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Six Money Saving Tips for When You Buy a Luxury Car
If you are looking to buy a luxury car, you probably already know that they are expensive. So, it just makes good sense to try to save money any way you can when you buy one. Fortunately, finding a good deal on a luxury car isn’t as hard as you may think. Saving money on a luxury car doesn’t just happen though; it takes some patience and a little work. So, whether you want to buy a BMW or a Lincoln, the following tips will help you save a few bucks on your luxury car purchase.
Look for Rebates or Financing Incentives
Unless you are totally committed to a single make and model, look for luxury cars that have a rebate or financing incentives. When car makers need to boost sales and generate income, expensive luxury cars are usually the first cars that get discounted with rebates. Use the rebate as a down payment or take advantage of financing deals to save a bundle on interest charges.
Buy Phased Out Year Models
New year model vehicles began showing up at dealerships as early as August and September, and when they do – current year models usually are sold at a deep discount. So if you want a new vehicle, and don’t really need the latest and greatest luxury model, you can save a lot of money by buying a car that has been on the dealer’s lot a while.
Buy a Used Luxury Car
Consider buying a certified used luxury vehicle. Many luxury car manufacturers certify two or three year old luxury vehicles as meeting certain standards for quality and reliability. Most of these cars even come with a manufacturer’s warranty and they will save you up to 30 to 40% off the price of a brand new vehicle.
Check Prices Online
Before you visit a local dealership, always go online and compare prices from car shopping sites. There are many sites online where you can purchase a new luxury car, and you should visit as many of these sites as possible. Print out pricing information you receive on the web so that you can take it to the dealership to use in your negotiations.
Check Invoice Price Information
Visit websites like the Kelley Blue Book pricing guide or the Edmunds pricing guide so that you can find dealer invoice information on the luxury car you’re interested in. Knowing how much the dealer pays for a vehicle can help you negotiate a discount. Even if you’re buying a used luxury car, you can find detailed pricing information that will help you get a better deal.
Make sure to print out the pricing data and take it with you when you’re negotiating at the dealership.Arrange Financing Beforehand
Visit your bank or local credit union and arrange financing before you ever visit the dealership. This will help you concentrate on negotiating a better price for the luxury car rather than having to worry about getting a car payment you can afford. Inform the salesperson that you already have financing arranged, but if you decide buy a car, give the dealer chance to earn your loan business by listening to their spiel. Sometimes, the dealership may be able to offer you more attractive terms on a car loan.
