Are you ready to become a smart car buyer? Great deals on car purchases often involve the right way of doing things. Unfortunately, most car buyers are doing it the wrong way.
Here’s a beautiful example. A majority of buyers only focus on the monthly payments and make a deal to the nearest dealership. They don’t do ample research first before they make the purchase.
What should you consider before you buy a car? Continue reading our ultimate checklist for buying a new car.
- Know what your current car is worth. Do you have a new car you can sell or trade in? The money you can get from your old car will make a big impact on your downpayment which could eventually lower your monthly bill.
- Choose to sell or trade in your current car for a new one. There are a lot of things to consider when letting go of your current car as this decision can greatly affect the price of your new car purchase by thousands of dollars.
- Create a comfortable monthly budget. What’s your comfortable amount to pay for a new car each month? Remember, your new car comes with insurance cost which is more expensive compared to used cars. This also works for the amount you want for the down payment.
- Establish a good credit score. You need to fix every error you can find. If there are any collections, pay them off as soon as possible. You can negotiate with the collection agency for a lower payoff amount which will help you save money.
- Get pre-approved from different banks and lenders. It’s best to get three or more offers so you can compare and contrast better. This puts you in a good negotiating position
- Choose between buying and leasing. Think about what makes more sense whether to buy or lease. Figure out which of the two works best for you.
- Do your assignment. Make sure to conduct ample research on the vehicle that fits your budget. Don’t ignore the most important factors like reliability, quality, and dependability. If you can test drive the cars that you’re interested in and find out the trim levels that suit your needs.
- Narrow down on only two or three vehicles. When choosing the right vehicle to lease, make your decision-making easier by picking only what you prefer and the other two that will make you happy at best. This often allows you to get a good price on the ones that you pick eventually.
- Look for the invoice price and real-world prices. You can try TrueCar for this action. You can also find out the rebates and incentives currently offered in your area. This will help you decide whether the car is a good buy or not.
- Talk to as many car dealers as possible. This will help you get the best offers on your chosen car. Also, never ignore the other fees and upsells that each dealer will try to sell after the sale has been made.
- Don’t hesitate to walk away if the deal isn’t comfortable.
Now that you know what things to check when buying a new car, we hope that you’re now smart enough to look for the best car deals that will give you the best value for your money.
Do you find this ultimate checklist before buying a car helpful? Let us know your thoughts. It will help us give you more informative content in the future.