Helpful Money-Saving Tips For Purchasing Your New Car

We’re here to offer you some valuable tips to use when purchasing a new car so that you can happily drive off into the sunset or at least home to your apartment.

Know Your Budget

A top priority is to know how much you can afford to spend. This may be easier said than done because it’s common for a person to get caught up in the car-buying frenzy and spend more than they should if they haven’t decided on a budget. Go over your finances and figure out all the costs involved in your purchase, which includes more than just the sticker price. Additional expenses may consist of:

  • Auto insurance (which may be higher than what your previous vehicle cost)
  • Gas
  • Regular maintenance
  • Potential repairs

Decide on the Type of Vehicle You Want

When you’re spending your hard-earned money on a new car, make sure it’s the type of vehicle you want with the features you’re after. A sedan or wagon is quite different than a sporty two-door coupe or even an SUV. Don’t let anyone talk you into a vehicle you won’t like. Only shop for the car you want to take home.

Negotiating the Price of Your New Car

You need to go into any negotiations with confidence and facts, keeping in mind the bottom line: you want the car and you only want to pay a certain price. Now, don’t “lowball” the dealer to the extent that he laughs you off the lot. If a car has a sticker price of $20,000, the odds are good he’s not going to discuss a purchase price of half that amount. Be reasonable and don’t get emotional. You should also:

  • Call Several Dealerships. Get on your phone and find out what different dealers are asking for the same car. Making calls before you go out can save you time by narrowing down where you want to start your search. You can still go to every dealership if you want, but if your time is valuable, start by letting your fingers do the walking.
  • Know How Much the Car You Want is Worth. Certain models are in greater demand, which means that even used cars of that model may go for a higher price than you’d normally expect. If a particular vehicle is worth paying full sticker price, go ahead. If you feel you should only pay the fair market value of a car, you may have to look for a different make and model.

Keeping your budget and the type of car you want in mind will insure you have a successful car buying experience. Staying calm and armed with facts during negotiations will help. The time you spend researching cars, their prices and features will pay off every time you get behind the wheel of your new ride.
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