Top 5 Tips for Buying a New Car

Check Out
These Five Tips for Finding A Car That Suits Your Needs and Your Budget!

Whether
you’re an experienced buyer or this is your first time buying a new car, it is
always a good idea to prepare before making a significant purchase. Knowing
what to expect beforehand can save
you money, time and stress in the long run! Check out these tips to help
you find a vehicle that works for you and your
budget. 

Figure
Out What You Can Afford

It’s
important to have a solid understanding of your financial
situation before starting your search. A good rule of thumb is to spend no more
than 25 percent of your monthly income on the cost of vehicles within your
household. This should include loan payments, insurance, fuel
and maintenance costs.  If you plan to finance your new vehicle, we
recommend that you get pre-approved for your loan. Doing this will not only
help the process along when it comes time to buy, but it will also help you
think critically about what you can afford. You’ll want to do that before falling
in love with something you don’t have the means to purchase. 

Do Your
Research

Before
you start to research vehicles, you will want to decide what buying a “new” car
means to you. A used
car may be less expensive, but it’s important to be mindful of
the condition and mileage.  A new car will cost more upfront but may
have fewer maintenance issues
in the long run. 

Next, you’ll
want to narrow your choices.  You might consider writing down the pros and
cons for each
vehicle on your list. Compare features, pricing, size, and MPG (miles per gallon).  When it comes time to purchase, you will have the
advantage of knowing a fair price range for your vehicle of choice.  Many
manufacturing websites will
show estimated retail prices or MSRPs that may aid in your research. 

Finally,
you can check your local inventory listings to see what is available in your
area. Look for dealerships that may be running sales or promotions as well.
Pro-tip: keep in mind that these incentives should be deducted after the price
is negotiated. 

Consider the
Time of Year

When it
comes to getting a good deal on a new vehicle, the time of
year you shop can make a huge difference in pricing!

Dealerships
will often run their big sale events around spring, fall
and the end of the year. Pro-tip: Purchasing late in the year and late in the
month, for example the end of November, can lead to deeper discounts. Many car dealerships have sales
quotas that they need to meet during these times which means they are more
likely to offer compelling pricing.

Take Your
Time 

It’s
important to know that you can take all the time you need before committing to
any purchase. Don’t hesitate to ask for more time during
your test drive. Be sure
to experiment with the controls and ask questions about features. In addition
to your previous research, you might consider reaching out to your insurance agent
before moving forward so that you have a good idea of what this vehicle will
cost to insure. 

Remember
that this is a
business transaction. The process doesn’t need to be rushed and you don’t
need to feel pressured into purchasing before you are ready. You are in the
driver’s seat!

Drive A
Hard Bargain and Be Prepared to Walk Away 

For many
people, buying
a vehicle is no insignificant purchase. It makes sense to do everything
within your power to get the best deal. Don’t be afraid to negotiate
the price, in fact you should!  If after some time and a fair offer,
you still don’t feel like you are getting anywhere – be prepared to walk away.
Newer cars can sit
on the lot for years before selling, so you
can usually come back and try to renegotiate if that’s what you decide.
Otherwise, you can move on to the next car at the next dealership.  

If you do
end up making a deal, congratulations! You’re almost there! 

The last
thing you will want to do before you sign your contract is to read over all of
the details carefully and make sure that there are no unnecessary
fees. Everything you negotiated should be laid out clearly in
writing! 

Once
behind the wheel of your new car, it may be time to shop around for new auto
insurance. Check out the link below to find one of our
local agents and learn more about NYCM policy discounts.