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How To Keep Your New Car Payments Under Control
You've finally decided to give up your old clunker of a car. You've been replacing parts for years and after an engine overhaul, transmission rebuild, and a variety of other expensive services, the time has come to upgrade to a new model. If you're like most motorists, you won't be able to buy a new vehicle outright. Instead, you'll need to finance it.
Fortunately, there's a lot you can do to make sure your monthly payments are manageable. Here are a few ways to reduce the amount you pay each month while enjoying the driving experience you want.
Be Patient And Willing To Wait
You'll find that a lot of auto dealers may not have the model you want with the specific options you're looking for. But, that won't stop them from trying to make a sale. They'll often have the same model on the lot, but loaded with expensive options. For the dealership, getting you to take it off their hands not only moves the inventory, but adds to their profit.
Ask the salesperson to order the model you want with your set of preferred options. They'll likely put up a fuss because they want to sell you a vehicle today, not tomorrow. Hold your ground and be patient. As an alternative, consider offering the same price for the loaded model. If the salesperson is desperate, you may be able to uncover a bargain.
Choose A Smaller Engine
That V-8 sitting on the dealer's lot might trigger images of unbridled performance, but it won't come cheap. The fact is, vehicles with larger engines are always more expensive. That means higher car payments. Also, keep in mind that smaller engines are now putting out as much power as their larger cousins did a decade ago. An economical 4-cylinder will be nearly as formidable as a V-6 used to be. A V-6 will be nearly as muscular as an older V-8.
One more note about engine size: the more cylinders, the less fuel-efficient. Opting for a 4-cylinder not only reduces your car payments, but will also help you save at the pump.
Go Against The Grain
Just as clothes move in and out of style, so too, do vehicles gain and lose favor with drivers. As certain cars, trucks, and SUVs lose popularity, dealers are more willing to offer deals in order to move the inventory. For example, over the past year, larger SUVs have been the pariah of the auto industry due to rising fuel prices. Dealers might slash the sticker price just to move the gas-guzzlers off their lots. Lower price means lower monthly payments.
Your first goal when buying a new vehicle is to purchase exactly what you need and little more. That said, if you keep your options open, you might stumble onto a fantastic bargain. And that can lead to much lower monthly car payments.
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