Buying a car for the very first time can seem like a daunting, overwhelming task. Luckily, with the right information and research, you can break down the process into a few straightforward steps. At Sheehy Nissan Mechanicsville, we have created a list of simple tricks and tips on what car to buy, how to buy it, and where to buy it.
10. Establish a realistic budget
This budget is based on what you can afford per month. The ideal is to pay with cash, but finance options and loans are more frequently used. Firstly, examine your cost of living in major areas, such as housing, food, health insurance, etc. Once you have calculated those costs, your remaining budget can be spent on a car payment, fuel, car insurance, and mechanical maintenance.
9. Know what you can spend monthly
A general guideline is that your monthly car payment should not be more than 20% of your take-home pay. Make sure to note that your level of financial debt is different from your monthly commitment. Your other costs-of-living should always be taken into consideration when making your final car budget, be it long-term or monthly payments. It is also very important to know your credit history before beginning this process. Having a personal copy of your credit report can be extremely helpful, and you can buy single reports or package deals from large national credit bureaus, such as Equifax, Experian, and TransUnion.
8. Establish your transportation needs
Given the cost of fuel, insurance and — in many cities — monthly parking, don't buy what you don't need. Do you have a large family or lead a carpool? A minivan, wagon, or SUV may be the right choice for you. Is good gas mileage or four-wheel drive a necessity in your daily life? Focus on what will be useful in the long run. You also should decide if you want to buy a new car or look into used automobile options. Both options have benefits and drawbacks, so it comes down to your transportation needs and your budget.
7. Identify and prioritize your wants
Spend some time considering what your priorities are for your new car. For example, do you want to focus on easy maintenance, advanced safety features, excellent gas mileage, or a good price? Your first automobile purchase doesn’t need to be your be-all/end-all dream car, but it should be a choice that you will be happy with in the future.
6. Do your research
Take advantage of the numerous online resources available to you before buying your new car. If possible, try to find out what the dealer price is and negotiate up from that figure. It is much better to do it that way as opposed to starting with the sticker price and working down. You should read car reviews in magazines and online to gain a better understanding of the car that you are interested in purchasing.
5. Locate a convenient dealership
Once you have done your research, compare dealer locations, prices, and showroom environments. Try to stay away from dealerships where two-thirds of the sales staff are sitting or standing at the front entrance. Rely on your own research and don’t fall for advertising. Remember that competition will get you the best price. Know what other dealers are charging for the same car ahead of time and use that knowledge to your advantage.
4. Ask to see service records and vehicle history reports
This is incredibly important if you are planning to buy a used car. You can access vehicle history reports by the vehicle identification number (VIN) and even by the license plate. These reports can reveal whether it has a salvage title, which means it has been declared a total loss by the insurance company, or if the odometer has been rolled back. Before you buy a used car, have it inspected by a trusted mechanic or request a mobile inspection.
3. Take a test drive
Nothing is more important in your decision process than how you feel behind the wheel. Test-driving a car not only tells you if this is the right car for you but also if this particular car is in good condition, especially when taking used cars into consideration. Take at least half an hour, and try stop-and-go routes, freeway merging, and interstate speeds. Simulate the conditions of your normal driving patterns and pay attention to how well the car meets your daily driving requirements.
2. Know your finances before buying a car
Have your own financing and loan approvals ready before you go into a dealership to purchase a new car. Talk with your credit union, bank or insurance provider (many have the capability and desire to finance your car purchase), and line up your financing in advance. Know your credit history and remember that it is illegal for anyone to run a credit check on you without your permission.
1. Negotiate and secure the deal
Make a low opening offer that is close to the dealer price and work your way up from there. Decide ahead of time how high you will negotiate, and leave when you have reached your limit. Choose a dealer that doesn't try to tack on unnecessary additional fees. For example, a car that needs to be ordered from the factory should not cost more than the cars in the lot. Leave the dealership if you get hungry or tired. You can always come back another day, and it is important that you are thinking clearly and rationally while negotiating and purchasing a car. Lastly, close the deal and enjoy your first car!
At Sheehy Nissan Mechanicsville, we take pride in delivering an exceptional car-buying experience whether you're purchasing your first or fifth vehicle. Contact us to learn more about how easy car-buying can be.
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