3 Things to Look for when Buying a New Car
Here are three simple things to look for when you buy a new car which will save you thousands of dollars on the loan and help you get the best price. Whether you are looking for a brand new Toyota near Garnerville or in your local neighborhood, these tips can be applied to help you find the perfect car at the right price.
First item is to look for your new car’s current market value. When purchasing a new car, you must first know exactly what you want in a car. Consider things like: how many people do you want to be able to transport; miles per gallon; AC; power steering; do you drive a stick shift or automatic; how much trunk space; a spare tire; cruise control; and good acceleration. The color of a vehicle can raise or lower the price. After selecting a car that you like, take it for a test drive. Ask yourself: is it want you really want? Be sure to tell the dealership you are only looking at this point.
Once you’ve determined exactly the model, make and options, you can now determine its current market value. Price your car with all the options you selected online. Most car manufacturers have an online new car configuration website. Look up the model, make and year as each dealership has a different website and web configuration tools. This search will also reveal the dealerships’ stated price. Now check Edmunds.com for the True Market Value which will provide you an idea of how much people are actually paying for the car. You can also look at similar listings to see what others have paid for the make and model you want.
The second thing to look for is the car loan. For most car buyers, the loan is a hugely important part of buying a car. Where should you look for the loan? Be sure to check your bank or credit union as well as the dealership’s loan services to see who offers the best rate. A good credit union will get you lower interest rates than banks and much lower rates than any new car dealership. The amount you save in selecting your loan will save you up to 30% of the cost of your new car; literally thousands of dollars over the lifetime of your loan!
Lastly, look at how you can negotiate the price for your new car! Contact any dealerships within 10-30 miles of you and ask for a quote for the model, make, and options of your new car. Tell each dealership that you already have a loan approved (and an old car to trade in). Be sure to search online car buying sites and get quotes from them also! Then use the lowest quote to see if any dealership or online site will offer a lower price with exactly the same options. Good luck and happy car hunting!