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Top 8 Tips On How To Buy A New Or Used Car

Saturday, May 27th 2017. | News

Take time to do research if you are planning on buying a used or a new car before heading to a dealer. Acquiring a car is the second most costly acquisition a person can make after buying a home. This article is about 8 tips that you can use when buying a car that is of the right model and affordable to you. Tips On How To Buy A Used Or New Car 1. Consider your budget Though cars have different cost range, still they are the most expensive purchase you can make, thus, make sure you afford. Budget less than 25% of your household income monthly for all cars you have. Include monthly operating costs, for example, fuel and car loan payment also. To find your necessary savings and bills, you may use Bank rate’s Home Budget Calculator. 2. Have few cars on your list Research about the cars you may have liked to see if they suit your budget. Visit independent car websites and the automaker websites to see the cars’ features and have an idea of available inventory in your area. Note the suggested manufacturers invoice and retail price. Select a car that is less than 5% of your monthly budget so that operational costs such as car insurance, maintenance, and repairs are catered for. 3. Choose if you are leasing, buying a new or old car You can choose new cars that you could lease or buy; licensed pre-owned cars or used cars depending on your budget. If you purchase a used car, you are likely to have the best value despite having a short warranty period, paying a higher interest rate and knowing the cars full history. You will get a high-end car when you lease though you will not own the car. You will also must be careful to follow rules of a leased car to avoid fines. If you choose to purchase a new car, you will get lower interest rates, free maintenance, full warranty and roadside assistance. 4. Define the overall ownership cost you will have Estimate your ownership cost for each car to see if they fit your budget. To get a general overview of ownership cost, visit car research websites but have in mind that depending your budget will dictate the number of vehicles that you will acquire. 5. Before visiting the dealer, nail down your financing Secure financing from a credit union or a bank in advance and compare with what the dealer offers. To see the current interest rates, use Bank rate’s Rate Search tool. Check with local dealers and credit unions that offer 1% -2% loans lower than banks. Most community credit unions can be joined by anyone in their region thus you do not need to be in a specific industry to join. 6. Find possible discounts in advance Many car dealers offer extra rebates for former and current military employees, students, and certain membership-based groups. Check the car dealers websites to find discounts in their ‘current offers’ section. 7. Do not rush the test drive Make an appointment in advance for the test drive with the fleet or the dealership manager. Do not shy to ask for more time to drive to make sure you are comfortable with the experience since you are likely to keep the car for five or more years. 8. Practice excellent negotiation strategies Make sure you research all discounts when you are set to buy the car. In advance research, your car’s value online to ensure you are given a fair price. Negotiate with your dealer and ensure that you get the best deal.

Top 8 Tips On How To Buy A New Or Used Car

Make sure you research all discounts when you are set to buy the car. In advance research, your car’s value online to ensure you are given a fair price. Negotiate with your dealer and ensure that you get the best deal. Sources:

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