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MONEY HACKS | Buying A New Car? Here's How You Can Save Up To $10,000

MOTLEY FOOL

MONEY HACKS | Buying A New Car? Here's How You Can Save Up To $10,000 YouTube

Buying a new car sounds like it should be fun but, in reality, there are a whole lot of questions you have to wade through before you get to the actual fun bit.

Should you pay cash or lease the car? Or, if you're going down the route of borrowing money, is it better to take out a loan or look for finance with the dealership?

And that's not even touching on whether you should buy brand new, or used; as the Motley Fool's Scott and Doc point out, a car loses 20 per cent of its value the moment it leaves the lot, which doesn't bode well for drivers plumping for the new option.

But there is a way to get your new car smell and save thousands of dollars, something Scott himself has done in the past with great success.

Listen below:

But while that's one option you should definitely be looking at, there's another that you should avoid as much as possible.

Like most offers, leasing a car sounds like a great money-saver upfront but, as Scott and Doc point out, the tax incentives being promised aren't usually enough to cancel out the higher fees.

Hear the full chat below:

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