By Zeid Nasser on Thursday, August 10, 2017

If you are on a limited budget, you may always be looking for different ways to save money. One item in specific normally deals with buying a cheap car. However, before getting started, it is important to note that ‘cheap' can be a relatively term. In this situation, cheap may mean going to the junkyard to buy a discarded non-running vehicle or it may simply mean buying an older car at a very deep discounted price. So, one thing that everyone may need to do first is to define the word cheap, as it relates to an individual's needs.


With that being said, if the definition is the latter, there are at least 5 places to look for cars when on a budget. Some of which can be ruled out as the best option, while others are considered to be idea for these situations.


#1 - New Car Dealerships

Traditionally, one of the first things that a prospective car buyer will do is to look for new car dealerships. Since these lots are filled with vehicles that's ready to be driven off at any time, they are very convenient for those people that can afford them. Unfortunately, if the buyer is looking for a deep discounted cheap vehicle that will not cost a premium price, they may find that this is not the place to be at this point in time. Usually, the prices on these lots are very high on both new and used vehicles, and the dealers expect to make high profits on their sales.


#2 - Buy Here - Pay Here Dealerships

Buy here- Pay here lots are well known for servicing buyers who do not have a lot of money and no credit. Therefore, this may another place that buyer may look for a cheap car. Since cheap is still a relative term, the terms that this lot provides may not fit the bill either. Particularly, because the terms are as follows: - Payments low and the terms are long - Principle of the Vehicle is Higher than Market Value - Interest rates High Therefore, with the above combination, these cars are anything but cheap in the long run. In fact, people spend thousands of dollars more for a car that may stop running in the first 6 months.


#3 - Rent a Cheap Car

In some cases, people may need access to a luxury vehicle right away, but they may not have the funds to buy it. Fortunately, there are other options that normally fits well with saving money, and that is to rent a supercar. So, for those of you who are interested, all you have to do is decide which kind of vehicle that you prefer so that you can check all of the deals available online.


#4 - Independent - Used Car Dealers

Another viable option for buying a cheap car is, purchasing it through an Independent Used Car Dealer. However, these dealers have both pros and cons too. In some cases, this can be a good option for many since independents have lower overhead. The quality can vary, and the deals are considered to be much better than the big boys in the industry. This is also a better option since it allows the buyer to pay cash only.


#5 - Private Owners

Some people place an ad in the paper or they may park their vehicles along the side of the road when they want someone to buy the car that own. These are usually called private owners and they can be ideal for those who need a cheap car. In many cases, these are often great deals. Particularly, if there is only one owner involved, and the vehicle is still in excellent condition. Also, the buyer and the seller can negotiate a good price that is acceptable for both parties.