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Buying a Car: What You Need to Know

Buying a used or brand-new car can be a daunting experience for an individual without any prior experience. However, in this age where information is freely available on the internet, it is a simple process that only demands the diligence of the buyer in gathering crucial information about cars.

Do Some Research

Buying a Car

While it might be tempting to visit the dealership to obtain information about cars from the salesmen, most car experts agree that you should take time to learn more about cars online before visiting the dealership to buy the most suitable automobile. It is prudent to perform this research because it ultimately protects the buyer from dishonest salesmen who would otherwise convince the individual to purchase a car that does not suit the needs of the particular person.

Research can be conducted online by visiting the website of car manufacturer or car magazine websites like caranddriver.com where in-depth data concerning various car models is available. The prospective buyer should take time to understand the material and note down important points for future reference before visiting the car dealership. After you have confidently identified the model that suits your driving conditions and economic ability, you can visit the dealership and assert that you are ready to test drive a particular car model.

While researching, it is good to consider the quality ratings although you should use them as the primary factor that determines the type of vehicle you choose. Even though quality ratings such as those from J.D. Power and Associates provide information about the performance of car brands, they cannot be used to predict whether or not a new car will experience mechanical issues. Furthermore, it is not wise to ignore brands with a modest quality rating because the price might be suitable for you.

Moreover, before being tempted to buy the model from the previous year because it is cheaper, it is wise to consider other factors such as fuel economy. This is due to the fast evolution of technology, which implies that a new model might have features that improve fuel economy, thus making it worth the extra cost.

Additionally, the resale value of a vehicle dwindles as it stays in the dealership, thus reducing the advantage of buying an older model at a discount. Therefore, if one wishes to purchase an older model at a discount, the discount should be large enough to offset the loss of value that has been occasioned by the delay in its purchase.

The depreciation of a car can also be enhanced if the manufacturer makes drastic changes to the next model that is released to the market. Therefore, it is important to be aware of the time that any updates were added to the older model you wish to buy to ensure that you are not buying a vehicle that has lost a lot of its resale value. The typical life cycle before re-engineering is four to six years although there have been instances of mid-cycle updates. Manufacturers usually announce these improvements in advance.

Learn to Negotiate

In the negotiation phase, you should first test drive the car and express your wish to conclude the transaction after you are satisfied with the performance of the car. However, before starting the negotiations with the sales representative, visit other dealerships to establish the right price for the particular car you are interested in so that you do not buy an overpriced car. If you wish to trade in your older vehicle, you should inform the sales representative of your intentions early so that the dealership can give you the best available deal.

Finalize the Deal

In the final stage of the transaction, you should decide whether to arrange to finance via the dealership or the bank. To secure a bank loan to buy the car, you should consider your credit history including your credit score and organize your finances. Also, consider buying insurance cover for accessories such the wheels, tires, hydraulic floor jack and keys.

Conclusion

Buying a car is a risky endeavor for an inexperienced buyer. However, to acquire the most suitable vehicle, the prospective buyer needs to perform comprehensive online research before buying a useful vehicle.

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