Automobiles are very important in America and in other countries; they take you to and from places, such as home, school, and work. Not everyone knows the ins and outs of purchasing a new motor vehicle, so here are some helpful tips for buying a new vehicle:
Do your own research on the makes, models, sale prices, warranties, features, and capabilities of the vehicle or vehicles that you are interested in buying; do not take the salesperson at his or her word. Read and find out if other people, who have bought or leased the make and model of the vehicle that you have chosen, have reported problems or issues with the vehicle.
Have your car loan approved before you buy a new car. Preapproval will help speed up the process, and more importantly you can shop for a lower or better interest rate. Do not just accept the dealer’s offer. Dealers make money not just on the vehicle, but also on the financing. In addition, before you purchase a new car, speak with your insurance agent about said purchase, and after the purchase let him or her know as soon as possible. Moreover, if you intend to trade in your old car, truck, van, or SUV for a new one, have a plan; do not play it by ear.
Find the vehicle you want, look at it carefully from top to bottom, take it for a test drive, and ask a friend or another individual, who is knowledgeable about vehicles, to examine it before you buy or lease it. Not taking a new vehicle for a test drive and acclimating yourself to it before you buy it is a bad idea; otherwise, you may end up with a vehicle you dislike or find annoying.
If you decide you do not like the vehicle or the deal, walk away. An equivalent or better vehicle and deal likely will come your way. Therefore, keep your eye out for other deals, and do not hesitate to negotiate. Do not fall in love with a particular vehicle; focus on the deal. Car payments and loans are often stretched out over the course of seven years.
Be familiar with your budget and credit score; you do not want to end up going over your budget or end up with a bad credit score. Take the process one step at a time and have a calculator handy. Remember to close the deal; however, a handshake generally is not acceptable or enforceable by law. Therefore, take a final look at the deal and the dealership’s financing options before you close the deal. Read the documents thoroughly and carefully and understand the documents before you place your signature on the dotted line.
When you receive your new vehicle, take a good, long look at it. Ensure that it is clean, is full of gas, and does not have scratches, dents, or the like on it.
Do not tell the salesperson that you will buy your new vehicle with cash, as cash payments are very difficult to trace. Give a check for the purchase. Do not look at just the vehicle payment; you also should look at the interest payments, hidden fees pertaining to your car loan, and more. Furthermore, shop around at several car dealerships. You may find a good deal at one dealership, but you might find a better deal at another dealership.
In addition, do not feel like your agreement must include costly add-ons. Read the fine print; do not place your signature on paperwork containing things, to which you have not agreed or with which you do not agree. Moreover, do not drive away with your new car before all the necessary paperwork has been completed. Do not rely on other people to complete all the necessary paperwork after you leave.
Remember: Buying a car, both a new car and an old car, is a business transaction. In addition, the salesperson or salespeople have been trained to get you to pay the highest price possible for the vehicle. They may be pleasant, but you must remember their goal: Sell the vehicle at as a high a price as possible to you. Again, read the documents before you sign them. Therefore, keep all these tips in mind when you purchase your new car.
If you have concerns and/or more questions about buying a new car, talk to a lawyer. To learn more, to have your questions answered, and to have your concerns addressed, contact Nashville Attorney Perry A. Craft.