Ten-hut! Fall in! Now drop and give me ten… Ten tips for buying a new car! Read on for more.
#1: Know how much you can afford! Believe it or not, many people start their search for a perfect vehicle without knowing how it will impact their budget. If you are financing the vehicle, familiarize yourself with your credit rating and how it works.
#2: Buy, finance or lease? Plan out how you intend to buy your vehicle. Once you have a budget, you can decide what better suits your lifestyle– a lump sum purchase or monthly payment plan. Remember, a leased vehicle is returned to the dealership at the end of the term.
#3: New or used? Buying new is an attractive option, especially with competitive interest rates and the diversity of modern vehicles. Used vehicles are clearly more cost-effective, but they may lack many features you need.
#4: Read reviews… lots of ‘em! You can never have too much information and buying a vehicle is no exception. There are a wide range of reviews and ratings available in print and online. It’s easier than ever to do research before you buy.
#5: Buy at the right time! It may sound fun to walk into a dealer on the first day of a new year of vehicles and point to the first model you see– and it is! But buying too early (or too late) could mean you miss out on the best savings available for your next set of wheels.
#6: Ready to negotiate? Once you’ve picked out your dream vehicle, it’s time to talk details. Familiarize yourself with the vehicle’s invoice price, dealership or seller’s fees and any other factors that may affect the final transaction. Avoid talking about monthly expenses and focus on the total price.
#7: Do you really need the options? Add-ons, extras and accessories may seem like minor purchases at the time– but they add up. Pick out one or two features that are must-haves and be flexible with the rest. A shrewd negotiator can often have these options thrown in free of charge as incentive.
#8: Read the fine print! Before you sign on the dotted line, double-check the conditions of your financing agreement, bill of sale and other paperwork. Catching a “clerical error” now can save you thousands of dollars down the road.
#9: Remember: sellers make profit! Otherwise they wouldn’t sell anything. Being too rigid with your budget can be an easy way to meet resistance when buying a vehicle. Prepare to use a generous range when negotiating this type of purchase.
#10: Don’t be afraid to walk away! You may love the vehicle, but if you feel uncomfortable at any point in the process: it may be best to leave the deal on the table. This tactic can lead to deeper discounts later on or simply the peace of mind that you didn’t pay more than you were willing.
The above ten tips are just a summary of some of the things to remember when buying a new vehicle. If you have any questions or concerns about buying a car in Alberta, don’t hesitate to contact or visit Heartland Ford today!