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Purchasing a vehicle pt and More important tips 

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Purchasing a vehicle pt and More important tips 

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Do Your Research. ...
Look into Pre-financing Options. ...
Shop Around. ...
Negotiate Terms. ...
Look at Both New and Used Cars. ...
Buy Based on Purchase Price, Not on Monthly Payments. ...
Utilize the Internet. ...
Don't Mention Your Trade-In.
Factor in car Insurance costs
Avoid impulse buying
Don't purchase the add ons
Don't buy the extended warranty
Always test drive the car
Visit mechanic when buying used car
Buy a car you can afford

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I loathe the process of having to buy a new car. Dealing with pushy, overbearing car salesmen can be extremely frustrating. As a result, I do whatever I can to avoid buying a car. I perform all recommended DIY car maintenance checks, I keep my vehicle for as long as I can, and I consolidate my trips both to save on gas and decrease wear and tear on my car.

However, buying a car at some point in time is a reality that we all have to face. I've compiled a list of several important car buying steps that you should follow. Heeding the advice in this article will help you save money, get the best deal, and hopefully, reduce the amount of stress involved with purchasing a vehicle.

Important Tips for Buying a Car

1. Do Your Research

The most important thing to know before you buy a car is that knowledge is power. It's a mistake to arrive at a car lot without first researching the car you want to buy. You can find out just about anything you want to know about a car online. Auto Trader, Consumer Reports, Kelley Blue Book, and the Yahoo! Autos section are great places to start researching cars in your price range.

Also, if you are considering buying a new car, your goal is to find the "invoice" price of the car, not the MSRP. The "invoice" price is what the dealer paid the manufacturer for the car. This research will come in handy once the price negotiations begin.

On the other hand, if you are thinking about buying a used car, research the recent resale prices for that specific car model. This data will give you major bargaining power. If you plan to trade in your current car, research market values for your vehicle, too. Knowing the value of your trade-in can also be a powerful bargaining tool.

2. Look into Pre-financing Options

Many people obtain financing from the car dealership, but this isn't fiscally responsible. Dealership interest rates are typically much higher than loan rates obtained from banks and credit unions. Your bank or credit union is one of the best places to start researching car loan rates, and you can obtain "relationship discounts" that you won't find anywhere else.

Although you may not find the best deals online, you can also use the Internet to review current interest rates. Websites like MoneyAisle can provide up to date information when you need to research car loans. Finally, once you obtain a quote from any financial institution, get the quote in writing. You can then present this quote to the dealership and use it as leverage to negotiate a lower interest rate.

3. Shop Around

Unless there is an emergency situation, shop around before you buy a car. I have an established rule in place whenever I shop for a car: I always make sure that I walk out of at least one dealership. This way, I always know their rock-bottom price, often given to me just before I leave. It might also make sense to explore out-of-town car dealerships. Dealerships price their vehicles differently depending upon their location.

4. Negotiate Terms

To me, buying a car is either a chess match, or it's a war. Next to buying a house, purchasing a new car is one of the most important investments you will make in life. In fact, you may be paying off this car for the next four, five, or six years.

Let the salespeople know up front that you're not going to be taken for a ride. Do everything you can do to negotiate the car loan and knock the purchase price down. Start with a ridiculous number, and work backwards. If the salesperson gives you an offer that includes a monthly payment of a certain amount based on a 60-month loan, tell them you want the same payment with a 48-month loan.

Walk into the dealership with confidence, stick to your guns, and don't feel bad about walking away from any offers. It might also be helpful to practice your negotiation strategies and tactics to prepare.

5. Look at Both New and Used Cars

In the past, buying a gently used car was the best way to save money when purchasing a vehicle. A big reason behind this logic is that new cars depreciate considerably the moment they are taken home from the dealership.

Unfortunately, the supply of used cars has decreased dramatically after many were removed as part of the "Cash for Clunkers" program. In addition, more people are holding onto their cars for longer periods of time before looking for a replacement. As a result, prices for used cars have increased significantly, making new cars a more realistic option.

Ultimately, make sure to go into the buying process with an open mind, considering both new and used cars and running the numbers before making your final decision.

6. Buy Based on Purchase Price, Not on Monthly Payments

Car dealers are notorious for offering a very attractive monthly payment to potential buyers. Do not be misled. If this "wonderful" payment is attached to a 72-month loan, then it's really not that attractive at all.

