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Here's what our readers had to offer:
1. Make dealers compete
When shopping for a car, know exactly what you want and the invoice price.From the manufacturer's Web site, find the Web sites of all the dealers near you. Go to each dealer's site and request a quote over the Internet. Often they will give special pricing to Internet shoppers. They know they are in tough competition because Internet shoppers request quotes from many dealers.
2. Shop on a rainy day
If you are looking to buy a new car, go to the car lot on a day when the weather is bad. Chances are they will not have many customers that day, and they'll be begging for business. You will probably get a better deal and more for that trade-in than you would at any other time!
3. The true value of an option
An option on your car is only worth the value it adds to the automobile. To determine what options to get on your next automobile, look up the Blue Book price of the previous year, make and model. Indicate that you want all available options. That will help you see which options add value and what that option is worth a year later. Why purchase an option that provides no additional resale value? For options that may reduce your auto insurance bill, like alarm systems or premium braking systems, ask your insurer how much you would save. If it provides no resale or insurance value then it's probably as useless as it is worthless.
4. Shorten the length of your car loan
Many credit unions offer great auto loan rates. I was able to refinance my car loan from last summer and not only reduce my interest rate but shorten the original loan by about five months. I signed up for automatic payroll deposit so the bank transfers money from my account every payday over to my auto loan. Since the loan is a simple interest loan, it's reducing the amount of principal with each biweekly payment that's made. Between the automatic transfers and the lower interest rate, I was able to shorten my original loan period while paying virtually the same amount per month.
5. College grads ... wait before you buy that new vehicle!
I just graduated from college and several of my friends went out and bought brand new cars as soon as they had a job offer. Those friends forgot to take out taxes and benefit deductions. For the next several years, they are locked into a contract that takes up a considerable amount of their paycheck. Wait until you have received a couple of paychecks so you can make a more realistic decision on what you can afford.
6. Save on vehicle purchases
Consider buying a one- or two-year-old car from an individual, rather than a new car from a dealer. If the seller has maintenance records and the factory warranty is still good, you could get a car with 95 percent of its life left for 20 percent to 30 percent less than cost of buying new.
7. Autos wholesale
Ever wonder what happens to all those cars at the end of their lease? They are sold wholesale at deep discounts -- and not because they are problematic. It's because there is so much inventory. It's like the $15 sweater you can buy in April -- perfect condition but too expensive to stock for the retailer. For a very small fee agents do all the work to find just the car you are looking for and save you thousands of dollars. I'm buying my third one now. Just search the Internet for a wholesale seller in your area.
And once you get that car, here are the top three tips from our reader to help keep your car in as good as new.
8. Get the hose out
Wash your car yourself, especially during the summer months, instead of going to a commercial car wash that may not do a good job anyway. Not only can it save you $7 to $10 a pop, it gives you a chance to thoroughly examine the body of your car. You might notice some things that need attention, like small rust spots, minor dings and dents. And it feels good to stand back and watch it shine when you're done!
9. Save on gasoline
Don't run across town to fill up for 5 cents per gallon cheaper. If you purchase 12 to 15 gallons, you've only saved 60 to 75 cents. And that's before you account for the 25 cents or more it may cost you in gas to get there. You save money by operating an efficient automobile. That includes regular tune-ups, oil changes, lube jobs and tire rotations.
10. Keep tires inflated
Make sure your tires are inflated to their recommended pressure. This helps save gas, as well as wear and tear on the tires.
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