The current marketplace for vehicles is dynamic and changing. The smart buyer will certainly want to make sure the process is as painless as possible, and this is best done with some prior research. There are many ways you can “hack” the car buying process, but truly, what it comes to is doing your research before embarking on the adventure of buying a new car. Consider these four tips for starting on the right foot with the car buying process.
1- Research Vehicles
If you are not sure what kind of car you want, be sure to do some research first. Where will you be driving? Will you need a vehicle that can handle rugged terrain or just urban driving? Vehicle research sites are a good place to start for customer reviews and information on various cars, including their safety records and any recalls. Once you know what kind of car you want, look for the best deals in your area.
2- Explore Your Financing Options
With a good credit score, pre-approval for a loan might be available from your financial institution. Most car loans last 72 months. A good rule of thumb is to put 20% down on the vehicle purchase. If you intend to trade in your old car, make sure to investigate its potential dealership value and determine if you can deduct that value from the sale of the new vehicle. Edmunds also has a price checker feature on its website that buyers should consult before looking into dealer-provided financing, which may come with a higher interest rate. Look around to find the best car loan for you.
3- Consider Dealer Warranties
When you have decided on a car to purchase, get in writing from the seller the total cost of the sale including extras. Some dealerships offer temporary warranties on used cars that might be worth factoring into the final price, which might cover unexpectedly expensive repairs such as transmission or radiator repairs for around two years after the purchase, or 60K miles, whichever comes first. While it might add some to the final cost of the sale, in the long run, it might end up being cheaper than an expensive repair on a preowned car.
4- Always Take a Test Drive
You might have the perfect vehicle in mind—one you dream about—but once you drive it, you realize it is not for you. You should always test drive the car you want to buy first. Do this during the day on a weekday, as weekends and evenings are always busy, especially without an appointment. When you take the car for a drive, you can notice quirks or annoyances such as how the car handles or where critical controls are located. Even something like the way the windshield wipers swipe might end up being a deal breaker for the final purchase.
If you are in the market for a new car, start the research process and visit local dealerships to check out the available inventory today.
