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How to buy a car for the lowest price

Written by Prime Team
June 19, 2021

Anything offered at a lower price sounds like great news, especially during this pandemic which has financially stressed millions of South Africans. Read more about the tips and discover how to buy a car for the lowest price.1

What do you need and what is your budget?1

Look at your budget first and see how much you can afford each month as a total cost. Then, work out which new or used car you can afford that covers all the expenses such as the finance instalments, insurance premium, and running costs, to mention a few. In this way, you’ll avoid over-extending yourself financially.

Consult the Internet 1

Now that you know what kind of car to get, start searching on the Internet for various dealership websites and research the different makes and models you like. Go into detail with each vehicle you want and make sure you can afford things like the amount of fuel the vehicle is likely to use.

What about resale value?1

Select a car that has excellent resale value. You can also shop around with various car insurers to get that excellent deal. Beware, though, that low premiums may not necessarily provide the best cover.

Determine the price you are expecting1

Once you have narrowed all the cars down to one or two, go online to find out the different prices on offer by different dealerships. Some may be offering a discount or a ‘demo’ model that is as good as new.

Who will provide the financing?1

Approach various banks and financial institutions and find out the best interest on offer. Some banks may have a special and provide a low interest rate. It’s incredible how much money you save over a 6-year payment period by obtaining a loan at a lower interest rate.

Consider Prime South Africa’s comprehensive car insurance when it comes to financing your car2

At last, after much homework, you have located your new dream car, and have obtained a great deal with a financial institution. Now you will have to find a good but affordable comprehensive car insurance, as required by law when buying a new car through a bank. This is where Prime stands out with its affordable and excellent comprehensive car insurance policy. It provides the customer with 2 great benefits: an excess that reduces to zero after some time and premiums that never increase* (*Ts and Cs apply). Furthermore, you are covered for up to R1 million for third-party accidents. Claims submitted for disaster, theft, fire, accidents, hijacking and write-offs will not affect your car’s full retail value. Should you break down somewhere, a 24-hour roadside assistance and towing service are there at your service. You are also covered for any glass or hail damage for additional peace of mind.

Disclaimer

The complexity of car insurance in general makes this article nothing more than a source of information. Should you want to buy an insurance product, first obtain professional advice from a certified, financial advisor.

Why not contact Prime about comprehensive car insurance before buying a car, so that you can factor in the low premiums into your car budget?

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