SMART VEHICLE SHOPPING: A STEP-BY-STEP GUIDE

Choose the Right Vehicle

Make sure that you buy the car that is right for you. Have an evaluation first to determine your true needs in regard to a new vehicle. Be honest with yourself and discuss your choice with those in your life who are honest with you. Take note of the full description of the range of vehicles options available.

Set the Price you want to Pay

You should be knowledgeable to have the power to get a better deal. Find out about any factors affecting profit margin. Always remember the holdback and negotiate for a good deal. Separate your extras from your offer, add these into the equation afterwards to determine your total cost.

Decide on Leasing or Buying

Factors you need to consider when deciding between buying and leasing:

• How often do you replace your vehicle?
• Do you want to drive a better vehicle that you can afford to buy?
• How much do you enjoy buying, trading and selling vehicles?
• How much do you have for a down payment?
• What is your annual mileage?
• How well do you take care of your vehicle?
• Will you use the vehicle for business or pleasure?

Count the Cost

Know the cost of financing accurately and do not let it become linked with the price of the vehicle. Consider the tax benefits of leasing for business vehicles and the potentially significant impact vehicle choice can have on your insurance rates. Guard yourself with gap insurance coverage for a leased vehicle because it will cover the full cost of the balance of the lease that you own in the event of total loss due to theft or damage. All vehicles cost money for maintenance and this is a substantial factor to consider. Repairs are substantial expense that should be accounted for in the car buyer’s annual vehicle budget.

Buying a Vehicle

Know the vehicle you are looking for, the option package you want and be prepared with a folder full of information. Let the sales person know you will be including the other factors such as applicable customer rebate or trade-in. Give sales person your contact information. Phone or visit a few more dealers and see if you can improve on your firm price. If you have got the deal you want, it is time to see the finance manager.

Leasing a Vehicle

Strategies on leasing a vehicle are similar to those for buying so just remember that you should always be well informed.

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