With the changing marketing dynamics, and evolving technologies, the methods of buying a car have changed as well. Previously, people used to rely on car showrooms or dealerships for buying cars only. However, today, buying cars online has also become a known way of car shopping.
Are you too looking to buy a car but not sure how to buy one? Don’t worry, we have your back! In this blog post, we have created a list of some of the most reliable methods of buying a car.
Method 1: Buying a Car Through a Personal Loan
It is no secret that buying a car requires a considerable amount of money, therefore it is not possible for everyone to purchase a car with cash. For this reason, one of the easiest methods of buying a car is by getting a personal loan.
If your credit rating is worthy enough, you can obtain a car loan from a finance provider, bank, or building society. However, it is critical to ensure that your loan is not secured against your house, otherwise, you will be putting your house at risk if you’re unable to repay the loan timely.
Apart from this, when you are applying for a car loan, make sure that you shop around for the best interest rate otherwise, you will end up losing all your savings.
Research carried out by Auto Trader identified that car buyers spend around 59 percent of their time in researching cars online. Likewise, a study done by CoxAutomative, revealed that car buyers spend approximately 108 days in the market before making the final purchase. So, even if you’re buying a car through a personal loan, the key is to conduct extensive research.
Method 2: Buying a Car Via Hire Purchase
Another proven method of buying a car is none other than through hire purchase. This method involves hiring the car over the contract period, with the option to buy it at the end. If you opt for this method of car financing, you will be required to pay a deposit of around 10 percent, and then make fixed monthly payments over an agreed time period. However, this means that you don’t own the car until you have paid for the last installment.
Are you still not convinced why you should buy a car through hire purchase? Here is what you need to know:
- Hire purchase is simple to understand and arrange. It is generally arranged by car dealers.
- This method is quite flexible, with the duration ranging from 1 to 5 years.
- Hire purchase is generally a more convenient option than getting a standard, unsecured loan, especially if you have a poor credit history.
- Hire purchase requires a lower deposit compared to other financing options.
Therefore, if you are searching for a secure and easy way of buying a new or used car, then hire a purchase should be your go-to option. Moreover, when you’re buying an expensive car through hire purchase, it is a must to take care of it so that you can make your car last longer.
Method 3: Buying a Car Online
Purchasing a car online is not just more convenient than buying from a physical car dealership, but it also saves your hard-earned money. Once you have decided, which is the car of your choice, then you should shop around at different online car retailers, and negotiate for getting the best deal possible. Wondering how? Below are a few expert tips and tricks that can help you buy your dream car online without any hassle:
- Request a price quote from the online retailer for the car you are interested in.
- Make sure that you are negotiating a fair price that represents the actual car’s value.
- It is best to buy a car at the end of a month as most salesmen are trying to meet their sales target, thereby giving you a chance to avail yourself heavy discounts.
- Never make a car deal without any written agreement for avoiding any type of scam or fraud.
Method 4: Buying a Car with Cryptocurrency
Did you know that now you can easily buy a new or used car with cryptocurrency? Some of the famous online car portals allow you to buy a wide variety of cars, such as Ford, Audi R8, etc., with cryptocurrency. Wondering how?
- First, the buyer finds their dream car on the online portal.
- Then, the buyer contacts the dealer to ensure that they deal in cryptocurrency.
- Next, negotiation takes place so that the buyer and seller can lock the deal.
- When the deal is finalized, the amount of crypto decided is sent to the car dealer.
Method 5: Buying a Car with Cash
The next one on our list is buying a car with cash. The good thing about this car buying method is that you can instantly get the car rights. All in all, the downside is that you need to arrange a huge amount of cash.
Apart from this, if you are opting for this method of buying a car, you don’t have to worry about any monthly installments that can eat half of your disposable income.
Method 6: Trade-In
Last but not the least, on our list, is the option to trade in your car. Many dealers allow their clients to trade in their old car for a new one, along with an additional amount. This option is one of the least expensive methods of buying a car as you don’t have to pay the entire amount of the new vehicle.
So, if you’re unable to afford a new car, you can simply opt for this option.
The Bottom Line
In a nutshell, it is crucial to note that the car buying process requires a lot of time and attention, may it be deciding which car to buy? How to buy it? Or evaluating the car’s condition. For this reason, if you are planning to buy a car, you should do your research thoroughly. Moreover, you can save your time by choosing the most suitable car buying method from the list above.
ABOUT Alycia Gordan
Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness, and lifestyle. She is a tech junkie and divides her time between travel and writing. You can find her on Twitter: @meetalycia