What to Prepare for When Planning on Buying a New Car
Buying a new car is an exciting time, yet it can also be quite stressful. You want to make sure all your money is going into the right vehicle and you get the best value for it. So, what do you need to consider? How to prepare yourself before stepping into the dealership?
You don’t need to guess at and fret over these questions. We have brought on the experts in the automobile industry to help you with preparing yourself. So, if you’re considering buying a new car, read on and let’s see what the experts say you need to do to prepare for it.
Some Expert Money-Saving Tips when Planning for your New Car
“If you are in the market for a new car, here are a few money-saving tips. The most useful tips on buying and maintaining a new car may seem obvious – take a second look.
Make dealers compete - When shopping for a car, know exactly what you want and the invoice price, which you can get through the internet. Often they will give special pricing to Internet shoppers. They know they are in tough competition because Internet shoppers request quotes from many dealers.
Shop on a rainy day or at the end of the month- If you are looking to buy a new car, go to the car lot on a day when the weather is bad. Chances are they will not have many customers that day, and they'll be begging for business. The end of the month is a great time to consider your purchase as bank rates change and there are sales goals to be met by the dealers. You will probably get a better deal and more for that trade-in than you would at any other time!
Choose your options wisely – Some options can increase the resale and lower your insurance bill too. Certain options like alarm systems, anti-lock braking systems, stability controls or side-impact airbags are wise choices and will keep you and your passengers safer.
Consider buying certified pre-owned vehicles - buying a one or two-year-old car from the dealer can save you money and still offer you maintenance records and the factory warranty is still good, you could get a car with 95 percent of its life left for 20 percent to 30 percent less than the cost of buying new. New car rebates are given to lure customers to buy new cars. They do so with four major types of rebates.
Loyalty rebates: are given to buyers who are trading in and purchasing a car of the same model and/or make. Example: Trading in your Audi for an Audi, or any other brand for the same brand.
Conquest discounts: The opposite of a loyalty rebate. Conquest rebates are offered by a manufacturer to lure you away from the manufacturer of your current car. For example, if you currently own a Toyota, General Motors might offer you $2,000 to buy GM instead of Toyota. There are other discounts to add on as well. Military personnel and students are also given rebates and incentives designed just for them.
Before you buy, search for additional new car incentives and rebates, there are a few things to consider. First, beware of the time frames given. Rebates expire if they aren't used within a certain time. Meanwhile, incentives expire, leaving the buyer with high-interest rates and even higher payments. For example, 0% interest rates on the first 12 months over a 36-month loan. In addition to regular rebates that may be others deals available at manufacturers’ websites. If you plan to accept a manufacturer's rebate, don't let the dealer add that during the negotiation. A rebate is your money from the manufacturer (not the dealer) and is deducted once the price of the vehicle has been agreed upon. The current recession has created a unique window of opportunity for those hoping to find rebates and incentives. If you can find an older model (2020 model year that didn’t sell) on the lot, insane deals are sure to follow.”
Lauren Fix is a nationally recognized automotive expert, media guest, journalist, author, keynote speaker and television host. Lauren Fix was inducted into the National Women and Transportation Hall of Fame in 2009. Automotive Aspects Inc.
Mode of Payment, Compare cars, Detailed Inspection and Test Drive!
“Firstly you must decide what kind of deposit you can put down and how much you can afford each month. If you’re planning on getting a loan make sure you qualify by searching around. If you find out your credit score it can help to negotiate a better deal and save you possibly hundreds of dollars. If you’re still open as to what car you want do a little research into your suitability for example “best family cars”. You could even include your budget in the search. The next step would be to compare prices, you’ll be amazed at the variance, there are tools you can use but beware as you’ll receive emails and phone calls from dealers! If you’ve got a car to trade in get a sense of the value before time so you know if you’re being offered a good deal or not. Then for the fun part, test driving the cars you’ve shortlisted to make sure everything is working and it suits you and your needs. It’s always a good idea to do a little detective work on the car’s history to ensure the car doesn’t have any unexpected surprises, for example, outstanding finance! Check the make and model to see if there are any common problems that may require attention, is it a reliable choice? If you can afford it ask for a mechanical inspection, ensuring there is nothing being disclosed is a good idea, also if the seller is resistant to this it may be that there is something to hide! Finally, make sure you understand fully the terms of the warranty and returns policy, after all with a purchase like this you don’t want to be caught out.”
John Peterson, Editor of Safe Drive Gear
Type of Car, Budget and Research Of course!
“The first thing that you need to consider when planning on buying a new car is your purpose of what you will use the car for. You will need to make sure that it suits your needs whether it's a family vehicle or a vehicle for work or just your first car etc. This way, you can make sure that the cars you look at are best suited for your needs and give yourself a budget and style based on your purpose of use. You may also have a few areas that you consider a 'must' have. Usually, this is based around safety. For example, power-assisted steering, a minimum number of airbags. You may also want a particular color or design. You should create a list of points that your new vehicle 'must' have in preparation for a purchase. Once you have narrowed down which type of vehicle you need and want, you'll need to work out a budget. It needs to have a set amount, we always suggest leaving it a little bit flexible so you can slightly go over or under budget. There is no point in looking at a vehicle that you cannot afford, so keep your budget in mind. Additionally, if you are looking at a brand new car from the manufacturer, you will need to ensure that your car is in stock. Sometimes, they might not have it in stock and will be required to order it in. This can sometimes take weeks or months. If you need it soon, and the supplier doesn't have it available then this could be a factor that you need to prepare for. Lastly, research is very important in preparing and planning on buying a new vehicle. You can go online and look on forums and research the safety, reliable and overall rating of vehicles. If you are buying a used vehicle we always suggest getting an expert opinion through a pre-purchase Inspection.”
Khan Ada, Mobile Mechanic, Pre-purchase Inspector and Business owner, ASAP Roadworthys
Following these sound pieces of advice from experts within the industry, you can plan better, hopefully reach a well-informed decision, and make sure you get the right value for your money.