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4 Ways to Save Money on a Used Vehicle Purchase in College

Jun 6, 2018

Even a used vehicle can be a large investment, and you should be doing everything in your power to save as much money as possible. With some extra planning and a little bit of foresight, you could potentially save yourself thousands in the coming years. Here are four car buying tips that will help you keep your expenses as low as possible.

Work on Your Credit

Most car buyers need to take out some kind of loan, and that is why your credit report needs to be immaculate. Increasing your credit score by just a few points could drastically lower your monthly insurance premiums as well as your interest rates. 

If you have any blemishes on your credit report, then you will need to contact the creditors directly to dispute the claims. You should begin working on your credit score a few months before you plan on purchasing a vehicle or applying for a loan.

Sell Your Old Car to a Private Party

It might be tempting to trade in your old vehicle, but you will most likely be able to make more money if you sell the car to a private party.

The biggest drawback of selling your own car is the amount of time that it will take. Luckily, there are many websites and organizations that allow you to list vehicles for little or no money.

Pick from the Discontinued Models

Purchasing a vehicle that has been discontinued is another great way to save yourself some money. When a manufacturer announces that they will be discontinuing a model, the sticker price usually drops within a few months. 

Once you are at the car dealership, you can ask a sales associate if they have any discontinued models on the lot. If you plan on purchasing a discontinued model, then you should also speak with the sales associate about buying an extended warranty that will cover parts and maintenance.

Don’t Ignore Maintenance Costs

Just because a car or truck has a low sticker price doesn’t necessarily mean that you are going to save yourself money. Depending on which vehicle you purchase when looking at cars for sale, the annual maintenance could cost just as much as the car payments themselves. 

Some of the other expenses that you will need to consider include registration, taxes, and fuel. Your warranty could offset some of the maintenance costs, but you should still plan on paying for oil changes, filter changes, and tire rotations.

Starting this process as early as possible is the best way to save yourself money and avoid expensive mistakes. You want to be absolutely sure that you are getting the right vehicle at a great price before you sign any paperwork.

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