Buying New or Used Cars

The Auto Credit Financing Guide to Buying New or Used Cars

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One of the biggest decisions to make when purchasing a car is whether to buy a new or used vehicle. However, this doesn’t have to be a stressful situation. Careful evaluation of your needs, along with consideration of your budget and financing options can be invaluable in helping you find what works best for your particular situation. Car buying is a very personal experience, and no two situations are the same.

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Here are some quick tips on how to decide the best fit for you:

• Do your research! This is especially important if you are purchasing your first car. Unless you are an enthusiast or collector, you may not know how much a vehicle is actually worth. Don’t be afraid to comparison shop. Once you decide what kind of vehicle you’re after, check out the competition for pricing and amenities (warranties, add-ons, etc.). If you are in the market for a used car, make use of resources such as the NADA Kelly Blue Book to find out how much a car is worth at its current age and condition. Some dealers may try to take advantage of inexperienced buyers, so make sure you do your homework before accepting a price at face value.

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• Let the dealer bring up the subject of price. Mentioning right away how much you’re willing to spend doesn’t leave much room for negotiation, and some dealers will immediately start aiming for the higher end of your budget. By withholding your top line, you can make the dealer work harder to sell you the vehicle of your choosing. When financing a car, it helps to have an idea ahead of time about financing details (down payment, monthly payments, interest, etc.).
• Keep in mind that used cars are typically less expensive than new cars. On the other hand, new cars often come with warranties and options for personalization that used cars may not. Auto credit financing can make it possible for those with less-than-perfect credit to get a new car (or newer used car), rather than settling on an older car simply for the lower price tag.
• Get everything in writing. If a salesperson promises something such as a repair or guarantee, insist that it be included in the contract as a condition of purchase. Buying a car is an investment in your future, and deserves to be protected as thoroughly as your home.
• Be prepared ahead of time. Buying a car requires more than just cash or credit. Insurance, financing options, driver information and proof of income can all be taken into consideration before a vehicle purchase can be completed. Some dealers may even require that you provide one or two references. Make sure that you have all of these documents on hand when you’re ready to make your purchase, to avoid any unnecessary delays or hassles.

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Carefully weigh your needs and desires with your available resources when deciding whether to buy a new or used vehicle. Remember than not all used cars are clunkers, and a trustworthy dealership will do their best to ensure that they aren’t selling lemons. Regardless of your decision, auto credit financing can make sure you achieve the financing plan that works for you.

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