Shopping for a car? Here are 15 Tips To Help You Get the Best Deal!

Shopping for a car? Here are 15 Tips To Help You Get the Best Deal!

Shopping for a car? For many of us, the first important purchase of our lives is a car. Today, we can walk into a dealership and drive away in a new automobile. Well, the process isn’t that easy. Buying a car can be very complicated and tiring. You have to deal with elements such as pushy salesmen, insurance and haggling prices. To save you the headache, here are some tips and tricks that you can use to buy a car and get the best deal!

1. Research as much as you can!

Take your time to find out as much as possible about the model which you are interested in. There are excellent sources of data online. Begin by finding out your price range.

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After that, use this number to find out models that fall within your budget. While researching about the price of a new car, look for the Invoice Price and not the Manufacturer’s Suggested Retail Price (MSRP). For used cars, research about recent resale prices.

Shopping for a car?

2. Explore pre-financing options

The car dealership which you visit can provide you with some pre-financing. However, this is not always the best option because their interest rates are quite high.

Begin searching for a car loan with your bank or credit union because they will give you a low interest rate. They may even grant you a “Relationship Discount” on the car loan and further drive its cost down! Remember to scour the Internet for car loan solutions as well.

3. Look around

Unless you are buying a car as an emergency, it is a great idea to look around various dealerships and lots. Try out the rock-bottom rule. Visit a dealership and negotiate until you achieve the lowest price possible for a model of your choice and then walk away. This will help you to learn its rock-bottom price as you proceed with your hunt!

4. Negotiate

The main goal of the salesperson who is selling you a car is to get as much money from you as possible. This makes it necessary to negotiate. Haggle with the salesperson and get the price of the car or car loan as low as you can.

If the salesperson recommends a 60 month car loan, ask for a 48 month option. Be confident and protect your financial interests as much as you can.

Shopping for a car?

5. Consider both new and used vehicles

As you buy a car, consider getting a gently used one as well as a new one. Both options are good and based on your budget. A gently used car may give you more bang for your buck since cars depreciate considerably after being driven off the lot. A new car may come with attractive financing which may reduce its cost as well. Therefore, have an open mind as you make the purchase.

6. Base your decision on the purchase price and not the monthly installments

As you buy a car, there are two elements which you need to understand thoroughly. They are the purchase price and the monthly installments involved. Paying very low monthly payments over a length of 72 months is not an affordable choice.

Therefore, seek low purchase prices and short monthly payment periods. These should be the guidelines of your decision as you purchase a car.

7. Consider buying your car from the Internet

Today, you can easily buy a car from the Internet. This is actually a good way to get an automobile. This is because you may get a good car at an affordable price. The salesperson in the dealership is paid based on a commission calculated from the price at which you buy a car.

On the other hand, an Internet salesperson gets paid a fixed salary and probably earns a bonus. This means that they do not have much incentive to quote high prices. Therefore, the Internet is a good source for your new car!

8. Mention your trade-in at the end of the conversation

If you already have a car, you can use it as a trade-in option. Negotiate the price of your new car to as low as possible. After that, mention that you have a trade-in.

The salesperson may offer you the option of selling the car at the negotiated price and then deduct the cost of the trade-in. This pushes the purchase price of your new car even lower resulting in a great bargain!

9. Think about car insurance

Car insurance is one of the most important costs of owning a car. As a result, ensure that you consider this cost as you buy a car. Get online and find out the premium costs for the model that you are interested in.

As you do this, it is important to note that sports cars have higher premiums than regular cars. Furthermore, cars with high resale values are attractive to thieves and thus have high insurance premiums too!

10. Do not buy on impulse

A car is a major investment. This means that you should not buy one on impulse. Perform ample research before you make the purchase. Find out the make, model, style, age and insurance cost of the car which you are considering. This will help you to make a more informed decision when purchasing the car!

11. Buy the Add-ons sparingly

New cars are often provided with add-ons. Examples of these are heated seats, 360 degree camera vision and portable GPS units. The more add-ons that you have in your car, the higher you’ll have to pay for it. Therefore, keep the add-ons at a minimum or avoid them entirely.

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12. Do not purchase the Extended Warranty

Cars normally come with a manufacturer’s warranty. However, dealerships often also provide you with Extended Warranties. They claim to offer more protection above and beyond what the manufacturer provides you with. If you are buying a new car, simply stick with the manufacturer’s warranty. Used cars may also still have valid manufacturer’s warranties. Do not buy any Extended Warranty because it does not offer substantially more protection. It is also expensive.

13. Make sure that you test-drive the car

Statistics indicate that 90% of all drivers who buy a car ensure that they test-drive it. This process is essential because it allows you to experience the comfort of the car. It also enables you to experience the handling, brakes and engine response of the vehicle before you purchase it.

14. If you are buying a used car, visit the mechanic

Before putting pen to paper as you buy a used car, make sure that you have it thoroughly checked by a mechanic. They will inspect the car and check for any wear and tear on the most crucial sections of the vehicle. Any mechanical issues which emerge may give you leverage to negotiate a lower price for it.

Shopping for a car?

15. Ensure that you can afford the car

Don’t buy a car that you cannot afford. Do not sign on to car loans which you cannot service. If you already have another car which you’re paying for, don’t sign up to buy another one. A great idea is to put away some savings every month in an interest-bearing account for a year as you walk or drive your old car. After that, use the amount to buy the new car or pay off your car loan in full.

Conclusion

Shopping for a car is one of the first large investments which people make today. It can be a good or a bad experience depending on how prepared you are. Simply refer to the guidelines above as you buy a car so as to make a good investment.

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