It dawned on me yesterday morning that I could be saving tons of money if I just plan my car purchases instead of buying them when I need/want to like most people. Some of us buy cars when our last one dies, while others buy when that new model looks so good we just couldn’t resist. How about buying cars when demand is low, when we have negotiating power, and when we can get a great deal?
Many of us time purchases for something like a house or even stocks because the price of buying the asset fluctuates. However, a car is also the same way! The manufactured suggested price might not change from year to year, but the out the door price as well as a ton of other options can vary. This means that if we come from a position of strength (we are buying when no one is), we will get a good price.
It is popular believe that consumer spending will be going down, especially for luxuries like cars. So why don’t we take advantage of it and buy a car in a year when no one would want to purchase one? At that time, car salesmen would be desperate and will be giving everyone tons of incentives along with free options to buy a car.
On the contrary, we should be holding off on our purchases if the economy is doing great and everyone is buying because no one will want to negotiate with us as cars are flying out their car lot.
Stop buying cars because we just got a promotion and can afford it now, as the extra cash can always be put into investments to grow. If we hold off and buy only when there are good deals out there (usually based on supply and demand), we will save tons of money in the long run.
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{ 8 comments… read them below or add one }
Coincidentally, I posted something similar on my own pf blog today. I’ve done away with my car all together, and the combination of Chicago’s public transit and iGo Car Sharing has reduced my transit cost by 80%, and has not impeded my mobility at all!
-Raj
http://www.personallyfinanced.com
PersonallyFinanced: It’s great that cities like Chicago offer these types of services. I wish I can do away with my car but if I did that in Southern California, it would change my lifestyle tremendously!
Stop buying new cars altogether and save hundreds of thousands during your driving life time
http://extremeperspective.blogspot.com/2007/09/saving-over-50k-on-car.html
Paul: That’d be a good way to save money but the new car smells good!
Living in a rural area with no public transportation makes an impact on car buying for sure! I have to own a car and buy gas just to get to work and back. Someday, hopefully soon, I can do all my work from home and save the gas money!
Ann: Yeah working from home would be a huge gas saver! It will probably affect my car purchase too if I have to use it 100x less than I do now.
Change is the only thing that never change, everything else will change one day. As one of the leaders in the automotive web-based marketplace, AutoSelect.com offers a full spectrum resource center that will change your Car Buying Behaviors.
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Yeah, it is good time to buy expensive stuff like house and car as those item are in low demand. The companies will screcthing their head and give you the best deal in order to push up the sales volume. As a consumer you have more bargain power at this moment. Do your best to negotiation and get the best deal.