If you are buying your first vehicle, there are some things that really help make the purchasing process go more smoothly. One of the biggest ones is to do all of the research you can online before you enter the dealership. There are quite a number of things you can find out before you get to a dealership.
1. Narrow Down the Type of Vehicle You Need
If you are purchasing your first vehicle, you need to determine its type before anything else.
You need to determine the vehicle that would fulfill your transportation needs on a regular basis:
- Number of passengers
- Hauling or towing needs
- Cargo amounts and space required
- Gasoline economy required
- Front- or all-wheel drive
- Gasoline or electric
If you rarely haul or tow anything, for example, a truck may not be for you.
2. Research on Car and Driver, Edmunds, Etc.
You will want to pour over reviews of a variety of vehicles in the chosen vehicle type on Car and Driver, Edmunds, and other websites that research and test new vehicles. If a used car works best for your budget, you will be able to see reviews of prior-year models on those websites as well. The goal here is to narrow down your choices and your number of test drives as well.
3. Examine Your Budget
Now that you know what you need, you have to take into account what you can afford. You need to determine what down payment the dealership is looking for. Leasing can drop the monthly payment considerably, but you won’t own the vehicle at the end of the leasing period. Then you will have to return the keys and lease another vehicle or purchase the leased vehicle. Experts recommend spending no more than 10 percent of your monthly budget on a car payment. Also, it is best to shy away from extending the loan payment for too many years. It is harder to pay for repairs and car payments simultaneously. With a budget figure nailed down, you will know if you are able to afford a new or a used vehicle.
4. Decide Upon the Trim Model of the Vehicle
Even when you have a make and model of the vehicle chosen, you still need to decide which trim model works best for you. You certainly can take into account the suggestions from the online companies that review and test the vehicles. You will have to factor in the costs versus benefits of each trim model.
5. Go on the Dealership’s Website and Pre-Qualify for Financing
Before you walk into the dealership’s door, it is best to pre-qualify online on their website for financing. Go to a credit union and check out their automobile loan terms and rates. It is also a good idea to see if the dealership is offering any current deals on leasing or if any purchase offers are available. Take advantage of any savings you can. You will want to see if you qualify for financing in the first place. You also need to determine your monthly payment and the length of the loan’s term. A big tip is that the end of the year is really a good time to purchase a new car. The dealerships are trying to get out the current year’s models and take delivery of the newer models.
6. Take the Test Drive
It does not matter how shiny and great the vehicle of your dreams seems, take a test drive. You may find out that it just does not work for you. That is okay. You just saved yourself getting stuck with a vehicle for the next few years that you do not really like.
7. Carefully Compare Purchasing/Leasing Paperwork to Your Online Research
Make sure you are signing up for the vehicle and payments you researched online. Check for fees that were not made transparent. Ask questions and insist upon what you were quoted online.
8. Feel Free to Take Cooling-Off Time
The day you go to the dealership, you do not have to purchase any vehicle at all. Take your time. If you don’t feel totally right about the purchase, take your time in the dealership to think it through. Ask all of the questions you need to satisfy yourself you are doing the right thing. If you still don’t totally feel comfortable, go home and give yourself time to sit with your feelings. A vehicle purchase is one that will stay with you for a few years. It is a major decision in your life. Wait until you feel totally comfortable before you sign on the dotted line. Maybe you will need to revisit some of the steps here to keep looking for the right vehicle for you.
Taking the time to find the vehicle that is right for your needs and budget takes a bit of time. The reward is a vehicle that works within your budget and lifestyle.
