Purchasing a motor vehicle can be intimidating, especially if you've never acquired one before. There are many steps you can take to prepare yourself and your bank account for this large purchase. Doing your homework now can protect against future headaches.
Additionally, consider gas mileage. If you have a long work commute, a gas-guzzling SUV will not be the best choice for you. You'll also want to think about how long you'll keep your new ride, because that will establish if its resale value is a problem. As you discover your needs, make certain to write them down.
Second, consider money; what is your quote range? A regular rule-of-thumb is to set your highest budgeted amount at 20 % of your take-home pay. As an example, an individual making $50,000 need to designate $10,000 as their maximum purchase quote. When making this decision, you must take into account the cost of owning the auto, paying for gas, and your other associated bills. You will adjust your budget accordingly.
While your budget is necessary, so is your credit report. If you intend on taking out a loan when you start seeing used auto dealers, your credit report will play a part in what you can afford. If your credit report excels, the bank will want to collaborate with you to lower your rates of interest. If your credit report is bad, the APR will be higher. Many of the larger used auto dealers work hand-in-hand with banks to ensure they can assist people, no matter their credit report, in obtaining the best possible loan rate and payment plan. Certainly, you will independently obtain your own financing before making an offer on an auto. The choice is yours.
While negotiating, don't hesitate to take time to think about counter-offers, use the washroom, or eat a meal. There need to be no rush when making this decision, and the salesperson needs to help you feel comfortable.
If you come under the category of drivers who allow a windshield suggestion sticker to dictate when they get an oil change, current experience recommends you drop that behavior. Conversely, it is suggested you note the auto maker's suggested service intervals. For those driving modern autos, it is suggested that you rely upon the auto's oil life monitoring system to alert you when it is time for a change.