Tips on Buying Your New Ride
The process of having to buy a new car can stressful. However, buying a car at some point in time is a reality that we all have to face. It’s a big step, but it doesn’t have to be a daunting one. Your attitude about car shopping is definitely something you can change. Before you go on the hunt for your new ride, try to take a little time to learn the basics. Understanding what you’re doing makes the process a whole lot easier. Here are some tips that will help this process go more smoothly and reduce the amount of stress involved in purchasing a vehicle.
What’s your budget?
Sit down with your bank accounts and set a realistic budget. Figure out how much you make each month after taxes and how much goes to your usual bills – such as rent, student loans, utilities, and so on. This will help you determine what you have left each month and what you can afford, before going to the dealership. According to experts you should spend no more than 15 to 20 percent of your income on a car, including the ca payment, insurance, and gas.
Do Some Research
Take the time to learn some basic auto terms. Go on google and research some car facts that be will important to you. For instance, if you’re a mom with kids who play sports and you occasionally carpool some of their kids’ friends, you may want to look into a SUV that is spacious. OR you may live in the city where it’s almost impossible to find parking, you may want to consider investing in a hatchback.
Consider Both New and Used Options
I know what you’re thinking why get a used vehicle, when I can get a brand-new, never-been-driven car? However, used cars often come with a lower price tag and drive just as well. Some manufacturers offer Certified Pre-Owned (CPO) used cars that have been inspected and reconditioned, so they come with an extended warranty. This way it’s like you’re getting a new car, but at a lower cost. You can also check out Kelley Blue Book Price advisor to get a better sense of vehicle pricing and determine whether you’re getting a good deal or not.
Test Drive a Vehicle
Before making your big purchase, you want to make sure you find something that you really love and feel comfortable driving. You want to make sure you pay attention to the little things, like is the ride bump instead of smooth, does it feel too tight inside instead of spacious, or are the seats comfortable. Try out all the features, everything from the mirrors to the seats and from the trunk to the backseat. You also want to see what the vehicle has to offer and ask yourself if the vehicle is worth the price they’re asking for.
Explore your Financing Options
After picking out your favorite ride, the next step is heading over to the finance department. Dealerships can give you a loan, but you can also look into your own options. Prior to going to the dealership check your credit score and see if you get pre-approved for a loan. Most credit unions and banks offer auto loans. Exploring all your options when it comes to a loan is important because it may help get you a lower interest rate than you would normally get in a dealership. You should also think about how much you can afford to put down as a down payment. The more money you put down up front, the lower your monthly payments.