Buying the first car could be a daunting task if you don’t have the right guidelines to help you get the right decision. Commonly, the process of getting the first car is notorious for being tedious. Moreover, we know that the salesmen are known for their excellent capability to rip you off in every decision. They’ll lead you to what they want you to buy, not what you need to buy. Buying a car is a substantial investment, so you need to know these six things to know before purchasing the first vehicle to make the process as painless and worthwhile as possible. We understand that the make and model of the car you want to choose is all up to your personal decision. Our tips here are telling you the process to get through the right steps without wasting your precious time for the useless thing. All right, let’s check them below:
1. Analyse your finances
We suggest you delay your planning to go to a dealership to get your first car before you know where your finances stand. Reviewing and analyzing your finances are very crucial to know your credit score and whether you are approved for financing, as well. One of the biggest mistakes of car buyer is heading out to a dealership without making sure he is pre-approved for financing and knowing his credit score. If you have a lower credit score, be aware that your interest rates will be higher. For the one with a credit score above 680 will give the lowest interest rates and it is the best situation we expect you to have to get a loan for a new car. While for the one with a score below 680 but above 550 will get him a loan bit he’ll have to pay higher interest rates. If you are one of those people with a credit score below 550, you can get a bad credit loan or skip loads altogether. Or maybe, you just need to save up and pay cash for your first car if you can wait. However, if you need a car immediately, there’s nothing left but the previous options to choose. Finally, the best way to decide what sort of financing you need to get the first car will depend on the history of your finances. Therefore, ensure that you know your credit score and history before you moved forward with buying your wished car.
2. Do some research
Well, again we recommend you to do some research before deciding to buy your first car. Besides researching to find out your credit score to know if you are pre-approved or not, doing some research before buying a car is essential to make yourself well informed. You should find all you need to know about the kind of car that you want to buy, the dealers in your local area and competitive pricing so you can be a well-prepared buyer to negotiate for a fair price. Ostroff says that car buyers should know how much they should be paying for the car even before they leave their house. Don’t forget to print out the result of your research and bring it to the dealership to let the seller knows that you are ready to make an educated decision. With all these preparation, she or he won’t be able to manipulate you. In this case, you won’t need to pay more than what the other buyers pay for the same car. If you plan to choose a used car, it is better to scrutinize its Vehicle History Report. You can obtain for this history online for varying prices which is providing a vehicle’s accident history, where it was manufactured, how many previous owners it has had, and many other data that gives you a more profound sense of the car’s condition.
3. Which one is better: buy or lease a car
There are plenty options to choose to fulfill your necessity of a vehicle. If you think that the number of vehicles to choose from wasn’t enough, you can take one of several other ways of buying the car once you’ve figured out which one you want. Anytime you are ready; you can buy a brand-new car from a dealership, buy a used car from a local dealership, buy a used car from a private seller or lease a vehicle. Based on Ostroff, if you are considering purchasing a new car, you should be able to put 20% down and pay the car off in 48 months. If it is impossible for you to pay the initial 20% down on the new car, you’ll end up in unexpected financial trouble on your load which means you will owe more than the car is worth. If you can’t afford the new car, you can focus on a three-year used car which can be half the cost and have already dropped down the value depreciation curve.
4. Well-informed for discounts and deals
When researching before you buy your first car, don’t forget to gather all information about discounts and deals as well. Look for everything you need to know what sort of deals you can get or kinds of discounts that are right for you. You can follow all the rebates and college graduate promotions from the carmakers. If you don’t urgently need a car, you can try to buy a car when you’re most likely to get the best choice.
No matter how you want to get the car (buying new, buying used, or leasing), remember to take the car for a test-drive. You can ask someone who knows well about the car so you can ask him to hear any weird noises or any unusual thing about the car and take note of everything you got from the test drive. Don’t forget to give a try on its infotainment feature and anything inside the cabin. Take the car on bumpy roads and parking lots, then verify the seats, the steering wheel, seat belt ride on your neck, and much more. It is crucial to ensure that the car you test-drive has everything you plan to buy features, extras, and so on.
6. Learn how to negotiate
Educate yourself about how to negotiate after you’ve found the right car to buy. Get to know what comparable vehicles are selling for that works in your favor. Enter a negotiation with a price that fairs to you and still gives a fair commission to the salesman so that you can confidently stick to that amount. Learn some useful tips to lead you in negotiating to get the perfect price for your first buy.