Some Advice
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I do believe no matter how much you prepare, you will always have a horror story to tell about some dealership you visit. You can only do your best! So here is some advice to avoid the worst of the horror stories.
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| Step 1: Research |
The first step in you new car buying experience should be RESEARCH! I can not emphasize this enough. You should start by making a list of the features that you desire in a car. Here is my list:
- Stick shift
- Engine with some power!
- Good MPG (20-23 city, 28-30 highway)
- Front Wheel drive at the very least.
- Sporty and Unique Look
- Sunroof
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- Cruise Control
- Power Windows, Locks, and Mirrors
- Fog Lights
- CD Player
- Heated Seats
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Now, find all the cars that meet most of your criteria (it doesnt have to be all!). Be sure to note the MSRP for each car. Do not rule anything out at this point!
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| Step 2: Financing |
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The next step is to go online and get your credit report. You absolutely must know everything that is in that report. After all, the car dealership will know everything.. so should you! Be sure to check for any errors or problems, and try to get those fixed before you apply for car loans.
This brings me to the next very critical step. Before you place your foot on a car lot, secure your financing. Be sure to get the best deal possible before heading to the dealership. You want to have as many options in your hand for bargaining power. It is true that you will most likely get a better deal through some special at the dealership, but often times dealers will try to make up profits by padding your interest rate or what not.
Now that you have your loan for some maximum amount, its time to figure out what you can really afford. Do the math! If you can only spend $300 a month and only have $3,000 for the down payment.. then you can't buy a 30,000 dollar car!! This does not mean you won't get the car of your dreams, but do the math and figure it out.
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| Step 3: Narrowing Down the List |
With your list in hand, mark all the cars you can definitely afford. With the remaining cars, decide if you are willing to purchase a car with a few miles on it. These are cars that sales managers drive, or were leased, etc. They are typically in really good shape and have already lost that $3,000 that all news cars lose as soon as they are licensed and tagged. If you are willing to buy one of these cars, I would not buy anything over 25,000 miles, but you should figure out your limit. So for those cars not marked on your list, you can mark the ones that you can afford if they dropped $3,000 in price, plus the drop in price for mileage (30 cents a mile). Now, It is time to go test drive some cars!!!!!
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| Step 4: The Test Drive |
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When test driving cars, you should try it in town and on the freeway. You should take note of how it accelerates, shifts, stops, and rides. Be sure to drive up a hill (if you have any!). While driving, do not drive with the radio on. You want it off to listen for all road noise or other random noises the car makes.
Once you have driven the car, I would suggest checking out all the other features. Turn on the radio and test it out. Locate the cup holders. Try sitting in the passenger or back seats to see how much room there is. Locate the trunk and hood release (some are in odd places, others don't have them). See if you can fold down the back seats (my car can't). Also try rolling down all the windows. Are there safety windows in the back seat? Plus many other things. Don't take anything the salesman says as truth. Verify it for yourself.
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| Step 5: Sleep on It |
Never.. NEVER buy a car the same day that you test drive it.
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| Step 6: Purchasing the Car |
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Congratulations! So you know what car you want to buy. So now.. go get it!
But this is where you have to be extra careful. You know how much you are willing to pay for the car, and you have your financing in line. You have to be willing to walk away! If not, then you might as well pay what they are asking for. So tell them your price, lay it out on the line, and see if they bite. If not, there are always more dealerships and more cars.
Good luck and also check out this advice.
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