5 Things to Consider Before Buying a New Car
Buying a new car is exciting, especially when you find the perfect vehicle, but before you hurry over to the lot, there are some important things to think about. Shopping for a new car is a big deal, and you want to do it right. Car experts are weighing in and sharing their best car purchasing tips.
1. New Car Vs Used Car
A new car to someone else may mean a used vehicle, so determine ahead of time what you want to buy. Some folks are on a strict budget and would prefer a less expensive insurance plan and will buy a used vehicle to save money despite the vehicle usually having higher mileage and the odds that it will need repairs sooner than later.
A brand-new car, however, features the latest in technological and safety factors, fuel efficiency standards as well as full warranty protection and reliability. Also, nothing can beat the beauty of a shiny, new car purchased from your local Chrysler Dodge Jeep Ram dealership, and you can probably find some handsome, cheaper financing deals that make it more attractive to purchase new versus old.
2. The Car That Fits Your Needs
This is also important when choosing a vehicle whether you’re going to be the sole driver or this is going to serve as a family car, etc. Do some research, and determine if you’re better off with four doors instead of two, if the number of seats the vehicle provides is adequate, its size, performance, comfort level, gas mileage features, etc. Even the color of a new car may be a key factor for you.
You have tremendous options in the car makes and models, and there’s information out there in car reviews of just about every model year to help you make a solid decision.
3. Auto Loan Rates Matter
Here’s another aspect of buying a new car that auto experts say to pay attention to. How you finance your next vehicle is essential, and if your credit is in good standing, your bank can assist you in comparing auto loan rates to find a plan that works for you. Take the time to learn the loan process, and look closely at the overall cost of the loan rather than just looking at the monthly payment.
Your personal financial profile will decide the exact loan pricing and terms you will get. Forbes Magazine has some advice on shopping around for the best auto loan rates in 2023.
4. Trading In the Old Car
The Kelley Blue Book has become the gold standard for determining the value of any vehicle, new or used. In fact, this well-respected price guide is often quoted by used car dealers to show customers that the prices of cars on their lots are fair.
You, as a car owner, can also use the Kelley Blue Book if you’re interested in trading in your car at the dealership. Do some homework to find the estimated trade-in value for your car. That way, you’ll be prepared when you go there to negotiate and accept an offer on your current car.
Automotive professionals also have this advice about the Kelley Blue Book. It’s a guide but not the quintessential element for determining a car’s value. Keep in mind that the current market plays a huge role in what car prices will be.
5. To Buy Or Lease A Car
Again, you have excellent options here. If you purchase a new car, you’ll be financing the whole price tag of the vehicle minus any down payment or trade-in. You can also lease the vehicle, which means that you’ll pay the cost for the length of time that you have it.
Leasing your new car may be a great plan for you if you’re a low-mileage driver (between 10,000 and 15,000 miles per year). If you are financially stable and have good credit, then, a leased car is a sound decision.
Congratulations on shopping for a new car. This is truly a major purchase and should be thought of carefully. Consider the wise tips outlined above, and good luck. Enjoy your new ride!