How to Get the Best Deal on a New Car
The new car smell is intoxicating. The chrome trim, flawless paint job, and leather seats are enough to make you want to drive off in a new car the moment you walk onto a dealer’s lot.
But wait. Before you sign on the dotted line and jump into the newest shiny car that caught your eye, make sure you’re not making any of these common car buying mistakes and that you get the best deal possible. Remember, you’ll likely be with this vehicle for several years. That’s a long time to spend with something you hate.
Do Your Research First
Spontaneous car shopping rarely ends well. You might buy a model you hate. Your payments could be too high. You may pick a lemon and not even know it. Do your research before you hit the car lots. Take a look at reviews. Check the estimated value, if you’re looking at used vehicles. Shop around. Make sure you know what you can afford before you sit down to talk about financing.
Take the Test Drive
Hate the bumpy ride? Think it’s too noisy when you get up to 65 miles per hour? Finding out after you drive away from the lot may be too late. Always test drive a vehicle. You may not like how it handles, how it feels, or just how the heater or air conditioner blow. When you’re on a lot with potentially hundreds of other vehicles, there’s always another one to drive.
Remember to Negotiate
Just because the salesperson offers you a price lower than the sticker doesn’t mean you don’t have room to negotiate. This is where research comes in handy. When you know what the typical price is for a vehicle, you have the information you need to help you get the best price. Don’t forget to include the monthly payment in your negotiations. Focusing on that amount could mean you’re paying higher interest rates over a longer period of time, too.
Choose the Car You Need
The car you want isn’t always the car you need. Sure, room for seven is great, but do you really need that much space? Is a bigger vehicle what you can actually afford? Likewise, if you plan to keep your car for several years, is the economy two door coupe going to be a good fit when your little ones are bigger? Think about your family, your budget, and your life as it is now and in the future when choosing a vehicle.
Get the Right Insurance
When you’re ready to buy a new car, and you’ve done your research, don’t forget about your Massachusetts auto insurance. You may also need gap insurance if you buy new and don’t pay a big down payment. Your first-choice vehicle may cause your premiums to jump more than you’re comfortable with. Knowing this before you buy will save you money and headaches later. Without this information, you may have to lower your insurance coverage in order to afford your premiums. That sounds good now but wait until you get into an accident and don’t have enough coverage. That’s when your problems really begin.
Buying a new (or new to you) vehicle is a big investment. Make the best choice for you and your family and avoid paying too much money and getting very little in return.
If you’re in the market for a new vehicle, contact us and let’s discuss how a new vehicle will affect your auto insurance premiums and coverage.