When it comes to saving money on big purchases, there is a lot of misinformation out there. However, there are ways to cut costs on big ticket items that are easy to understand. Here are some tips for saving money on big purchases that will help you get the most out of your buying experience.
Do Your Research
One of the most important factors about saving money on big purchases is to be well-informed. You can’t just walk into a car dealership and say “eh… what have you got?”. You definitely need to come prepared.
Here are a few things you should look into before you even leave your house:
- Your budget
- Possible costs of your big item
- Brands, Companies, and Dealerships with a good reputation
- Seek expert advice
- Monthly/yearly fees and taxes
- Insurance needed
The more you know about your big purchase, the more money you can save. So whether you have to earn about how to do a VIN check to find insurance rates for a car, or the price history on a house you love, you need to know everything you can!
Shop Around
Though some places are going to be better than others for large money items, it’s best to shop around. If you’re looking for a car, go to more than one dealership. If you’re shopping for a home, talk to more than one realtor. Just because it’s the first place you go to, or the best place you’ve heard about, doesn’t mean they will have the best price.
Haggle Your Price
Saving money on big purchases means knowing how low you can go. When you did your research for your big ticket item, you probably saw a wide range of prices. This information gives you an advantage for haggling.
Cars, Homes, Motorcycles, and even cheap auto insurance and home insurance can be negotiated. Whether you call in a discount, or simply know market values, almost any price can be lowered. Even the smallest percentage helps when saving money on big purchases.
Discounts and Lowered Prices Where You Can
You would be surprised at all the discounts available for bigger items. Let’s say you are looking to buy a house. You can get discounts and lowered rates on inspections, repairs, even the overall cost of your home.
Though it may not be called a “Discount” everywhere you go, you can always find money saving phrases for big ticket items. Look into things like short sales and foreclosures, as well as dealerships looking to get rid of last year’s products.
Bigger Down Payment
Paying more up front can actually help you in saving money on big purchases. If you agree to make payments over time, a big down payment will lower the percentage of money you pay each month. Not to mention lower the overall interest earned for the item. This is called a lower loan-to-value ratio, and makes borrowers more willing to work with you.
So whether you are paying for your home, or a new car, if you can afford a larger down payment, definitely do it!
Larger Payments Over Time
If you took out a loan to pay for your big ticket item, you need to pay more each month if you can afford it. If you take out a loan for $200,000 for a home, you may actually end up paying closer to 220,000 over time. The larger payments you make now, the less interest is accrued.
Lower Interest Rates and Fees
You can always negotiate fees and rates for things like insurance and mortgage payments. Not to mention insurance rates for your car or home. Don’t be afraid to ask about discounts in order to save more money in the long run!
Saving Money On Big Purchases is Easy
Following these seven tips can help you easily save money on big purchases. Don’t be afraid to haggle, or make a bigger down payment. You have done your research, and you’re ready to make this purchase with confidence if you follow these simple steps!
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