Are you in the market to replace your old car or possibly looking to purchase a new car for the first time? Whatever the situation, if you are browsing to purchase a vehicle, you’ll want to do your research before making any big decisions. It can be intimidating to make a major purchase like buying a car, so we want to do what we can to get you information to make the process as easy as possible for you.
What Can You Afford?
Figuring out how much you want to spend is the first major thing to consider. Thoroughly review your budget and take stock of how much you can afford whether it be on a monthly amount or total if you’re paying for the car in cash.
If you are going to finance your vehicle, figure out the most you want to spend on a car payment, but also keep in mind there are other additional costs that come with purchasing a car. You will have to budget for gas, car payments and regular maintenance as well.
New or Used?
Often your budget, will be the biggest determining factor as to whether you purchase a new car off the lot or go for a used one from either a dealer or directly from the owner. This is probably where you will spend the most time researching as there are lots of cars available, so picking one might seem a little overwhelming.
There are going to be positives and negatives to each side so consider your lifestyle and budget when you make this decision. If you are purchasing a new car, you will most likely need to discuss financing with either your own personal financial institution or the lender at the dealership. This is when your credit and income will be a major factor into what you can afford as that is how your loan amount and interest rate will be determined.
Let The Fun Begin!
It’s always a good idea to talk to friends and family about their experience with their cars as they can give you great honest insight from personal experience. Taking a look at the manufacturer’s websites is also a good place to start narrowing down your search to the type of car you want when it comes to make and model.
Once you have decided what kind of car you want, do even more research by taking a look at the Kelley Blue Book value of the cars you might purchase. This is really helpful information, if you are thinking about purchasing a used vehicle because costs can vary depending on your area.
Some Finer Details
In regard to financing, you’ll want to get proof of your pre-approval before going to the dealership. You’ll still want to compare the rates of the dealership lender, but in most cases a private lender will give you a little better of a deal. If there’s any discounts in the area, make sure you look into those too. Many dealerships have holiday and end of the year sales, so if you can hold off to purchase for something like this, it will save you some money.
Once you have picked your car and know that you want to drive it home, go through the final costs with the dealership or owner. Don’t be afraid to negotiate as you can sometimes save quite a bit by letting them know you have other options on the table. Never feel pressured to make a purchase, and feel free to wait a day or two before signing the final paperwork.
Contact Us Today!
We know that buying a car can be very exciting but also a nerve-wracking process as well. We want to do whatever possible to make sure you find the right car for you, as well the financing for your budget. If new wheels are in your future, reach out to Willoughby Insurance in Buffalo, NY today!