Buying a new car doesn’t have to be hard

In part one of this article about buying a car affordably, we pointed out the importance of checking your credit report ahead of time and doing research on financing. In part two, we will discuss additional things you should know before buying a car in order to get the best deal.

More below.

A new car or truck purchase should be done after the research

Everyone loves that new car smell, but getting that car and smell into your driveway can often be a pain. Salesmen are trained to obfuscate and it’s hard to get a straight answer about anything, least of all the price. The smart shopper will do some research, online and elsewhere, in order to be as well informed as possible when it comes time to make that purchase. Here we will continue our list of things you should do ahead of time.

Here are some more things to check ahead of time:

Dealer incentives - Manufacturers often offer incentives to dealers to clear out old or slow moving inventory. These incentives might come in the form of extra options, cash back or a low interest rate loan. It will pay to find out ahead of time if any such incentives apply to the vehicle you wish to purchase. Interest rate incentives have been known to go as low as 0%; it’s impossible to equal that rate elsewhere. Be aware that when such low rates are offered, they are generally offered only to people with outstanding credit, so knowing your credit score and keeping your credit in good order are important. A cash back deal could apply to your down payment or finance some extras that you otherwise might not have elected to purchase.

Check the cost of the vehicle - There are a number of sources for determining the best price of the vehicle you wish to buy. Edmunds has extensive pricing information on their site, and Consumer Reports will sell you the information you need at an affordable price. Other companies, such as the insurance company USAA or Costco have car buying programs for their members that can save quite a bit of money. Should you decide to negotiate the old fashioned way, it is essential that you have some idea of what the dealer invoice will say. By checking with some of these companies above, as well as others, you can be in a better position to strike a bargain.

Extras - Do you need to buy an extended warranty? Undercoating? Towing packages? Some vehicles come with fabulous warranties; others are not so generous. A bit of research to discover what sort of warranty options are available to you would be a good idea. As a rule, dealers will try to pad the sales price with just about anything they can think of, so the more you know about what to expect from them, the better.

Buying a car is just like buying anything else. The more you know, the better the decision you can make about your purchase. Doing a bit of homework about car pricing, financing and dealer incentives can put you in the driver’s seat when it comes time to negotiate the best deal when buying a new car, truck or van.

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