How to Get a Good Car for Cheap
From shopping during the best time of the year to calculating the true cost of ownership, here are some tips for how to buy a cheap car.
Written by Amber Reed
Reviewed by Jessica Barrett
Most of us can think of one (or two or three) big-ticket dream cars when asked about it. Reality check: you need a car, and you need it to not break the bank. The good news is that you can still find a cheap car by doing things like buying at the right time of year and being willing to stay flexible about the car you get.
Read on for some tips and tricks for how to get a cheap car. The big picture, the details, and some finer points that you might not have considered yet.
The market for both new and used cars is particularly tricky lately—widespread supply chain and inventory issues have made the task of finding a cheap car even more complicated. But it’s not impossible, and
Jerry
, the trustworthy insurance comparison app
, can help! Good cars need good insurance. Jerry is not only a reliable source for
cheap car insurance quotes online
but also your guide to finding a cheap, reliable car. Ready? Let’s get rolling!
RECOMMENDED
Compare auto insurance policies
No spam or unwanted phone calls · No long forms
Be honest and realistic about what you really need
We would all love to have the fully-loaded car of our dreams. But for now, you need a cheap car that will get the job done.
Needs vs. wants
Make a list of the features and qualities that are important for you to have in a car. Now, take a look at each item and ask yourself honestly if it’s a need or a want.
A need would be a car big enough to safely tote around your three kids. A want would be a car with a moon roof and heated leather seats.
The true cost of ownership
Besides what you will pay upfront for the car, think about the other expenses involved in owning it: Is it a gas hog? Will it be expensive to insure? Will it require costly repairs?
These costs can make a seemingly cheap car more expensive than you planned.
Money matters
Buy with cash
If at all possible,
paying cash for a car
is a smart move. You’ll save a lot of money in the long run on interest and will lose less money to depreciation. If you’re financing, get pre-approved
Getting pre-approved for financing often helps you secure the best rate and loan terms possible.
Thoroughly research different lenders, including banks,
credit unions
, and reputable online sources, then compare quotes and find the financing option that will save you the most money.Know your credit score
Your credit score will determine what kind of loan and interest rates are available to you, so make sure you know just what’s on your credit report. A good credit score will give you more borrowing power with a lower interest rate. If you find your credit is in the less desirable category, take steps to improve or repair your credit before buying.
Key Takeaway A higher credit score means a lower interest rate, which will save you money.
Timing is everything
If you don’t need to buy a car immediately, you can often save money by waiting for the best possible time to buy. Most dealerships and car lots need to reduce their inventory at the end of the year, so buying a car in November or December can be a good way to find a deal.
Waiting for times of the year when the weather is disagreeable and fewer people are prone to be out shopping can also increase the likelihood of getting a bargain.
MORE: 7 things to look for when buying a used car
Know the vehicle’s history
A cheap car isn’t a cheap car if it ends up costing you a ton of money after the initial sale. If you’re
buying a new car
, do your research on potential problems with that make and model. If you’re
buying a used car
, make sure you can get as much detail as possible about it so you know what issues you might be in for down the road. Research common mechanical issues and looks into the vehicle’s typical car maintenance schedule
before you sign on the dotted line.Get maintenance records when possible
Typically, used cars that have been maintained at a dealership are likely to be in better condition and have maintenance records readily available. If you’re buying from a private owner, ask to see the records. A car whose owner has kept meticulous maintenance records is likely to be a car that’s in good shape.
Fewer owners are usually better
The less a car has changed hands, the easier it is to find out about its history. Look for cars that are being sold by their original owner or by a car maintenance enthusiast. Generally speaking, these vehicles are likely to be in better condition and be a better value for your money.
Check for accidents, major damage, recalls, etc.
Check for car recalls by the VIN
online and see if the specific car has been involved in any major accidents or was damaged in a natural disaster. Sometimes, the reason for a car’s low price tag is also a reason you shouldn’t buy it.
The devil (and the deals) are in the details
Don’t be super picky
Remember, this isn’t your dream car. It’s a cheap car. Look for vehicles that other drivers might not want for one reason or another.
Opting for a stick shift over an automatic transmission is a great way to save money on a car, whether you’re buying new or used.
That perfectly good car in a perfectly awful color? It could be worth your while to turn a blind eye to the aesthetics and focus on what’s practical.
No frills means fewer bills
If you just need your car for basic transportation, consider forgoing any extra amenities. Sure, heated seats are nice, but do you really need them? A car with fewer bells and whistles will likely have a lower price tag and fewer opportunities for costly repairs in the future.
Don’t be scared of high mileage or minor needed repairs
This is when it can pay off to have a trusted mechanic evaluate the car you’re considering buying. Ask your mechanic for an honest opinion and get a sense of how many repairs the vehicle would require.
High mileage cars that have mostly highway miles (as opposed to city miles) tend to be in better mechanical shape—less stopping, starting, and idling means less wear and tear across the board. A car that is sitting unsold because it needs a little work might be well worth the investment, especially if you can do the work yourself.
Pro Tip If the owner won’t agree to let you have the car looked at by an independent mechanic, take that as a sign—don’t buy it.
Stay flexible and be ready to negotiate
Consider selling your current car to a private party
Trading in at the dealer or car lot might be easier, but it can mean leaving money on the table. Often you can get more money for your current car if you sell it to a private party—sometimes thousands more.
Know when to hold ‘em—and when to fold ‘em
If things just don’t feel right or you think you might be getting
scammed by the dealership
, don’t be afraid to bail on the whole process. Pay attention to your intuition and don’t let yourself be pressured. Remember—you’re in charge!Finding affordable car insurance
Finding a quality car for cheap can be like looking for a needle in a haystack. But with
Jerry
, finding quality car insurance
for cheap is a breeze! Super app Jerry is the fast, friendly way to find car insurance quotes online
.Simply download the app, enter a few details, and let Jerry do the rest. Within minutes, you’ll have a number of great quotes from top companies to choose from.
“Super cheap!Jerrysaved me over $4,500 during the entire year. The money really adds up.” —D’Shawn G.
RECOMMENDED
Compare auto insurance policies
No spam or unwanted phone calls · No long forms
FAQs
Is it better to buy new or used?
If you’re looking for the most value for your dollar, it’s generally better to buy used. New cars lose an astonishing amount of value very quickly, and that’s essentially money down the drain.
Should I lease or should I buy?
It depends on
several factors
. Leasing usually means lower payments, but lease terms usually also include mileage limits. If you drive a lot, a lease is probably not a great option. On the other hand, if you don’t put a lot of miles on your car and like having a new one every few years, leasing can be a cost-effective solution.Reduce your monthly car payments in minutes?
Find out if Jerry can reduce your payments by an average of $150/month
4.7
