Buy a car like you'd buy a home
You wouldn’t buy a house without doing research, shopping around and ensuring you’re getting a fair price. It should be the same when you’re buying a new car.
Do some homework. For a home, you might research neighborhoods, schools and proximity to work. While you may think you know what car you want, it’s a good idea to look at a variety of models, and their features, price, safety and reliability.
Compare dealers. Once you decide on a model, visit several dealers to compare what they’re offering. Buying a car from their inventory—while it may not be exactly what you want—might bring a better price than if you ordered one.
Take it for a spin. Do a test drive so you know its features and quirks. Still not sure? Sometimes, a rental company might have the model you’re looking for. Renting one may help you make up your mind.
Be mindful of add-ons. They can increase the car price significantly. Be sure to review what’s included with the price and know what you’re willing to pay for.
Negotiate for the best deal. As with a home, negotiation is expected when you’re buying a car and it can save you 10-20 percent. This is usually the difference between the manufacturer’s suggested retail price and the invoice price. Also review the warranty; be sure you understand what it covers and for how long, as well as what kind of maintenance is required to keep the warranty active.
Know what your existing car is worth. One of the decisions you’ll face is whether to trade in your current car or sell it yourself. Seek out multiple financing options. Compare what the dealer is offering with what’s available from financial institutions.
Take your time. A car is often the second biggest purchase a consumer will make after a home. If you’re not ready to make a decision while at the dealership, ask for a copy of the offer and take it with you to mull over.
Contact us for all of your insurance needs!
Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at chris@rhobbsinsurance.com. We want to help you meet your goals, and make sure what's important to you is protected!
Content source: Kemper