Save money while buying a car, insurance

car

If you are in the market for a new car, economists say now is the time to buy.

Experts say you can score some of the best deals in late summer and early fall as dealerships are trying to clear the lots to get ready for next year’s models.

However, getting the best deal is all about timing.

When summer sales numbers are strong, there might not be much left heading into September.

Customers should research financing and lease deals before ever setting foot in the dealership.

You can also email dealerships to handler offers and counteroffers remotely.

Experts say you should also consider whether it is cheaper to lease or buy the vehicle.

Leasing can have lower monthly payments than buying new but comes with higher insurance costs.

Buyers also come out ahead a few years down the line since they still have a car to either use or sell.

Before making a final decision, consider if you plan to have a change in lifestyle, like a child,  that may force you to switch vehicles.

Experts say whatever you choose, make sure you test drive the vehicle before signing on the dotted line.

When it comes to car insurance, it can be just as hard on your wallet as that car payment.

More drivers are now opting to save money by handing over their privacy.

“The Detroit Bureau” is reporting an increasing interest in usage-based car insurance, which is when your insurance company tracks your driving habits through a device that collects information on how you drive.

Then the insurance company uses that information to determine if you qualify for a discount.

The savings can total five to 30 percent.