Tips & Tricks: Top 5 End of The Year Car Buying Tips
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 5 cars buying tips to help you find an affordable car that also fits your lifestyle.Car Buying Tips:
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 upfront. 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.Explore Inventory Online
Most dealerships include a database of the current inventory on their websites. Use this at the end of the model year to uncover a glut of leftover cars from the previous model year, and you’ll put yourself in a position to make a good deal. The longer a car sits on a dealer’s lot, the more eager they are to move it along to a buyer. Lot space is finite, and dealers pay financing charges to the manufacturers or to their own banks while the cars are in inventory. Help a dealer move older inventory, and they’ll be inclined to help you out with a price break. Decode the online inventory puzzle, and you can keep some money in your pocket.Never Pay More Than Sticker Price
Because of how to franchise laws are written, auto manufacturers don’t set the selling price for their products. They set Manufacturer’s Suggested Retail Prices (MSRP), and the individual dealerships are free to sell cars at whatever price the market will bear. Dealers are required to display a sticker in the window of each new vehicle, called a “Monroney Sticker” after Senator Mike Monroney, who sponsored the Automobile Information Disclosure Act of 1958 mandating the sticker display. Dealers will often add accessories and other charges that mark up the price. Don’t fall for this tactic. No matter how hot or rare a new car is at the end of the model year, its value is tied to MSRP when it comes to insurance, resale, and depreciation.Also Read: The Ultimate Guide 2022: Is It Safe to Buy a Used Electric Vehicle?
Be Flexible About Colors and Options
If the new models have started appearing on your dealer’s lot, that means that the end of the model year has arrived has reached the end of production. You may be forced to choose a car that’s not your first choice of color, and it may not have the exact combination of features that you’ve imagined. It may be possible to get additional equipment added to the vehicle or to get some accessories removed before you buy, and you can try to get the dealer to pay for the labor of installation or removal. Most cars are offered in a limited range of colors these days, so unless you’re very particular, you can learn to live with your second or third choice.Take 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.Tags: 2019 Subaru Forester Touring, 2020 BMW iX3, 2020 Chevrolet Suburban, 2020 dodge charger, 2020 EQC, 2020 Ford Super Duty, 2020 Honda Pilot, 2020 Kia Optima, 2020 Mercedes Benz, 2020 Nissan Versa, 2020 Subaru WRX STI, Audi SUV, BMW, Brandon K. Hardison, Chevrolet Car, Chevrolet Sonic, Dodge charger, electric vehicles, honda, Honda Pilot, Hyundai SUV, Mercedes Benz, Nissan Rogue, SUV, upcoming car, Volkswagen, Volkswagen Tiguan SEL Premium R-Line, Volvo Car
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