Buying a new car is an exciting time. You get to shop around for the perfect make and model that fits both your needs and your wants. But beyond just finding the right car, you also want to find the best value. That’s where things can start to get tricky. After all, there are so many factors to consider when valuing a car. Is it fuel-efficient? Does it have a good safety rating? How do you find the cheapest cars to insure? Etc.
To help you out, we’ve compiled a list of our top tips for financially savvy drivers looking to buy a new car. By following these tips, you can be sure you’re getting the best value for your money.
Tips and Tricks to Make the Most Of Your Money
Financially savvy drivers always look for ways to save money, and investing in a reliable, fuel-efficient car is an excellent first step. Additionally, the best way to make the most out of your investment is to think about the future and the long-term viability of your purchase.
Do Your Research
Before even stepping foot into a dealership, you must research the different makes and models of cars that interest you. Not all vehicles are created equal, and you want to ensure you get the most bang for your buck.
Once you’ve narrowed down your options, take some time to read up on consumer reports and reviews from other drivers. This will give you a good sense of what each car is like to drive and how much value it offers. Thoughts can also open your eyes to features you hadn’t considered that would benefit you.
Schedule a Test Drive
When you go into a dealership, they’ll have plenty of questions for you, and they’ll likely be looking for an easy upsell. As a financially savvy consumer, your research will help you hold firm to your desires and budget. Schedule the test drive with a salesperson in the car you want, and see how it feels. There are a lot of questions you can ask yourself on this test drive.
- Can you see yourself driving this car for the next 3-5 years?
- Do you have plans to upgrade after that time?
- Will you pass the car to a young adult in your family or trade it in?
- Will it serve your needs as your situation evolves?
- How does it feel on the open road?
- Is there enough room for your tallest friends?
Consider Budget Costs
One factor often overlooked when shopping for a new car is the additional secondary costs. The reality is that some vehicles will be more expensive to insure and maintain than others. If you’re not careful, this can end up eating into your budget in a big way.
You can avoid this struggle by comparing insurance quotes with different companies and researching the mechanic shops that will give the best and most reliable services. Read reviews and ask your friends and family for references.
Also, remember that you’ll need to renew the tags and registration every few years and may need to take it in for a DEQ inspection every few years as well.
Get a Pre-Purchase Inspection
When buying a used car, you must get a pre-purchase inspection (PPI) before finalizing the sale. A PPI will let you know if there are any significant problems with the car that could end up costing you down the line. While most dealerships offer some warranty, it’s always better to be safe than sorry. Simply put, a PPI could save you from making a costly mistake.
Additionally, it would help if you asked the dealership to provide a record of service and any information they have about recalls and the actions taken with the car to remedy them. Most dealerships have access to the Carfax report for every vehicle they sell.
Every Penny Counts
When it comes down to it, getting the best value for your money on a new car requires doing homework and being mindful of all the costs associated with ownership. Looking forward to the future of your ownership of this new investment can help you plan for long-term expenses and upgrades. Staying on track with routine maintenance is a surefire way to prevent unexpected costs with your new car.
By following these tips, you can rest assured that you’ve made a wise and financially responsible purchase decision. And isn’t that what we all want? To be able to enjoy our new cars without having buyer’s remorse? We think so too! Good luck with your car shopping adventures!
