Buying a car is always a stressful time, especially when money is tight. Obtaining your own vehicle is liberating. Gone will be the days of being dependent on public transportation. Imagine the pride and self respect you will gain when you no longer need to beg for rides from friends and family. The more prepared you are, the better choices you can make. Here are a few smart money tips for buying a car.
Buying a new car is a large purchase. Financially you are in a good position to obtain a car when you have steady employment, are able to make a down payment on the vehicle, and keep your expectations in line with your budget. It’s easy to ‘fall in love” with a car. Remember a car isn’t a status symbol, it’s a means for transportation. Simply a tool to transport you and your family from point A to point B. Take your emotions out of the business transaction to always come out ahead.
Do Your Research
Before you just turn up at a car dealership, do your research. Always shop at a reputable car dealership. My favorite is DriveTime because of their knowledgeable employees, large vehicle inventory, and easy and smooth buying process.
Determine the type of car you want beforehand. Are you transporting kids? If so, a four door vehicle may suite your needs best. Do you prefer pick up trucks for outdoor activities and hauling large items? Really think hard about suitable vehicle accommodations. You need a vehicle that fits your lifestyle now and where you will be in the future approximately 3-5 years from now. Are you married but plan to start a family soon? A sedan might not be the best option for you long term. Determine repair costs, gas mileage, etc. When you do your research prior to buying you are educating yourself to find a car that is right for you.
I can share all my smart money tips for buying a car, but if you aren’t prepared to negotiate a fair price then these tips aren’t beneficial. It is in your best interest to learn how to negotiate pricing. Practice and role play how the conversation will go at home before you arrive at the dealership. It will always be a great skill to have, but it is especially useful in the business of car buying. The car salesman will most likely be willing to lower the price on your new car, but only if you know how to persuade and negotiate a smaller price. Know your budget and price you feel comfortable paying and stick to it.
Once you feel confident about these smart money tips for buying a car, it’s time to get approved for an auto loan. DriveTime’s 2 minute online approval process is so easy. Once approved you can set up an appointment to visit your local DriveTime dealership plus start shopping their inventory online.
Share with me your smart money tips for buying a car!