Buying a Car
The car buying process has become complex - with little trust in car dealers and different models and brands to choose from - buying a car is one of the biggest financial decisions you will be making in your life. It’s important you get it right. You can get it right by doing research and reading this is the perfect place to start.
When making such a large decision it’s important to consult the professional resources. Websites like Edmunds, Kelly Blue Book, and Consumer Reports as well as online reviews are great places to begin your search. Safety features, gas mileage, dependability, and comfort are all key metrics to think about beyond the purchase price.
If you have a model or brand that you like you should begin the buying process, which may seem tedious at times. You will have to negotiate and have the power to walk away to get the best deal. Dealerships are looking to make money, plain and simple. Usually, they will have monthly quotas to meet, so if you have the time it’s best to visit near the end of the month when dealers may be more desperate to sell more vehicles. Don’t get taken advantage of. When it comes to buying a car, always know the choice is yours and if you feel even a little bit uncomfortable - walk away. When you walk away you’ll know that they wouldn’t have gone any lower on their price.
One aspect of dealing with a car dealer is the purchase price and monthly payments. Monthly payments may seem like they make sense - and they might. But be very aware that this offer may be attached to a long term loan that will cost you more in the long run. Negotiating the purchase price of the car - the full purchase price: including any hidden costs, taxes, etc. is the goal you should keep in mind.
Additional items to consider are whether or not you have a trade-in vehicle, in which case you should not mention your trade-in until after you have negotiated a price you feel comfortable with. This way you’ll get much more value for your trade-in on top of a great purchase price. Insurance costs, add-ons, and warranties are all also items to consider. Check the warranty coverage, because it may not cover as much as you think.
In the end, it’s about getting a deal you're comfortable with after doing proper research. Take a look at various resources and purchase prices others made on the same vehicle to know you’re making a responsible financial decision when buying a car.