Now that 2017 has arrived, it’s time you start your new year with a new car. But before you hit the road, we want to share with you five tips that will help you purchase the vehicle that works best for you.
1. Understand the cost of ownership
This is a tip not many people know, but it's one of the most important to keep in mind.
Whether you want to buy a sports car, truck, or van, you need to calculate how much the vehicle will cost after you drive off the dealership lot.
Take the time to get insurance quotes before you buy the vehicle. Also talk with representatives from the dealership service department so you can get an idea of how much you might pay for basic maintenance and unexpected repairs.
2. Secure financing before you shop
Like any business, car dealerships want to make money. If they help you through the process of getting a loan to buy your next car, they likely earn a commission for it.
They will always have you, their customer, in their best interest, so they will try to get you a good loan so you can purchase a car from them. But sometimes you will find better financing options on your own that can save you money in the long run.
Local lenders and credit unions are often good choices for finding loans that work best with your budget.
3. Know the cost of fuel
Is your daily commute two hours or ten minutes? The amount of money you may need to spend on gas depends on the time you spend driving.
If you drive often, then it might make sense to consider a fuel-efficient gas powered vehicle, a fully electric vehicle, or even a hybrid. Owning your dream car may become a nightmare if you spend all your cash at the pump every week.
4. Purchase your car in the off-season
Do you shop for swimsuits in January and shop for rain jackets in July? If so, then you probably save a lot of money.
Like with many things, there is a good time to buy a new car and a bad time. If you have eyes for a convertible this year, then buy it while it's still cold outside.
Some vehicles sell better during certain seasons, so you might avoid paying a premium price for your next car if you buy it when dealers have trouble selling it.
5. Determine your budget
Buying a new car will be one of the most important financial investments you make in your life, so don't take it lightly.
A car is meant to be your safe, personal mode of transportation and not your source of stress and worry. Be honest with yourself and understand what you can and cannot afford.
Make contingency plans to ensure you can keep the next car you purchase in case you endure financial distress.
Keep these five tips in mind when you start the process of buying your new car, so you can save money, time, and make a decision you won't regret.
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