Step Number Two
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Personal Assessment...New Car
Before you stop in at any Dealership. Before you even start searching on the Internet, you must ask yourself some hard questions. Let's stop here and take a personal assessment. This alone can save you time, money, embarrassment and disappointment with your new car buying decision.
What Are Your New Car Needs?
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Do you frequently have passengers? ...Maybe you should buy a car with four doors, or a Mini-Van.
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Do you have children? ...A Mini-Van may be the best decision.
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Do you have babies in car seats? ...Make sure the seatbelts will accommodate them.
- Do you frequently haul packages, suitcases, groceries etc.? ...You may need a mini-van or SUV.
- Will you be hauling cargo? ...maybe you need a Pickup Truck or a full sized van.
- How many miles do you drive?
- Under what conditions do you drive?
- How long do you intend to own this vehicle
- Where do you drive? ...In town? Cross Country? Off Road? Freeway?
- What features do you need? ...they all add to the purchase cost and they can also add to the cost of repairs.
- How much vehicle can you afford?
- Have you budgeted for this purchase? If so, how much? What would happen if you lost your job or got sick and couldn't work...could you still afford the payments?
Some people may be able to purchase a car with cash, however most people must finance the purchase. Take a careful look at your budget to determine how much you can put down when you purchase your a car. Remember to calculate your monthly payments and the cost of insurance before you make your purchase.
Can you, right now, today, start setting $300 aside every month? $400? $500? $1000?
Most people are not able to set money aside for savings, yet they think they can spend that same amount of money to purchase a car. Do this...if your current car is paid off, start setting aside an amount equal to a monthly car payment. Set it aside every month just as if you were making a car payment. You will have a tidy sum set aside for a down payment when you are ready to buy a car.
If you car is not paid off...calculate (or guess) how much larger the payment will be for your next car. If you currently are paying $400 per month and you calculate that your next car will be $500 per month...start setting aside the difference, $100 per month, now.
If you cannot do either of these...how do you expect to do it when it comes time to purchase your new car? And at that time you'll also need to come up with a down payment.
Once you've answered these questions you should have a basic idea as to what category of vehicle you need...
- Pickup (or even a full sized truck)
- Mini-van
- Full-sized van
- SUV
- Car (Full-sized, compact, mid-sized, luxury, Sport)
Don't buy the car just because you want it or to keep up with the Jones or your brother or sister. But the car you need and can afford.
A word on features and options...
Some important features that you should include... Air Conditioning, cruise control, anti-lock brakes, power door locks, and tilt steering wheel, driver and passenger (if you will have passengers) airbags, side airbags.
But...do you really need the sunroof or fancy stereo, rear spoiler, 4-wheel drive, navigation system, leather seats, heated seats, cooled seats, pin stripping, undercoating, sound deadening insulation (a waste of money) or even power windows?
Don't waste your money on undercoating. Even if you live in the snowbelt where they may salt the roads in winter. New cars come with enough rust proofing right from the factory.
On some cars floor mats are an extra cost option. Don't buy them...you can get better one for less at an automotive store.
The salesperson will try to talk you into extra options and features...sometimes the lions share of the profit, for them, is in the options and accessories you purchase.
Fancy is nice, but someone has to pay for it...don't let it be you!
If you follow my method you won't even spend enough time with the salesperson to have to fight your way out of these extra purchases.
Step Number 3...Research
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