It doesn’t matter if this is your first or fifth car-shopping experience: you’re going to spend a considerable amount of money, and it’s unwise to start the process unprepared. Here are three things you need to know before buying your first car — or three things you should know better before buying again.
1. Know What You Can Afford
After you come up with a purchase price that fits your budget, there’s still some work you need to do on the front end. First, if you need a loan, you would be wise to either secure pre-approved financing, or confirm your credit status before you walk into a dealership and fall in love with a vehicle. Remember to factor in the interest rate into the sale price; both numbers will determine your total monthly payment.
2. Know What Vehicle You Want
It can be helpful to write down all the ways you plan to use your car, and use it to decide if you need a small, fuel-efficient vehicle for commuting or a crew-cab pickup truck for hauling kids and sports equipment. Next, determine if you’ll find a better value in a new or used car. Don’t forget that your vehicle’s type and age will also have an impact on how much you’ll pay for fuel and auto insurance Newark DE.
3. Know When To Walk Away
The most valuable tools you have when sitting down to negotiate are often patience and knowing when to walk away from the deal. Haggling over a car from a dealership or a private owner boils down to one truth: Aside from a few particular circumstances, you do not have to buy the vehicle at the price the seller offers unless you choose to.
Negotiating successfully involves knowing what you want, how much you’re willing to spend and how to stick to your decisions. The only action left after that is getting in your new car and driving away.