First time buying advice: new cars

Everyone loves the smell of a new car. However, not everyone knows what he or she is getting themselves into when they opt to buy a new car instead of a used one. We're here to guide all the first time buyers out there through the process.

Buying a new car isn't too different from buying a used one. In fact, the process begins with the same first step: drawing out a budget. Similar to buying a used car, you first need to know what is within your means of spending. 

You should also know how you're going to finance your new vehicle. Your options are leasing the car, financing the car with a loan, and paying for the car in cash. 

Buying vs. leasing is both an economic and lifestyle decision.  

Leasing offers the flexibility of driving a new vehicle every few years. When your lease is over, you can either lease a new car or begin a new lease with the same car. You also have the option of purchasing the vehicle when your lease term is up. 

Leasing is advantageous for people who like to get "more car for less money," but is usually more costly in the long run due to wear-and-tear fees or fees for terminating a lease early.

Buying a car generally requires a higher down payment and higher monthly payments than leasing. However, buying is generally less expensive in the long run. The car payments will eventually end on a car you buy, while they will never end on a car you lease. 

When you own the car, you have the options of selling it or driving it until it breaks down. You will also have pride in the ownership of your car.

Once you know how you'll pay for your car and how much you can spend, it's time to define your needs. Specify the make, model, trim level, color, and vehicle options you want. Make notes of what you're looking for.

Browse through the new car inventory on the dealership's web site to see if they have what you'd like. You can contact the dealership either through the Internet sales department or through a sales consultant directly on the show room floor.

The next step toward purchasing your new vehicle is negotiating a sales price. Keep in mind that the best deal isn't necessarily the lowest selling price, but the lowest total cost that meets what you need.

In addition to the sales price, it's important to know the related expenses of buying a new car such as sales tax, registration fees, and a documentation fee. Ask the Internet sales manager to send you a worksheet listing the purchase price, the invoice for the vehicle, and all other related fees.

After carefully reviewing the price and all of the fees, sign the paperwork if you feel comfortable with every aspect of your new car. Check that all of the right equipment is included. Make sure the numbers match the worksheet given to you by the Internet sales manager. Remember that once you sign the contract, there is no going back and the car is now yours.

When you drive off the lot, be proud of yourself for having made the right buying decision. Remember to enjoy your new car, hopefully for years to come.

Categories: New Inventory

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