10 Important Decisions to Make When Buying a New Car
Buying a new car is exciting, but it is easy to let the excitement take over and forget what really matters. Cars are a big purchase, and one that you will be responsible for through several years. Not only will you have a loan payment, but you must fuel and maintain that vehicle; therefore, you want one that suits your needs and budget.
Before you go to the dealership or even start browsing online, you can help yourself avoid the impulse buy if you make a few decisions first.
10 Things to Consider for Your Next Vehicle Purchase
To help save yourself thousands of dollars on your next vehicle, go through these ten critical steps first:
- Decide Your Monthly Budget: Make time to look at your finances carefully. Consider how much you can pay per month for not only the loan but also in gas and routine maintenance. Remember you need oil changes, tire rotations, and the big maintenance purchases down the road (i.e., new tires, tune-ups, and brakes to start). Ideally, your total monthly vehicle expenses should not exceed 15 to 20 percent of your take-home pay.
- Get Preapproved: If you plan to finance, get pre-approved before you shop. While dealerships can handle pre-approvals, they have deals with specific lenders; and those lenders might not have the best interest rates. Plus, being pre-approved helps you decide how much vehicle you can buy before you go.
- Research Vehicles: Once you know the type of vehicle you want, do some research. Take your time during this phase; possibly a week or more. See what manufacturers and models are in your category, their professional and user ratings, and features or options that come with them. Compare these features to what you need in a vehicle and narrow down the list of options to two or three models.
- Find and Test Drive: You have a list of a few models, now you must locate them and take them for a test drive. It is best to try out a few during the test drive and see which you feel most comfortable with.
- Find Dealership Price: Dealerships are required to show you their price versus what the manufacturer’s suggested retail price is (MSRP) before you buy, but only if you ask to see the price. Ideally, you should start negotiating with the dealership for $500 over their purchase price and see where it takes you.
- Know Trade-In Values: Before you bring your trade-in to the dealership, find out how much it is worth. If you want maximum value for your vehicle, sell it yourself before going to the dealership. It is important to realize that you will never get full value at trade-in because a dealership needs to turn around and sell it again.
- Do Not Rush: Car sales professionals are working on commission; therefore, the only way they earn a living is to sell a vehicle. While they might pressure you to make your decision, stay strong and take your time. If you are not ready to buy that day, do not hesitate to walk away and think about it some more.
- Full-Size Spare: Before you buy, make sure you request that the dealership put in a full-size spare. Manufacturers are opting for smaller spare tires to save on fuel economy, but when you have a flat tire, you want a full-size over a smaller tire that only gives you a few miles.
- Inquire about Warranties: Ask the dealership about any manufacturer warranties. When purchasing pre-owned, you should see if that dealer can offer pre-owned warranties or service contracts to lessen the financial burden on you.
- Take Delivery: Once the deal is done, papers are signed, and you are ready to accept your vehicle, make sure the gas tank is full, the dealership details the car, and give it a final walk around for any scratches that might occur while the dealership is getting it ready.
Get the Most Out of Your New Car by Bringing it in for Auto Repairs or Vehicle Inspection
Whether you want a vehicle inspection performed by an unbiased third-party or you need help maintaining your new vehicle after you buy it, the team at Minit-Tune & Brake Auto Centres can help you maximize your new investment.
For your pre-purchase inspection, find an auto repair shop near you today. You can also contact a centre to inquire about auto repairs in Vancouver and its surrounding cities, or to schedule an appointment.
Minit-Tune & Brake Auto Centres Address Common Issues
Here at Minit-Tune & Brake Auto Centres in British Columbia, we’re always pleased to help our customers get the most out of their cars and trucks. To that end, we’ll add a relevant blog topic from time to time to keep you up to date and getting the most out of your vehicle.