Smarter Car Buyers

Personal Finance

Car buying is usually the first major purchase made when we are young adults. Some of us get lucky and have one handed over on our sixteenth birthday, but for the rest of us it involves a tremendous amount of hard work, savings, and exhaustive searching and test driving before we can finally lay back and relax… in the middle of rush our traffic.

There are a few places that people commonly go wrong in the car buying process. The first is not getting the car they need, but rather the one that they want. This give you the feel good feeling for a while, but when the new wears off, you are left with a car that doesn’t serve your needs. For example, if you carry band instruments, or rowdy football players, you don’t want a compact car. However, if you get an SUV and don’t truly need it, you’ll be wishing you made a wiser choice every time you are filling up at the gas station.

The second biggest mistake made by buyers is that we think we have to purchase a brand new car. While having a new car and being the first owner is quite exciting, driving off the lot and feeling your car depreciate as much as thirty percent immediately isn’t such a great feeling. By jumping over to the pre owned lot you can get a car that is as little as six months to a year older. It is basically the same car, in just a good condition, and boasts a much more feasible price tag. There is usually factory warranty still left on the vehicle, and almost all brand dealerships will offer an extended warranty.

Lastly, and this can be tied into the two mistakes above, do your research. With the availability of the internet now, there is no reason that you shouldn’t know as much if not more than the car salesmen breathing down your neck. You should have information on crash test ratings, highway verses stop and go miles per gallon, and engine specs. You should also know how the car you are considering stands up to other cars in its class. What features come with what brand? What brand is the highest recommended? Which brand gives you the most bang for it’s buck. Also you will want to research lemons. What brand has produced the most lemons? Finally know what the ideal price should be. There are several places online that you can find pricing information. You would be amazed how often you can walk onto a car lot and see a price shoe polished on a car that would make you bust out laughing.

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