When it comes to buying a new or used car, there’s a lot to think about. Buying a new car can be pricey, while buying a used one could be considered a huge risk. Either way there is quite to the process. Good news is there are many resources online that can help you better understand the process, like our car buying guide.
This car buying guide can help you through the ins and outs of buying a car. When car shopping these factors will assist you in making an informed decision. Thinking about buying a new or used car in the near future? Check out some of these tips in our car buying guide to make the right choice!
Car Buying Guide Secrets
Build a list of cars – One of the biggest mistakes that people make is making up their mind before going car shopping. Never go into the buying process with just one car in mind. Consider several cars and build a list of pros and cons. This way you won’t be disappointed and it keeps your options open no matter what happens.
Research your perspective vehicles properly to get the right fit for your lifestyle. It can keep you from making a huge commitment that you might regret later. Keep an open mind and it will take you far.
Go over budget – Financial details are easy to consider, especially because buying a car is usually the second biggest purchase in your life. Consider that buying a new should never exceed 25% of your monthly household budget.
Another common mistake that people make is that they fail to think about everything else that goes into owning a car. Make sure to consider your monthly payment, as well as insurance and other factors. It’s a vital part of any car buying guide.
Consider new, used or lease – There are many ways to go about buying a new car, whether it’s used or not. There are many options depending on your budget, so keep your options open. Use resources online like this car buying guide so you can decide which purchase method makes the most amount of sense for you.
New vehicles don’t require maintenance and are covered by a warranty, but can also cost the most per month. Used vehicles can be a good deal, but can also have unwanted surprises like repairs or other issues to deal with.
Calculate costs – There are many operating costs when it comes to owning a car, whether it’s new or used. Take the time to properly calculate these ahead of time. Doing so can eliminate the chance of making a mistake. A car buying mistake could cost your credit score or hurt your bank account.
Get Financing ahead of time – The last thing you want to do is leave yourself to the mercy of the car dealer. Do the work ahead of time to get a financing solution before heading in.
Car dealers always get a kickback or bonus for financing a car. Getting your own financing solution worked out is the best possible cost efficient way about buying a new car.
Buyer beware – Chances are the local dealership has several promotions or deals in place. Many of them can promise 0% APR or zero down. While these can seem highly attractive, chances are you won’t qualify.
Because just 10 percent of people looking into buying a new car will qualify for such programs, prepare ahead of time. Many of these deals can quickly converted into low payment loans that are heavily back loaded with fees or balloon payments.
Understand the invoice price – With so many apps and programs out there to help you shop and compare prices, there’s no reason why you should pay more when buying a new car. Make sure to understand the difference between sticker price and invoice price.
Sticker price is what the dealer wants to sell for, the invoice price is what they bought the car for. You want the best deal possible when buying a new car.
Apply discounts where applicable – Looking around for all the possible discounts can really add up. Even though they may seem insignificant, adding up these discounts can really knock down your purchase price.
Test Drive – Take your test drive slow and make sure to go over each part of the new vehicle. When buying a new car you want to understand every facet of the vehicle in question.
Negotiation – Often times the most unpleasant part of buying a new car, the negotiation process has a few guidelines. Always head into this part of the process having a firm grip on your bottom line and understanding when to walk away.
These are just a few of the tips in our car buying guide that can help you. Use these tips when buying a new car. Avoid making a mistake and use these guidelines to help land the new or used car deal you need. Want more guides and how to articles like this? Subscribe to My Pro Street today to get all the latest in automotive news.