Be sure to always negotiate based on the purchase price of the car, and not the monthly payment. Also make sure that you know the "full" purchase price of any car that you buy. There could be many extra, hidden costs factored into the price including various taxes, car preparation and delivery fees, and dealership costs that you won't know about unless you ask.

7. Utilize the Internet

Purchasing a car online is definitely an option to consider. First, you completely avoid the hassle of dealing with annoying car salesmen. And second, you could end up with a much better price. Consider this: A salesman on the showroom floor is trying to negotiate the highest price possible, since his commissions are based on a percentage of the sale price. On the other hand, an Internet sales manager typically makes a fixed salary and gets paid a bonus, based on volume.

Additionally, purchasing a car online is more convenient than visiting multiple dealerships. After all, many large dealerships put up their cars for sale online. eBay Motors is a great place to look for a car, and you can also find cars for sale on Craigslist (just be careful of common Craigslist scams).

If you do decide to buy a car online, you'll still want to test drive the car and have it checked by a mechanic to make sure there are no issues or problems.

8. Don't Mention Your Trade-In

You should play your cards close to you in all aspects of the car-buying process, especially when it comes to mentioning your trade-in. Do not mention your trade-in until the end of the buying process. Why? The dealer will likely use this information against you.

For example, let's say you're looking at a $22,000 car and the dealer's rock-bottom price for the car you're considering is $18,000 (although he won't share this information with you). If you have a trade-in worth $2,000, the dealer might offer to give you the car for $20,000 plus the additional $2,000 for the trade-in, for a total purchase price of $18,000.

If you hadn't mentioned your trade-in, you could have negotiated the price down to $18,000 and then told the dealer about the trade-in, resulting in a final purchase price of $16,000. Negotiate these two aspects of the car-buying process separately. First, negotiate the best possible deal you can get for the car you want to buy, then go to work on getting the most for your trade-in.

9. Factor in Insurance Costs

Factor costs for car insurance premiums into the purchase price of your car. The cost of insuring a car is a major factor in the overall cost of the vehicle. Get insurance premium quotes online by providing information about the car's make and model and personal information including age, marital status, and driving record.

Sports cars have higher premiums than conventional cars, but some cars have higher insurance rates for other reasons as well. For example, the Honda Accord, Honda Civic, and the Toyota Camry are favorites among car thieves because of their higher resale values, and the insurance premiums for these cars can thus be more expensive.

10. Avoid Impulse Buying

Prevent impulse buying by conducting extensive research before you buy a vehicle. Buying a car on a whim is a risky endeavor. You might realize after it's too late that you can't afford the car, or you may find that the performance of the car just doesn't meet your expectations.

By researching the make, model, and style of the car, and reviewing insurance rates and financing, you should be able to put yourself in a car that you will enjoy for many years to come.

11. Don't Purchase the Add-ons

Buying a new car is a major purchase, and you may be paying it off over the next several years. If you finance the car, the overall costs for accessories will skyrocket, so keep the add-ons to a minimum. You don't really need heated seats, and you can buy a portable GPS navigation unit online for much less than expensive built-in systems.

Rust-proofing is another add-on you don't need despite what the salesperson might tell you. VIN etching, a rear camera, and a dealership maintenance plan are more add-ons that you don't really need.

12. Don't Buy the Extended Warranty

The extended car warranties offered by dealerships are expensive, and, even worse, the coverage is often very limited and doesn't cover the costs of many types of mechanical failure in new or used cars.

If you're buying a new car, the car should come with a manufacturer's warranty that provides ample coverage for your vehicle. If you're looking at a used car, keep in mind that many of them will still have valid manufacturer's warranties.

You especially want to avoid the extended warranty if it will be financed as part of your car loan. Why? The total cost of the warranty, including interest, will be exorbitant. Your best option is to simply deposit that money in a savings account that's earmarked for potential vehicle repairs and maintenance.

13. Always Test Drive the Car

90% of people who buy a new car test drive it first. Do not be among the other 10%. You want to test drive the car for many reasons, but comfort should be foremost in your mind. There are some cars that you just won't feel comfortable driving. If this is the case, move on.

If you have children, bring them along on the test drive. Their comfort level is important too, and trust me, they will give you their honest assessment of the car. In addition to comfort, look for the following:

Idle: The car should be smooth and quiet.

View: Make sure the view from each of the mirrors is acceptable, and you have a straight line view of all dashboard gauges.

Controls: Flip on the air, locate the turn signals, and turn on the windshield wipers. Ensure that everything is easy to use. Some people find that their fingers are too big to handle certain switches, buttons, or levers in some cars.

