Buying
Kevin Helms
Created on November 25, 2023
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Transcript
DELIVERY
SIGN
REVIEW
PRICE
TEST DRIVE
TRADE-IN
FINANCING
8 Steps to buying a new/used car
RESEARCH
Research
What are you looking for?
How are you going to be using your car? What is important to you? What are your needs? What are your "Must Haves?" Knowing what you are looking for gives you something to focus on while shopping. Car salesmen are trained to get the biggest commission, they will sell you whatever you are willing to buy.
Financing
Get Pre-Approved!
Car dealerships will always offer financing of some sort. They will also search competitive rates for you. However, you may be able to get the best deal for yourself if you get pre-approval from your bank before shopping. This will also ensure you are not shopping for something out of your price range.
Trade-In
Dealerships will buy your car
If you own a car, a dealership may purchase your car from you, or accept the car as a trade-in towards the value of car you are purchasing. To get the best deal for your trade-in, you can shop around at multiple dealerships to see what they offer. You do not have to have a trade in to purchase a vehicle.
Price
Compare, Negotiate, and Win
Always consider the price of your vehicle, not the monthly payments. If you search online, you will find most financial advisors suggest you pay no more than 10% of your gross income for a vehicle (including insurance). Furthermore, traditional dealerships will negotiate and haggle the price of a vehicle, while other dealerships like Carmax do not. If your dealership negotiates, collect multiple offers and try to get the best deal.
Review
What are your options?
Once you have a vehicle in mind, ask your dealer if there are similar options available to you that may get you a better deal. Depending on your preferences, you may be able to find a similar car with better mileage, more bells and whistles, or rebate offers. The worst that can happen is you are stuck with the car you wanted to buy in the first place.
Sign
So much paperwork
There is quite a bit of paperwork involved in purchasing a new vehicle. For the most part, the finance office will give you a summary of the paperwork and ask you to initial and sign. The most important things to look out for are the purchase price, terms of the loan, and any additional fees you are not familiar with. Make sure you understand your loan before you sign the paperwork.
Test Drive
Put it through its paces
Always, always, always test drive the car you want. Drive this car the way you would typically drive your own car. Also, keep the radio or music off. You want to listen to the car. Make sure it handle appropriately and sounds like it should. You should also have a local mechanic take a look at the vehicle prior to purchase, just to make sure everything under the hood is good.
Delivery
Get those keys!
If you are purchasing a vehicle from a dealership, you may or may not be driving the car off the lot that same day. If you have negotiated additional features or if you are buying used and the dealer is still working on the vehicle, you may need to return at a later date to get the keys. Regardless, make sure you are taking the car home in the condition you purchased it in. Also, make sure you understand all the features of your vehicle. Ask questions.