How to Buy a New Car

Before you visit a show room determine the monthly payment you can afford and what down payment is possible. Research vehicles in your budget range online, or in books available in book stores or the library. Narrow it down to two or three models.

Be flexible, don’t hold out for a particular color. Consider your option package carefully. Do you need every option offered? Also consider the trade in value, the yearly upkeep, and insurance premium. Remember some model’s insurance premiums are more expensive than others.

Check out all the safety features, such as air bags and anti lock brakes.

You may be able to trade your old car in but don’t discuss a trade in with the sales person until you have negotiated the price of the new car. Dealers run up the price if they know you are trading in a car. Know the price of the car you are trading in before making a deal. Check a used car guide to know the worth of your old car. Remember you are likely to get more for your old car by selling it on your own.

Go to several dealers and get written quotes. Never put down a deposit to get a quote. Test every model you are interested in. Check out different transmissions, option packages and other features. Find out the demand for the car you are interested in. Popular models are not discounted readily.

Try to buy at the end of the year when dealers want to move models out fast for new models coming in. These cars often have a good discount. Look for rebates and incentives. Try to get the rebate up front as a down payment.

Every new car must list information on a window sticker removed only by the buyer. The official name of the mandatory sticker is a “Monroney sticker” It must provide all the manufacturer information. Beware of any other stickers. Dealer added stickers include extra accessories and other charges that are usually unnecessary. Challenge each cost on the dealer sticker.

Let dealers know you are comparison shopping for the best deal and you will try another dealer or another car for the best price.. The rule of thumb is pay no more than 2% above invoice of car. You may pay for the car through either dealer financing, private loan from bank or a savings and loan institution. Shop around to compare annual percentage rates, down payments and monthly payments.

For trade ins, rebates,and incentives, cash these in after you have agreed on a firm price with the dealer, otherwise, the dealer may inflate the price during negotiations.

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