New cars in this day and age tend to have much better safety features and they also come with way more tech gizmos as well. That being said, a lot of people make mistakes when they buy a new car. They go into too much debt and they also struggle to come out of the other side better off. If you want to find out more then carry on reading.
Get Preapproved
The best advice you can get is to get a preapproved loan before you go to the dealership. If you have a preapproved loan from your bank or your credit union then this will help you out far more than you realise. You may even find that you are able to save money on the deal you are getting from your dealer and that you are able to pay down your car faster too. Another bonus of doing this is that the salesperson won’t be able to talk you into taking out extra features on the car you have chosen because your loan will be pre-approved and you won’t be able to go over this amount. If you aren’t sure if you need a new car then remember that you can easily source diesel truck parts online if you need to get your existing car repaired.
Keep it Simple
If you are purchasing a car at a dealership then you have to make sure that you focus on a single thing at a time. Don’t tell the salesperson too much, remember that you’re playing a game. If you’re playing poker, you don’t show everyone that you have a pair of queens, do you? At the dealership, you need to start out with the price of the vehicle you plan to buy. The dealership will want to know if you plan on trading in your existing car. If you can, don’t tell them this. You are going up against pros so the more you can keep things in your favour, the better. You need to negotiate the best deal possible and then offer to trade in your car. If you do this, then you may find that you are able to come out with even more money knocked off your purchase, so keep that in mind.
Don’t Buy Add-Ons
If you have bought a car then you will probably know how this works. You have probably been at the dealership for a number of hours and you’re probably tired by the end of it. Your dealer will probably offer you a ton of extras at the end, whether it is an extended warranty, paint protection plan, tyre protection plan or even gap insurance. Dealers tend to make a small fortune on this kind of stuff, and usually it will be very overpriced. Most people have no idea how to get a fair price here, so you need to say no to all of it. If you do, then you will probably come to the conclusion you don’t need it anyway.
Beware of Seven Year Car Loans
A third of loans that are given out tend to be over 7 years. This is a very dangerous trend because you will be paying way more interest and you may also find that it is harder to pay everything down.
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