What To Do Before Buying That New Car Or Truck
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Essential Steps Before Buying a New Car or Truck
Ah, the allure of that new car smell! It’s undeniable, but it does come at a cost. While buying used is generally more economical, if you're set on experiencing a brand-new vehicle, consider these important steps:
1. Do Your Research
Before committing to a new car, spend time researching at sites like Edmunds.com. Explore different models, even those outside your initial choice. You might discover a car with better consumer ratings, higher crash test scores, superior resale value, or greater fuel efficiency.2. Understand Pricing with True Market Value
Once you've narrowed down your choices, use Edmunds’ True Market Value tool. This feature shows what others are paying for the same car, providing you leverage in negotiations. Remember, it's a guide to help you haggle, not a definitive price.3. Consider Financing Options
Most buyers will need a loan. It’s crucial to pay attention to the interest rate, as even a 1% reduction can save you over $700 on the average new car loan. Aim for dealer promotions offering low APR, like "2.9% for up to 60 months," which can significantly reduce your costs.How Much Can You Save with a Lower Interest Rate?
Example 1 - Chevy Impala:
- Loan Amount: $25,000
- Regular Rate: 6.9%
- Promotional Rate: 3.9%
- Loan Length: 5 years
- Total Savings: $2,073.94
Example 2 - Tahoe:
- Loan Amount: $45,000
- Regular Rate: 6.9%
- Promotional Rate: 3.9%
- Loan Length: 5 years
- Total Savings: $3,733.08
In both cases, the savings over the loan term are substantial, and these funds could be better invested elsewhere.
Making the Right Choice
When selecting a vehicle, consider factors like comfort, resale value, safety, and style. By adding "research" and "interest rate" to your checklist, you can make an informed decision that aligns with your financial goals.
You can find the original non-AI version of this article here: What To Do Before Buying That New Car Or Truck.
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