Smart Buying Tips For New Car Buyers
If you are in the market for a new car, then I have some very good news for you: it is a buyers market. No, let me elaborate on that point: it is a depressed auto industry which makes this an especially attractive buyer's market for the person ready to jump in. Car manufacturers have slashed prices in a bid to hold up production levels and to move iron.
If you're ready to buy, let's take a look at buying tips you'll want to keep in mind before you shop:
Check Your Credit -- Among the impediments in buying a car is not having enough money to put down, unfavorable loan terms and credit history. Before you jump in, you'll want to obtain copies of your credit report to make sure that it accurately reflects your credit history. In addition, obtain your credit score because if it is too low, then you may have difficulty getting a loan. A credit score of 620 may get you a loan, but 700 and above will get you the loan at a good rate.
Compare -- Do your research! Search online to compare models and, if you have narrowed everything down to make, model and trim level then you'll want to compare prices between dealers. Be prepared to contact several dealers in your area who can provide the car that you want. Get their lowest prices and make sure that all incentives are included (cash rebate, financing).
Negotiate -- Even when prices are slashed and cheap financing is offered, you may still be able to get a lower price. Slow selling cars are usually given incentives by manufacturers who are eager to help dealers move product. These incentives are passed directly to dealers with customers often unaware that they are being offered. Use Consumer Reports to help you get the best price on your new car.
Extras -- What will your new car include? I'm not talking about trim levels, rather what sort of warranty, buy back plan or other guarantees come with it? Don't buy an extended warranty unless you plan on keeping your car for a very long time. In most cases they simply aren't worth it.
As always, shop with your head and you'll have the car that is your heart's desire. This buyer's market won't last for ever, so be wise and you could come up with the deal of the century!