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Haggling could save motorists millions
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New research from Sainsbury’s Finance has revealed British motorists could collectively save £229m over the next six months if they haggled over the cost of a new car
As the credit crunch continues any tips on saving money will be welcomed by the UK population, but it seems traditional British reserve could be holding us back and incurring unnecessary expense, according to a report from Sainsbury’s Finance.
Of the expected 1.14 million people looking to buy a new car between September 2009 and February 2010, around 121,000 say they do not plan to haggle over the price, despite the fact there are discounts of up to 50% for the taking.
Of the people willing to haggle over the price of a car 37% would be missing out on a discount because they were only willing to haggle “slightly”, while 52% would be willing to haggle “hard” or “very hard”, compared to 67% for the same period last year.
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Strike a deal
According to What Car? prospective buyers should aim to save £1,893 on the list price of a brand new car. When every penny counts, it’s worth giving it a go and seeing how you get on – you might be pleasantly surprised.
When it comes to buying a car it’s not just the lowest price you can shop around for. With approximately 26% of new cars expected to be financed by a loan over the next six months it’s a good idea to research the best rates for borrowing.
“The car industry is still going through a difficult period, with sales of new cars in September for example down around 20% on previous years,” says Steve Baillie, head of Sainsbury’s loans. “From the buyer’s point of view this means that now is a good time to negotiate a significant discount on the price of a new vehicle.”
For anyone wishing to take up the haggling challenge, Sainsbury’s Finance offers the following tips for getting a good price:
• You can often get a good price on a new car just before the introduction of new registration plates: any cars left over from the previous registration become less attractive
• It’s possible to pick up a good deal on an old model when manufacturers release new models
• Ask for added extras – dealers looking for a quick sale will sometimes throw in additional features not normally offered with standard models, such as a better stereo
• Do some research and be aware of the discounts available. The What Car? Target Price will show you the average discount you should look to achieve for specific makes and models
• Decide on a budget and stick to it
• Don’t be too keen: dealers may be less willing to negotiate on price if you’re over-enthusiastic
Published 4 November 2009
