Let’s face it: there are few things in life that excite as much as that new car smell does. There is something undeniably thrilling about it.
There are, unfortunately, a few hoops to jump through before you get there. Whether you are a first-time car owner or have owned one or more cars before this, it helps to have a clear car purchasing process.
Here, we bring you four tips to help you buy nothing but the best.
1. Think Finances
Whether you are getting dealership loans, a bank loan or no credit check loans, it’s important to scrutinize the deal you are getting closely.
Think further from the manufacturer’s suggested retail price and to the required monthly payments. Ensure these captures any taxes and other associated fees. The documents you get from the dealer should have a detailed total of what you are expected to pay.
With this in mind, you can know how much will come off your paycheck and indeed, how much you can comfortably afford.
2. Shop Around
Unless you need a car as a matter of urgency, allow yourself enough time to shop for a good vehicle.
Luckily, while this traditionally meant physically walking from one dealership to the next, the internet has made it possible to shop in the comfort of your own home.
While you will still need to visit a few dealers physically, an online search helps you identify a few solid choices.
This allows you to haggle on price and get the lowest price different dealers will offer. You can also carry out an online valuation to see what you should ideally pay for different vehicles.
3. Don’t Mention a Trade-In.
If you are looking to trade-in your current car, refrain from sharing this information upfront. The reason for this is simple. The minute a dealer becomes aware of the trade-in, they will work out a price, factoring in their trade-in to arrive at their rock-bottom price.
Instead, keep this information to yourself and haggle on the price to the very end. Once they have offered you the rock-bottom price, then bring up the trade-in and its value.
This means they have to deduct the trade-in cost from the agreed-on rock-bottom value.
You will be amazed at how much you will save by going about it this way.
4. Check the Warranty
A new car comes with a manufacturer’s warranty. A used car might have its warranty still valid at the time of purchase. Either way, it’s important to look at these and what they offer.
It’s often wise to forego purchasing additional warranties at the time of purchase. The main reason for this is that they rarely offer significant benefits, they tend to be exorbitant, and their interest pushes up the car’s total cost.
Easy Does It
A car is one of the large ticket items you will purchase in your lifetime. This is not a decision to rush into.
Do thorough research, look around and let your final choices stew before making payments.