Buying a new car can be both an exciting time of a person’s life, and an extremely stressful time as well. There are a number of things that a person has to consider when purchasing a new vehicle, whether it be a brand new car, or a new to you car (used). The process of buying a car can be a long and tedious road, and it is important to remember a number of things so you don’t make a mistake that you could regret for a number of years. The following will give you some insight as to what should be considered “dealbreakers” when at a car dealership.
The first thing you must have when heading to a car dealership is to set your budget. If your car costs more than your maximum budget, you can get into quite a bit of trouble to make these payments. If you struggle to make the payments on the car you will have to take the money out of the budget somewhere else, or risk losing your car or hurting your credit score.
The people you are buying the car from are there to make the most amount of money they possibly can. If a deal seems to not be in your favor, but the salesperson is pushing you, it is perfectly acceptable to just walk away. It is important to find a dealership that wants to work with you to work out the best deal possible for both parties. If you aren’t comfortable with the service, you won’t want to take the car in for service at the dealership.
People have their preferences when it comes to the car they drive, and knowing your car preference is extremely important. If the car the dealership is pushing for you to take something that is not your preference that would be a major deal breaker. It could even be down to the trim or color that doesn’t work for you, if you are not completely satisfied with the car that should be a deal breaker.
This goes along with the budget side of things, but the interest rate you get will make a major difference on the total amount of money you will pay over time. It is extremely important to read all of the paperwork thoroughly before signing. Some companies may get the monthly payment you are looking to make, but hike up the interest rate, and in many cases they will make much more money doing so. It is recommended that you look for an interest rate around 2.96% to 6.57%. *interest rates are steadily increasing.
When purchasing a new car, many dealerships offer warranties to cover the safety or maintenance of the car. The best possible scenario is typically a 5-year warranty that will cover mechanical and electrical faults. If a dealership is offering a lower length of time, it may be a dealbreaker depending on the warranties offered at other dealerships.
Again, going along with the budget category, it is highly recommended that you don’t pay over the MSRP value of the car. This should take into account the length of the payments and the interest rates. If you look and notice the total payment will be over the MSRP, it is recommended that you walk away.
This is somewhat similar to your preferences, but on a much more important level. What you need in a car is extremely important as it will be your car for the foreseeable future. If you are planning to, or already have children, you need to assess how much space you need in a car. If you purchase a car that doesn’t fit your needs, it will become a hassle to try to find a way to remedy the terrible situation you put yourself in.
Buying a car is an extremely exciting time, it is important to keep the deal breakers outlined in this article to make sure you don’t end up with buyers regret.