Don’t just buy a car. Invest in it! Here is what every car buyer must know. Your car is probably going to be with you longer than most of your other portable possessions. So, you need to know the purpose for which you are getting it. Is it as a status symbol or is it as a vehicle for the commute? Figure out if it will be used by just you, your family or your friends – and depending on your answer, you would need to then find out more about the kind of use. That would lead you to the question of the drive – two wheels vs. four wheel and even on the kind of terrain you would be mostly driving in. Auto magazines, internet search options, and consumer reports can give you a great idea of it all!
Once you are done, you could visit a large and established dealership like the Len Stoler Dodge Chrysler Jeep and explore the astoundingly wide range of automobile options.
And to get you started here are 10 things we have listed that every car buyer must know.
- Take stock of your finances. Fix a ceiling. Astute financial advisors suggest that a car should not cost more than 10% of your net pay per month.
- Do your research. This goes without saying. Keep a note of the target price, discounts and buying incentives.
- Ensure that you do not sign blank financial forms or any document with an arbitration clause. Finance your purchase from a different source, bank or financial institution.
- But before that, shop around for different finance options. And this is not restricted to just banks but also high street, internet lenders, and other options.
- Work out the largest downpayment you can possibly payout. This way the loan and its interest works out cheaper and is also for a shorter period of time.
- List out all warranties, taxes, and insurance and do a rough calculation for as long as you plan to retain the car. Remember a family car is generally retained for longer.
- If you are doing a trade in with your old car, closely attend to ‘cost to change’. Get it independently evaluated before going to the showroom.
- Sign nothing without reading carefully. This is a blanket rule for everything in life, but we often get overwhelmed with the amount of paperwork and let things go.
- Before buying, compare the same make and model across different dealerships.
- Test driving your vehicle before purchasing is essential. Shortlist a few vehicles and test drive them before making the final purchase.
Overall remain alert and pragmatic about your decision. Find out the long term costs and always choose a car with good safety features.