That old beater of a car that your brother gave you smells like weed and feet and is not big enough or safe enough for you to drive around your new family. It’s time to bite the bullet and buy a new car. Be sure to have a little cash saved up for a down payment and budget how much you want to spend. Following these quick tips on buying a car will dramatically improve your car buying experience!
Do Your Research Online
Before you drop into a car dealership, have an idea of the features you want and the price that you want to pay. You may even know what make and model you want. Take a look at both used and new cars too. You might be surprised at what you can get in a new car and it still comes in your price range. However, if that brand new Cadillac Escalade is out of your price range, take a look at one that is a few years older. Comparison shop online using auto finder websites like cars.com or cargurus.com. You might find exactly what you want for a whole lot less!
Research Pre-financing Options
Many people let the car dealership find them the financing they need when buying a car. However, that isn’t always the best method and you may be able to find lower rates by doing the shopping yourself. LendingTree takes that hassle out of the process because they allow banks to compete for your business. More often than not, you will get a better rate than what the dealership will offer you.
So you found the car you want, now it’s time to take a look at how much it will cost you to insure it. Many people don’t factor in the insurance costs when buying a car. Always get a quote before you buy. Depending on the rate, you might find that the cost to insure your new Cadillac Escalade is a lot more than it would be to insure a GMC Acadia. Grab an insurance quote from Liberty Mutual to save over $500 on your auto insurance.
Buying a Car You Can Afford
Although, that new Escalade has a Bose surround sound system and premium leather seats, are you ready to have a car payment that is as much as your rent or mortgage payment? It is something to consider. There are a lot of vehicles out there that have similar features but sell for thousands less. Make sure that you are shopping around before you get into a payment that is more than what you can afford.
Buying a new vehicle is exciting, but the steps leading up to it can be a little overwhelming. Remember to take your time and do your research before diving in. It will not only make your car buying experience better, but you could save a ton of money too!
Check out my other related posts under Personal Finance.