Many of us dream of the day when we get to stroll into a dealership and announce that we are looking for a new car.
For some, it takes years of hard work and saving up, while others do it on a whim right after getting their old one towed with the help of heavy towing service. Regardless of your reason for getting a new car, here are 5 tips to keep in mind in buying one.
1. Check your budget
It goes without saying that buying a new car is a major financial investment that needs careful planning. Even before you begin scouring the internet and dealership for the car that’s right for you, you need to have a budget in mind. Look for the best interest that you can find or at least have the down payment saved up. You should also look at your bank statements as well as your monthly bills to determine how much of your income can go into paying for your new car.
2. Know what your needs and wants are
After figuring out your financial situation and how much you’re willing to spend on your new car, next is the fun part that everyone looks forward to. Shopping around for your next car is exciting. You get to see the latest technology and features in new vehicles and you get to choose which ones you want in your next ride. Know what are the necessary features you want in your car as well as a few “nice to have.” You might want to splurge on fine upholstery or upgrade the wheels.
3. Search the best brands and models
There are a lot of car manufacturers around and you’re not just limited to what your country offers. Japanese carmakers are known to produce very reliable cars. The same goes for European car manufacturers. American cars are known for their size and strength and they are slowly catching up with fuel economy and design. Look for a dealership that offers multiple brands and models to give you a better understanding of what’s currently available in the market.
4. Compare prices
Once you’ve determined the brand and the model of the vehicle, it’s time to get a little more detail about the pricing. Ideally, you should not pay for a new vehicle unless you’ve checked out other dealerships that carry the model. Different car dealerships will have different pricing for the same model of the car. You can begin your comparison via the internet and then you can visit the dealerships with the best rates and pricing.
5. Get quotes for insurance
Insurance providers pay close attention to the brand and model of the vehicle when they set the premiums. Don’t be surprised when your brand new vehicle costs a lot less than your old one. When getting a quote for insurance coverage, find your vehicle’s VIN number and ask for a quote from your insurance company. Compare what they give with other providers so you get the best deal.
6. Know the trade-in value of your older car
Don’t wait for the car salesperson to tell you how much your trade-in is worth. There are a ton of services online that you can use to check for the market value of your existing car. Trading in your old one for your new car is a smart decision when you’re only looking to own one car. Some dealerships will even consider the trade-in as a down payment for your new one. Just make sure you know the actual value of your old car before trading it in.
7. Don’t forget to test drive
Sometimes the look of the car doesn’t translate into how it handles. A big hulking truck might be easier to drive than a small minivan which is why it’s important that you try driving the car before buying it. Of course, a test drive is something almost all dealerships offer but you might have to arrange a time for you to have a go at the car. And when you drive it, try the different driving configurations with the car.