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Buying a New Car? 5 Keys to Getting the Best Deal on Your New Car

Buying a new car can be both exciting and anxiety-producing. Everyone wants to ensure that they are getting a good deal when they shop for their new wheels, yet few people understand how making the right choices can save thousands of dollars. By following a few tips, you can ensure that you will get the best deal on your new car.

Know Your Credit Score

The majority of people need financing in order to afford a new car. If you are applying for financing, the lender will check your credit. The three-digit score will present an overall picture of your finances, and will make all of the difference in how much you will ultimately pay for your car. The lender will use this score to determine how much interest you will pay on your loan. It is also helpful to check your own credit score in advance to get a picture of exactly how much you can afford to spend on your bran new car.

Get the Shortest Loan You Can Afford

One of the new trends in new car buying is long loan terms that stretch out payments for six years or longer. While these loans may make an expensive car seem more affordable, they also mean that you will pay more in interest over the life of the loan. Financial experts recommend that you keep auto loans to 24 months or less.

Cars depreciate in value, and they will be worth less each year while your payments remain the same. You will be making the same monthly payments when the car is seven years old as the day you drove it off the showroom floor. Find a car that is within your budget and pay it off as soon as possible.

Pay Attention to Price, Not Payments

Some dealers will sell you on the cost of the payments of the car, rather than the overall price. This can be dangerous, because dealers can stretch payments out over a number of months, making the car seem more affordable. Understand upfront exactly how much you can afford to pay for the car and don't go over that amount. Car dealerships can often tack on additional costs and hide them by simply rolling them in to the monthly payments. Make sure you are buying within your price range.

Know Your Car's Worth

If you are trading in an old car, know the value of your trade-in. Your trade-in will have an impact on how much you pay for your new car, so it is wise to check several publications to make sure you get the right amount of money for your trade. Car history reports like Instavin make it easy for you to see how your car measures up.

Don't be Swayed by Emotion

There is little difference, fundamentally, between the cheapest new car and a more expensive one. Dealers will often sell cars based on emotion. They will tell you that you deserve a more expensive car or that you will look great and attract members of the opposite sex if you buy a higher end car. They will encourage you to buy now to get a good deal, and tell you that the car you want may not be in stock for long. Don't let these tactics sway you. Stick to your budget and understand that a car is simply a vehicle. Take a few days to think over your decision before you sign on the dotted line.

When it comes to getting the best deal for your new car, it pays to plan in advance and stick to your budget.

Article written by Lizzie Weakley.

Written on Thursday, June 11, 2015 by
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