushing up on your negotiating skills before you head to the dealership. Have a few specific models of car in mind and find out their exact market value so you’re in a strong position going into the negotiations.
Choose petrol over diesel
For years, motorists have been advised to buy a diesel car if they’re looking for something cost-effective. However, Lookers point out in an article that, given the current price of fuel, a petrol car can not only be cheaper upfront, but also be cheaper to run, despite diesel actually being around 30% more efficient. If your aim is to save money, you should opt for a petrol car.
Buy the smallest possible car
Small cars are cheaper to run, cheaper to insure, and cheaper to buy than their larger counterparts. If you want to save money, you should buy the smallest car you can get away with. Unless you spend your weekends and holidays filling your car with camping equipment and heading into the great outdoors, this is likely to be a hatchback or city car.
Follow these top tips to make sure you don’t make too big of a dent in your savings if you need to buy a new car when you’re at uni, leaving you with more to spend on the essentials.