Hidden costs of buying a car and how to beat inflation?
It's no surprise supply chain hasn't caught up in the post-pandemic world. Almost everything is more expensive, from commodities to energy to technology. The inflation wave has hit new and used cars hard. Many factors have affected those prices, such as chip shortages, metal prices and shipping costs. We won't get too deep into the actual cause of inflation, but we will focus on how to beat it. There's not much you can do to reduce the vehicle's actual cost, but some hidden costs can be reduced.
What are the additional Costs?
Interest Cost of Financing or Leasing
Interest rates vary depending on whether it's a new or old car. Manufacturers often subsidize interest rates on new cars. That's why new car interest rates are usually lower. Despite that, it can add up. Make sure there is no payoff penalty in case you decide to payoff the car to save on interest.
Surprise expenses are no fun. This is why people often pay an added premium on the purchase price, so they can budget for it. If you decide to get an extended warranty, know that the finance office often has some negotiating room. Also ensure the coverage doesn't overlap the existing manufacturer's warranty but extends it or offers something extra.
Paint Protection Film
There's not much attention paid to car protection until the purchase is finalized. Keeping your investment protected from rock chips, scuffs, and water marks is critical. Therefore, PPF is one of the most important post-purchase decisions. Depending on the coverage, the cost may be high.
Instead of waxing your car regularly, you might want to consider ceramic coating, which works like a semi-permanent wax and provides better protection than traditional wax. The cost will depend on where you get it done, the quality of the product and number of coats.
If the factory tint isn't to your liking or the coverage isn't enough, you can get it tinted after you buy the car. Compared to regular tint, ceramic tint provides better UV protection, but it is more expensive. Sometimes dealerships get it done by third parties and mark up the price.
What's the best way to beat hidden costs and car prices?
Check out different dealerships
Sometimes rushing and not visiting many dealerships is a recipe for overpaying. Often, it's a good idea to check out small suburb dealerships because they don't have as much overhead as big city dealerships. All the cars are shipped from the manufacturer, so it’s okay to buy them from any reputable dealer. You can call or email the dealership, if you don't have time to visit in person.
Buying from an existing inventory
Many dealers will give you a better deal on what they already have in stock instead of ordering something custom. That's because they've already invested in their inventory, which is tying up capital, and they'd like to get a return as soon as possible. The downside is that you may not always get the trim and color you want.
Avoid overlapping warranties
In case a car warranty overlaps the manufacturer's warranty, it might not be that useful unless it offers some extended benefits or extends the warranty beyond the manufacturer's warranty.
Shop around for protection and accessories
You can usually get paint protection film cheap at local detailing shops. You can choose 3M paint protection film from Calgary Car Detailing. Additionally, they offer affordable window tinting in Calgary. There's no harm in getting PPF done from a third party as long as they're reputable, have trained professionals, and offer quality Xpel Calgary services.
The importance of taking the time to purchase a car, its protection, and any accessories is crucial to save money. The following tips are not comprehensive but have been compiled to provide some useful information. In the event that you think we have missed something, please send a message to our auto detailing Calgary experts.