Handling and Brakes: Make sure the car responds when you push the accelerator or brakes. Cars vary significantly in terms of sensitivity, and you want to choose a car that best fits your preferences.

14. Visit the Mechanic When Buying Used

If you're planning to buy a used vehicle, it's important to have the car thoroughly checked out by a mechanic before you finalize the purchase. The mechanic will inspect the car and look for unusual signs of wear and tear as well as items of potential concern.

Mechanical problems or maintenance issues that the mechanic finds may determine whether or not you buy the car, and the mechanic's report may provide you with the necessary leverage to negotiate a lower purchase price.

15. Buy a Car You Can Afford

If you are considering buying another car before your current vehicle is paid off, you need to seriously reassess whether or not you can really afford to buy another car. You don't want to be saddled with an upside down car loan.

A much better option is to wait until your current vehicle is paid off. Then set aside the money that used to pay for your monthly car payment in an interest-bearing account for one year, while continuing to drive your old car.

Fore example, if your previous car payment was $300 a month and you follow this strategy for just one year, you will then have more than $3,600 to use as a down payment on your next car. Just make sure that you're not digging into your savings or your emergency fund to buy a top-of-the-line car. Buy within your means.

Final Word

In the end, buying a car is a major purchase, and it's important to research each and every aspect of the process. Educate yourself so you can go into negotiations well-prepared to get the best deal possible on a new or used car. By following the tips outlined in this article, you'll get the best price possible on your next car.

Do you have any other tips for buying a car? What was the process like for your last purchase?

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How to Buy a Car - 15 Essential Tips to Get the Best Deal

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I loathe the process of having to buy a new car. Dealing with pushy, overbearing car salesmen can be extremely frustrating. As a result, I do whatever I can to avoid buying a car.

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Negotiate if possible
Ask for real, factual information
It's okay to say no
Always bring a (smart, level-headed) person with you
A new car loses 60% of its value in 4 years, buy what you can afford, not what's new

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Are you thinking about buying a car this year, but have no idea how to go about it? Buying a car is a big financial decision, and one you shouldn't just rush through over the course of a weekend.

Start your research with these 10 car buying tips to help you find an affordable car that also fits your lifestyle.

1. Figure out your car budget

Let's start with a bit of a reality check: new cars drop in value like a bag of rocks, losing 60% of their value in the first five years! This isn't a smart investment. You really should only consider buying new if you have plenty of money to burn.

With that out of the way, your first step is deciding what you can afford to pay for a car. Leasing a car and going into debt to buy one are both bad ideas, so what you can afford is based on the amount of cash you can pay up front.

If you don't have the funds for a used or certified pre-owned car right away, you'll have to make room in your budget to set money aside each month. Figure out where you can get by on less and how much you can afford to put toward your car fund.

Remember, leasing or financing a car will not help you build wealth. It's much easier to save around $500 a month (the average car payment) for 10 months and buy a used car with no strings attached. Do you really want to sign up for a payment plan and pay thousands of extra dollars for several years?

Still not convinced? Listen to Dave rant about new cars:

2. Narrow down your choices

Once you've decided on a price, start looking at cars that fit your budget. There are plenty of ways to find used cars in your area. Your local dealership likely has a website for you to view the cars they have in stock. And you can check sites like Craigslist to see what other cars are on the market.

Narrow down your options to a few cars that fit your price range and needs. Consider factors such as safety, speed, gas mileage, comfort, and how it handles in bad weather. Just because something is a good fit for your wallet doesn't mean it will work for your lifestyle.

And if a car you love is a little above your budget, go ahead and include it on your list. As a cash buyer, you'll have the power to negotiate a better price.

3. Do your research before buying a car

When you find a car you like, it's time to do some research. Look up the Kelley Blue Book value of the vehicle to make sure the price is fair for that year and model.

You should also check each vehicle's history report. This will tell you the accident history, repair information, potential recalls, and other important information about the car.

Simply request the Vehicle Identification Number (VIN) from the seller and use a website like VehicleHistory.com or Carfax.com to research the car's history.

Some sites charge for the information they provide. And while paid reports are more comprehensive, free reports will alert you to any major red flags. Some car dealerships or private sellers will also provide a report if you ask. Either way, it's worth a check. If you get a good deal but end up in the shop every week for maintenance, you'll spend more money in the long run.

4. Get a car insurance quote

By now, you should have a handful of potential cars that check out history-wise and fit within your budget. But it's not enough to be able to pay for the car- you'll also need to make sure you can pay for the insurance that comes with it.

