Although there is nothing more exciting than driving off of a car lot in a brand new car, the process leading up to buying a new car can be overwhelming and stressful. If you are like many other people, just the mere thought of walking down row after row of cars can seem exhausting. The good news is with just a little bit of preplanning, the process of buying a car can become less stressful. Here are a few tips to help you prepare for the process of shopping for a new car.
1. Do Your Homework
One of the most overwhelming things about looking at new cars for sale is the large amount of options to choose from. Before you go to the dealership, go online or review a couple of car magazines to get a general idea of the style you want. For example, do you want a compact, midsize or luxury vehicle? Once you have decided which style is the best suited for you, it will be much easier to limit your browsing, and if you know the make you prefer, it will be even easier.
2. Trade-In Value
If you plan on trading in your current vehicle, it is essential that you know the trade-in value before you go to the dealership. To find the trade-in value, search online for websites that will provide an estimated trade-in value for the make and model of your vehicle. Keep in mind that if you haven't paid off the loan on your current vehicle, you will need to deduct the amount you owe from the current value. When researching the current value, you will need to know general information about the vehicle, including the age, condition, and mileage.
3. Pre-Approved Loan
Getting pre-approved for an auto loan will allow you know exactly how much you can afford and the interest rates may be lower than if you take a dealer loan. In most situations, you can compare interest rates and get pre-approved for a loan. Keep in mind that most automobile loans are for four years, so only agree to a loan payment that you are certain you can afford this amount of time.
4. At the Dealership
Once you have decided on the make and model you want and have been pre-approved for a loan, it's time to visit the dealership. First, be specific about what you want and what you can afford and do not test drive any vehicle that doesn't meet your pre-qualification. Be sure to ask the salesperson about rebates and warranties that apply to the vehicle you are interested in. It is also recommended that you not mention a trade-in until you have negotiated a price for the new car-it may help you get a better deal.
To save money, do not buy unnecessary extras, such as fabric protection or corrosion protection. In most situations, if do want these extras, they are usually less expensive outside of the dealership. One of the most important things to remember is that this will be a big investment and you will be driving it daily, so do not agree to anything that you aren't sure about, do not negotiate monthly payments and do not settle for a trade-in that you aren't happy with. In other words, be prepared to walk away if you aren't comfortable with the negotiations or the options available to you.
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