Times Money Mentor reader Joe Lewis explains how he saved thousands of pounds when buying a new car.
Joe Lewis never paid full retail price for any of the 15 cars he bought for himself or helped buy for his family.
“My latest car is my Audi SQ5 which I got in February 2019 for £56,000 – I saved £6,000,” says the 32-year-old used car buyer from Newport, south Wales.
The project manager and part-time software engineering student started saving using Carwow, an online platform for buying new and used cars from franchised dealers.
“It takes the haggling out of it because dealers offer the guaranteed best deal, and you can get some options outside of their usual local outlets,” he says.
“My Audi SQ5 comes with all the options and features, like the virtual cockpit (where drivers can personalize the information on their dashboard), which was important to me. It also came with roof racks, a ski bag and half a tank of fuel.”
His wife Clare saved £1,500 when she bought her Skoda Fabia, also from Carwow. “I asked her what she wanted, did the research and secured it for £14,000.”
When his grandfather couldn’t be bothered to look for a job and wanted to spend a lot of money, Joe set out to find a new Range Rover Sport. “I bought it for £85,000 and saved him £6,000.”
He also buys his tires. “Don’t just go to Kwik Fit. I was quoted £800 for tires that were being offered for £1,200 elsewhere – and they were actually fitted in the same place!”
Joe is used to expensive car insurance because of his job – he works for his family’s wholesale bakery and is often on the road – he tries to raise premiums. But after the accident last year in Newport, which was registered as his fault, he had to be proactive here too and save money.
“I did my best to dispute it because there was a power cut in the car, but my insurance went up – from an already expensive £600 a year to £1,600. I didn’t expect it to go down, but I certainly didn’t expect it to go up that much.”
However, he did some more research and managed to get a policy for £870, which allowed him to enjoy his car. “It’s a dream – it’s the most comfortable car I’ve ever owned.”
What I did
- I found Carwow through YouTube. I still use comparison sites, but I usually find the best deals on Carwow.
- For my tires I use the most competitive of all comparison websites: Blackcircles. You simply enter your registration number.
- In terms of insurance, I looked up comparison sites, called Direct Line, spoke to brokers and my bank about how to save money. The cheapest was £870 with Sure Thing. I put my car in the name of my wife and myself as the main driver. Clare has no claims, no convictions and drives longer than me.
- I’m that friend who does the research and steers you in the right direction towards your financial savings goals!
Which worked
- Carwow YouTube channel. He does excellent car reviews that provide solid advice and insights.
- Difficult negotiation. A salesman I knew from my local Škoda dealership recently told me that he used to be both excited and terrified when he saw me: he knew he had a sale, but he wondered how hard I was going to make it.
- I’m a serial car buyer so I don’t care if it comes with a warranty. It works for me.
Which didn’t work
- I would generally advise keeping your engine under warranty to save money; modern cars have complicated parts. A colleague’s belt in a VW Polo cost her dearly: the repair price was higher than the value of the car.
To find out more about car savings, read how Chris saved £15,580 on his tax bill thanks to his Tesla car. To learn more about saving on a motorcycle, see how Neil saved thousands in tax after buying his motor
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