Talk to your current insurance agent about running a few quotes for the cars you have in mind. If the price is too steep, don't be afraid to consult an independent agent for more options.

Online insurance quote generators can be helpful, but you'll get a better deal by talking to an insurance agent on the phone or in person. You might even be eligible for discounts you didn't know existed!

If you want to save even more money on a car, use an Endorsed Local Provider (ELP) to get the best car insurance for your budget. These indepenedent insurance agents shop around to get the best deal on car insurance that's truly customized to fit your needs. People who use an ELP save an average of $731 a year on insurance premiums.

Find an independent insurance agent today!

5. Take a test drive

Now for the fun part: Take the car for a test drive!

Know exactly what you want before you even step foot in a dealership. And keep an eye out for their upselling tactics! If the dealership doesn't have the car you want but has a budget-breaking similar model with a new sound system and heated seats, it's still not the right car for you.

Once you're ready to get behind the wheel for your test drive, choose a route that allows you to experience different types of driving. The way a car handles on the highway will be different than how it drives in the city. Pay attention to anything that seems odd. Does the car rattle when you go over a bump? Are there any weird noises? These details will help you out in the next step.

6. Get a car inspection

Before you spend a dollar on a used car, take it to a mechanic for a full inspection. Sellers can lie when there's money on the line. While the car might look and feel fine when you take it around the block, you never know what could be going on under the hood.

Don't feel awkward about asking for an inspection. This is a routine part of the car-buying process. If the seller is hesitant or gets upset about your request, they probably have something to hide.

7. Wait for the best time to buy a car

According to Autotrader, the best times to buy a car are at the end of the month, during holiday weekend sales, and at the end of each quarter. So plan for sometime around March, June, September, and December. The United Services Automobile Association (USAA) recommends going later in the day and during the week to get an even better deal.

Dealerships are usually hoping to reach their year-end goals, which motivates them to slash prices and move cars before the end of the year.

During the late summer, a lot of dealerships want to sell as many cars as possible to clear space for newer vehicles. Again, you'll want to go later in the month to ensure you are getting the best price possible.

It may seem like a simple tip for buying a new car, but waiting for the right time to buy a car can save you hundreds, if not thousands of dollars, on the final sales price.

8. Always negotiate

You're at an advantage here for two reasons: You've done your research, and you're paying cash. Give the seller a price you're willing to pay for the car. This price should be lower than what you're actually willing to pay so there's room for you and the seller to meet in the middle.

Negotiation is all about the attitude. You have to act like you're willing to walk away from this car if the seller doesn't come down in price. It's like Dave always says: If a dealer senses for even a second that you really want a certain car, you won't get a good deal.

It also helps to see if another third party or dealership is selling the same car for a better price, and bring that to the table. If you get a deal from one seller and take that dollar amount to another seller, they may come down on the cost. If you pay with cash on top of that, you can get an even better deal!
Get the Car Negotiation and Insurance Checklist: Find out how to get the best deal on a car you love! Download your free checklist today!
9. Forget the extras

Don't pay for things that you don't really need like a racing stripe, special detailing, and especially extended warranties. A warranty is not a necessary expense if you have your fully emergency fund in place. That alone will cover any costs you have if the car breaks or has problems.

If you change your mind and want to purchase extras down the line, you can always contact the dealership to negotiate a price. That gives you time to decide which features you really want and which would just be a luxury.

10. Two are better than one

If you need support when you're ready to buy a car, take a friend or family member who can help steer you in the right direction. They can also help you remember details about the car that the seller tells you, which can help you make a decision. And bring someone who knows a lot about cars if you don't have much experience with buying and negotiating a car deal.

Bonus car buying tip: cars don't equal happiness

Remember, the purpose of a vehicle is to get you from point A to point B, not to prove your social status to the world. As tempting as it is to hit the road in a car you can't afford, it's more likely to be a burden than a blessing-especially if it's not in your budget.

Chances are, your car isn't the first thing you think about in the morning or when you go to bed at night. The key to happiness is not a new car, so don't pay for it like it is!
Once you've snagged your awesome car deal, you need to look at trying to save even more money on your insurance. Connect with Dave's Endorsed Local Providers (ELP) to find the best rates on car insurance to fit your budget.
Local experts you can trust.

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Are you thinking about buying a car this year, but have no idea how to go about it? Buying a car is a big financial decision, and one you shouldn't just rush through over the course of a weekend. Start your research with these 10 car buying tips to help you find an affordable car that also fits your lifestyle.