Aug 8

Aug 8 5 Things to Consider: Car Shopping

Auto Loans, Budget, Financial Literacy, Freedom To Grow, Money-Saving Tips

There are tons of things to remember when car shopping and it’s easy just to sign the papers on the first one that catches your eye, especially with a pushy dealer. Here are some things to consider before you buy your new car:

1. Budget and Price Point

What’s your budget? This is an important question to ask yourself when making any big purchase. Consider what amount you can afford for a monthly payment, taxes, and how much maintenance will be needed. Set a price point on what you’re willing to spend on your new set of wheels.

Pro Tip:

Our budgeting tool can help you figure out your finances!

2. Trade-In Value

Are you going to trade in your old vehicle? If so, make sure you know the value of your current car. This helps the dealer in the process, and will make sure you get the best deal. Check different dealers to see what they will offer for your car, and use that to compare at different dealerships. Use websites such as Kelley Blue Book to help find that value!

3. Insurance

Insurance quotes will vary from car to car. Sport or brand new cars typically have higher rates. Make sure when searching for a new vehicle that you won’t be taken by surprise by the price needed to pay for insurance. See if any insurance companies offer discounts, like TruStage will for Credit Union members.

4. Test-Drive

This is the easiest thing to do when considering buying a new car. Who wouldn’t want to take a brand new car for a spin? Make sure you’re comfortable behind the wheel and it is easy to drive for you and all others who will drive the car.

Pro Tip:

Dealers may try to push the test drive first so you potentially could want it more. Complete steps 1-3 to make sure you know what you’re getting into financially before you fall in love with a car.

5. Research

Researching is important when you’re thinking about your new car. See how it was manufactured, any recalls, read the reviews, and most importantly check the safety ratings.

Take your time buying a new vehicle and make sure you’re getting what you should for your dollars spent. If you have any questions about auto loans or the credit union, visit us at our website!

Have any more helpful tips to car buying? We’d love to hear in the comments!