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December 9, 2011

Do A Bit Of Planning Just Before You Buy A New Car

Purchasing a new car is something Americans like to do, and when the mood hits them they want to be driving a new car almost immediately, without any todo. This is not very wise, given the cost of cars, which rank only in back of buying a house as your biggest lifetime expense. Think of the lengths you go to when selecting a house, but don’t think about when it’s a car.

When you buy a house, there’s someone beside you every step of the way, starting with the broker who must find the right house for you. You could have a lawyer confirm that the contract is not prejudicial, and then there’s the title company which checks that you will get clear title before allowing you to pay for the house. There’s not a single person to help you when you go in to buy a new car. If you want to, you could potentially go into a car dealership, and in a single afternoon have everything taken care of, from start to finish. It certainly is doable, but remember that it will cost a lot more than necessary.

One idea that you need to do for sure will be to make one trip to the dealership with no intention of buying your car that day. Promise yourself that you’re going to only look and test drive the vehicles, and then go back home to do some research. Look online for the dealers costs, safety scores, option prices, and whether or not there are any manufacturer to dealer incentives that weren’t mentioned. Prior to deciding to go to the car dealership you should decide the amount you can afford, and be resolved to resist any attempt at upselling to something more expensive. You are the one who will probably suffer when you don’t make the required payments and the car is repossessed.

Do not merely accept his word, insist on being able to see any calculations the finance manager makes. Merely a couple of dollars a month additional on your monthly payments, and you blissfully unaware, can make a lot of extra money for dealerships. An illustration of this happens when you inform a salesman you can afford a $500 payment each month, and he finds a deal for $460 but tells you $480. It is likely you will think that is great news, but the dealership can make an extra $20 a month of your money. Keep them fair and don’t allow them to take your money. What works well is to write down notes about everything that you learn, even the salesman’s talk. This can help everyone stay on the same wavelength and reduces the chances for dishonesty.

Investing in a new vehicle should be something that you enjoy, so keep charge and keep the thought in mind that this new car is yours. If you have misgivings regarding a deal, or feelings that you are being had, go away at once and try somewhere else. It is your money and your call, after all.

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