There's just something so great about buying a new car. It has never been driven before, and often new cars come equipped with a lot of great amenities. So that you come out on the winning side of this investment, be sure to take these precautions.
Get Pre-Financed
If you can't afford a new car outright, then financing is probably the only option you have. However, instead of financing at a dealership in person, you should try getting pre-financed. This benefits you in many ways.
For one, it lets you see exactly what type of financial terms you can get. You can see your monthly payments and get an idea of what your interest rate will be on the loan. Knowing these details in advance lets you find a new car that you can truly afford. It also gives you confidence going into negotiations with any new car dealership.
Compare Rates From Multiple Dealerships
Just because one dealership has a new car priced at a certain figure, doesn't mean that's what you should automatically pay. After all, the dealership could have marked up the price for whatever reason; usually to make a larger profit. Knowing this, it behooves you to compare rates of new cars from different dealerships.
You'll then be able to establish a baseline for a fair price. This is so important for not going over budget and putting yourself in a bad financial spot. Even if multiple dealerships have their listing price the same for a particular new car, there's still plenty of room to negotiate a better deal.
Consider a Trade-In
New cars are pretty expensive today, which may make it necessary to lower the listing price by trading in your current vehicle. If you go this route, proceed with caution.
Make sure you know the true value of your current vehicle, so that the dealership doesn't low-ball you and make you regret this trade-in at a later date. Have your current vehicle appraised or see what people are paying for it on the marketplace today. With this figure, you'll know how much a dealership should offer.
If you plan on buying a new car, that's cause for celebration. You've probably dreamed about this moment for a long time. So that it remains pleasant — even years after the initial sale — take your time performing research and ensuring you're getting a good deal. Then, buyer's remorse won't be prevalent later down the road.
Reach out to a dealership like Gary Rome Kia if you have more questions.
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