First Car Buying Tips

Shopping for first car is very different from shopping for clothes. The key is preparation and a lot of the work should be done beforehand. If you can visit dealerships without being prepared, plan on walking away from a good deal or spending extra money for a car. It is your choice.

1) Know the primary purpose for the car. A small car may be impractical for a large family. A large car may be too expensive considering the cost of gas.

2) Research cars on the internet. Find prices and features. Purchase consumer reports. You want a car with high ratings and good customer satisfaction. Pay for the extra reports. It is worth spending $30.00 to save hundreds or even thousands in the long run.

3) Obtain financing ahead of time. A credit union is good place to obtain car loans at reasonable prices. If you have bad credit you may have to obtain higher rates provided at the dealership. By obtaining financing ahead of time, you know exactly what you can afford.

4) Decide how much you can afford. Many people forget to include the cost of insurance in the budget. Car insurance is an integral part of your monthly car payment. The total cost of car includes insurance as well as fuel costs.

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Shop around at various dealership. What one car costs in one place might differ drastically in price elsewhere.

Test drive cars. It is recommended that you test drive at least 10 minutes and/or 10 miles.

Take into consideration the convenience of the dealership. You will probably have your car routinely serviced at the dealership.

When negotiating your first car purchase with the sales agent, never discuss your financing or ability to finance prior to an offer. The more able you appear, the more upgrades will be presented to you.

If you are shy or uncomfortable dealing with salesmen, bring a friend with you for support. Your support partner can keep you focused on your goals and budget. It is very easy to let your emotions influence your decision.

Be prepared for the up sell. Know what features you want ahead of time so that you do not leave the dealership with many very nice features that you do not need.

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Remember when you sign the contract at the dealership, the car is yours. There are no returns and your car has depreciated. Most cars lose 22-25% of their value once you drive off the lot.

Many people think that you can return a car within 3 days. This may apply to refrigerators, or just about everything else. But this rule does not apply to car sales.

This should not be a scary thought. You have done your research, You know your car drives like a dream from your test drive and you have negotiated well.

So what are you waiting for? Enjoy your first car!