10 Ways Smart People Save Money When Buying a New Car

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Woman buying a car and receiving the keys at the dealership

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Even with higher prices, savvy car consumers canscore great deals.

Here are 10 strategies smart buyers use toget the best deals when purchasing a new car.

Seek makes and models with lower insurance rates and relatively better fuel economy before narrowing down your car options.

Dont hesitate to walk away if the price isnt right.

Also, watch for rebate offers orspecial financing dealsthat can reduce the cost of your new car substantially.

With a preapproved loan, you gain negotiating power and youre not stuck with the dealerships poorer financing offer.

Smart buyers dont borrow more than the cars value.

An upside-down loan can be risky, especially if the car needs to be sold or traded.

This way, it’s possible for you to pay down the principal faster and save on interest.

If possible, also steer clear of high-interest loans.

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Also, consider broadening your search to nearby cities to secure the best price on the same model.

Knowing a cars value can help you avoid settling for lowball offers from dealerships.

If an offer is too low, consider selling the car privately to maximize resale value.

To determine your carsapproximate trade-in estimates, check out websites like Kelley Blue Book or Edmunds.

Savvy buyers arent shy about asking for a better deal.

You should always negotiate the cars price.

But dont stop there ask for extras likefree oil changes, floor mats or extended warranties.

You may get added value without extra cost even if the cars price stays unchanged.

So review itemized charges for your car carefully and decline any add-ons you dont need.

you’re free to always get them later for less if desired.