Tips on Purchasing a New Car
The economy is finally on the upswing, and most people watching the market are proclaiming that interest rates are the best they have been in years on many high-ticket items. One of those items is vehicles. Now is one of the best times in history to get a new car. “But, I’ve never bought a new car!” You exclaim. Never fear. Here are some tips if you’re buying a car for the first time.
1. Consider buying a new car. I know, you’re thinking that I’m crazy. But there’s a few reasons to do so right now.
- I talked in another article about the tax breaks available for going green. Consider getting a hybrid or other high efficiency vehicle that is eligible for these tax breaks
- Since the economy took a downturn, people have been trying to make their cars last longer, thus making the amount of cars being traded in less than in previous years.
- The economy has also affected production: Less new cars are being made, and if that happens, there’s less urgency to move cars off of the lots.
2. Buy within the next few months. It’s getting to the perfect time of year to buy a new vehicle. End-of-year sales are always good to take advantage of. As I said above, the urgency isn’t there to get cars off the lots, but many new car dealers will reduce their 2010 models in order to make at least a little more room for the 2011 models.
3. Make sure to have your ducks in a row. Don’t decide on a car then try to get a loan; make sure that you are able to get the financing approved before you even start looking at the lot. Think about it- it would stink to get to a lot, find a car you absolutely loved, and not be able to buy it because you didn’t have the financing available.
4. Join AAA. What? I am a huge proponent for the American Automobile Association (Triple A, AAA). I pay $100 a year to get all kinds of awesome discounts and benefits year round (and not only on my car). But, here is an awesome perk: Triple A offers a vehicle comparison service online that you can use in order to shop around for what vehicle you want to buy.
5. Utilize that internet! The internet has countless amounts of information, use it! Most dealers now have websites. Kelley Blue Book is your resource for looking at fair prices for vehicles.
6. Read the fine print. Everyone needs to make money, and car dealerships are no different. Make sure you know what fees and costs are included in the purchase of your new car before you commit. Ask for specifics. Don’t be afraid to be assertive about it; you’re spending a large amount of money on something you hope to last you 5 years or longer, you have a right to know everything possible before buying it.
Take your time, shop around, and make sure you’re getting the most value for your dollar before dropping all of that cash on a new or used vehicle. The extra time is well worth the extra money you’ll save doing so.
