So you’re ready to get your first car! Congrats, but do you really know everything that is involved with the purchase of a vehicle. To someone who is new to this world, there are a lot of important factors to consider when buying a car. Read on and learn some helpful hints and tips.
Financing needs to be in place before you arrive on the lot. The process of buying a car can take a long time due to the fact that they must look over your credit score in order to obtain a lender. If you already have a loan, the process will take a lot less time.
If you are in the market for a used car, you should always get a CarFax report. The CarFax report will let you know if the car has been in an accident. If the car has been in an accident, you probably want to keep searching and not buy that car.
Research the value of your trade-in. Not only do you need to research the best price for the new car you would like to purchase, but you also need to know how much your trade-in is worth. Do your homework and find out the retail and wholesale values of your trade-in. Aim to get the retail value from the dealer.
Ask the dealer to let your mechanic examine the car. You should pick one that is trustworthy. Stay away from the dealer’s mechanic. The mechanic should tell you whether it can be driven and if it’s a good enough deal for the price.
Do not get all the extras offered during the negotiation. These things include extended warranties, clear coat and fabric care options. You can generally purchase these features after you have bought the car for a fraction of the price. Also, do yo really want to be paying for these few features over the length of the loan.
Don’t hand over the keys to your trade in until the deal is signed. If they have your car “hostage,” they can use it to pressure you to buy the new car. Wait until the deal is done to ensure you keep control of the situation at all times during the transaction.
Don’t just scribble down your signature, read the fine print. You will have to sign a contract at the dealership, and you should read it carefully. There is no turning back once you sign on the dotted line. You can even ask to take the contract home to look over it some more. If you can’t, get yourself a copy to study.
If you don’t have friends or family in your area to ask for advice from, check the Better Business Bureau’s website to find out how the dealers in your area are dealing with customers. This will allow you to at least remove those with many complaints from your list of options.
You should not have to pay for the dealer to advertise your vehicle. There is absolutely no reason for you to pay that fee! If they wish to keep it, then consider walking away from this deal. The dealer will almost certainly not let you walk away.
You can now mention a trade-in after you are given an offer that you are happy with. You might not get a great deal on it, but remain flexible since you got a good sales price on your new vehicle. You need to seal the deal now that you’ve gone through all this effort.
Do not allow a dealer to pressure you into making an immediate purchase. The truth is that there may be a similar car in another car lot that is has a better price. Let the dealer know you are interested, but make it clear that you want to consider other dealers before making a final purchase.
Research your car’s trade-in price and negotiate based on its value. You can decide what is a fair buying price when you factor in how much you can reasonably expect to receive for your trade in.
When you are using things like rebates, low interest or cash back, you have to keep in mind the source of these incentives. They are exclusively offered by the manufacturer, so don’t let the dealer tell you he is unable to fulfill it. If he says the, simply take your business, and rebate, elsewhere.
There are many options other than going to a dealership to buy a car. For example, auto brokers or buyers’ agents are available to help you through the process. This lets you sit back and have them do the work, while it will cost you a bit extra for the service.
Your first offer should be at or very close to the invoice price of the vehicle. This likely be rejected, but will start the negotiation process in your favor. At some point, the salesperson will likely step out to speak to a manager. When they return, if the price is within your price range, accept. If not, continue negotiations. If you have not reached an agreement within 2 or 3 tries, it may be time to cut your losses and try another dealer.
Carefully investigate “hidden” costs of any desired vehicle. There are varying costs pertaining to the insurance, gasoline and resale values for different vehicles. Consider the type of fuel that is needed, whether or not frequent maintenance is needed and how expensive replacement parts are. These hidden costs can really impact the total cost of a car.
Make a list of the cars that interest you. Once you know what kind of cars you like, you can begin narrowing the list down by price, features and reliability. It will make it easier for you to find the car that will suite your needs at a price that you can afford to pay.
Hopefully you haven’t been scared away with all of the information given in the article above. Yes, there is a lot to consider when purchasing a car, but when you take your time and do your research you are much more likely to end up with a car that you’ll be happy with for years to come. So go out there and get it done!