Investing in a new car is a process that takes time but is fulfilling once you make that purchase you’ve really been wanting. The following steps are necessary to help you select, price, find, and buy that perfect vehicle for you that will last for as long as you may need.
1. Determine What’s Important for your Needs
The “right car” for you shouldn’t depend on trends and primarily aesthetic values. If you know that your new vehicle will be used for daily duties, you will want to pick functionality over a statement piece. Before rushing to the dealer, here is a list of some practical considerations to make a list of:
· What kind of environments will you be driving in?
· How many passengers?
· Will you be carrying a lot of cargo?
· Do you have a long commute and have a need for fuel-efficiency?
· What safety features are important to you?
2. Stick to a Budget
Financing and leasing options are extremely important to think about and study before making a decision. You’ll have to determine how much you can logically spend each month on your new car – unless you’re paying cash for it. A rule we like to follow is to never spend more than 20% of your monthly pay.
3. Choose Between Leasing and Buying
Leasing and buying both have pros and cons, and it will depend on your current circumstances to determine what would work best for you. Here are some factors about both to take into account before you make your purchase:
Leasing
· Requires little to no money down and offers lower monthly payments.
· When lease ends after a few years, you will have to go through the process again.
· You’ll be able to have a new car with the latest technology more often.
· There are no problems with trade-in issues once the lease is done.
Buying
· There are no mileage penalties – drive as much as you’d like!
· You can freely modify your car.
· You can sell the car whenever you want.
· You’ll be spending less in the long run, especially if you’re looking for a long-term purchase.
4. Consider All Cars in your Price Range
It can be easy to have your heart set on a certain car but in today’s marketplace, new cars seem to be coming out almost daily, and there might be another perfect one for you that you never considered. If you want to come in person to see your options, we can help you check out the latest cars we have and then choose ones to look at based on your specific parameters.
5. Weigh the Costs of Ownership Options
This may be unfamiliar to some people, but some cars may be cheaper to buy, but more expensive to own due to different factors like insurance, depreciation rates, and more. Before buying the first car you’d want, you need to weigh your options to see how the long-term ownership costs would affect your cost of living, which can end up saving you thousands or more if the smartest decision is made.
6. Find Cars for Sale
Thanks to the internet, you can now visit a dealership online or in-person to check out what cars are available. By using a dealer’s website, you can quickly navigate through what they have, and what prices they’re offering. Having this information is extremely valuable when you come in to negotiate what you want also.
7. Set Up a Test-Drive
After finding the right car for you, you’ll want to schedule a test-drive with your local dealership. By doing this ahead of time, you can guarantee the dealer will have your car ready and then you’ll have enough time after to see any other options that are similar to your initial choice.
8. Prepare for the Test-Drive
You need to take the test-drive seriously because it’s a good indicator how the car would function within your daily life. Think about what is involved in an everyday commute for you, and test-drive the car in as similar of an environment as possible (e.g. steep hills, busy highways, etc.)
9. Pick What’s Best
After test-driving the cars, your choice should become clear. If it isn’t, take your time! This is a big investment so only pick what you want when you’re ready. If you have to sleep on it, remember that specifics you have set for yourself and compare each car you drove. More than likely, any of them would be a great option.
10. Time to Lease or Buy
After going through all these steps, you’re ready to head over to your dealer for a new car with the confidence that you did your homework. If you need help with the buying process, CARite is here to help you with financing options and additional bonuses. Contact us today at www.carite.com for personalized guidance towards the next car you’ll love.
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