You’re lucky when you’ve got a brand new car. But you don’t have one right now, do you? If you are in the decision of purchasing a new precious vehicle, you should be guided properly to avoid regrets. So here are 7 things you should know when buying a new car.
- Wise Negotiation. The opening of your bid when buying a new car must base on two things – what you believe is the worth of the car and what you can pay for. To some people, offering a low bid is a good idea. You can cross-compare with different cars of your friends with the amount of money you realistically afford. You can ask for the help of car brokers to guide your decision making.
- Will you buy a car without checking below the hood? Obviously, the answer is NO. If you find it hard doing alone, you can hire a car inspector. No matter how reasonable or expensive it may cost when hiring one, you will end up saving lots of money. The sole responsibility of a car inspector is to provide you all the details so that you can make decisions whether to buy the car or proceed to another choice. It’s the only way to get unbiased go-between opinion.
- Control your Feelings. Bear in mind that you are buying new car and not dating it! When you buy one that is based only on emotions, it will only break your heart and end up making fairly bad financial decisions. Going with emotions is being fanatical with the style or color. It is an investment that you will make, so be wise and stay calm.
- Compare Sales. To estimate a car value, know how many cars were sold in the area for the past 6 months that has similar features. But make sure that it’s truly comparable. Don’t compare the original auto value to a secondhand one. Making car prices comparison will guide you and help you figure out the best price.
- Consider slightly-used car sellers and know their situations. Look for possible car sellers. After that, research and find out valuable information about the seller that can be helpful in the bidding process. Find out why the seller put the car on the market, the amount of equity seller has on it, and the length of time the car has been on sale. If it’s already in the market for quite some time, and the seller by this time has bought another car, then probably you can have lower price bid.
- Ask the opinion of your agent. Experienced agent is capable of giving good advice regarding a rational offer. If possible, work with car buyer’s agent. Buyer’s agent usually spends additional time studying price negotiation and acquires terms that are favorable on your part.
- Beware of contingencies. After you have successfully made the deal, know first the contingencies included before you settle down and purchase the car. Contingencies are conditions that needed to be met before making a final deal. Say for instance, an inspection is a necessity to assure and guarantee yourself that the vehicle is in good form. Also, never forget about vehicle warranty.
Buying a car is best done when you follow the suggestions above!