We have all heard that depressing statement that a new
vehicle depreciates in value the second you pull away from the dealership. I
used to think that was an exaggeration until my friend got into a wreck in her
Dodge Durango a week after she purchased it. The insurance wouldn’t give her
enough to cover buying a new one even though she was not at fault in the
accident.
She had to get an attorney and eventually she was able to get a new
vehicle to replace it, but not without quite a circus taking place around the
issue for a couple of months.
Buying a new vehicle is one expense that you have to
consider very carefully. Those monthly payments can sure take a chunk out of
your disposable income. You also have to consider the cost of license plates,
insurance, gas, and regular maintenance on the vehicle. To help you find the
very best bargains on the new vehicle of your choice you will want to conduct
some research before you start negotiations with the salesman.
There are a variety of ways to find out the book value on a
particular vehicle. You can go to www.NADA.com or www.KellyBlueBook.com. You
can get a very detailed price by listing the maker of the vehicle, the various
accessories it offers, and the mileage. This information will help you find the
lowest price you can expect to purchase that vehicle for.
Next, take a close look at your credit report so you know
exactly what interest rate you can expect on a new vehicle. This way you don’t
waste your time haggling with the sales. See what they offer you for a price
and financing before you bring your information into play. If they match or
beat it then great. If they want to give you higher price or interest rate,
present your researched information. If they won’t sell you the vehicle for
that price with that interest rate then go somewhere else.
October is a very good time of year to start considering the
purchase of a new vehicle. This is because they want to start clearing out
vehicles on the lot to make room for the next year’s models that will soon be arriving.
Since many vehicle dealerships don’t see much in the way of sales over winter
due to the cold and the holiday season, they are more likely to present you
with the deal of the century to make the sell.
If you see other sales around the holidays they may be a
good time to save money as well. The key to making sure it is a bargain is to
make sure the cost hasn’t been inflated or your interest rated jacked up a
percent or two to cover the promotional cost of the vehicle. Too many people
get caught up in what they see on the windshield of a vehicle rather than
looking at the big picture.
New vehicles often end up with a scratch or a dent in them
soon after you buy them. While this can be very upsetting you really can’t do
much about it. Someone leaving their shopping cart in the parking lot of the
store can result in the wind running it into your vehicle. You can find great
deals of new vehicles that have somebody damage such as small scratches and
even hail damage from a recent storm. In most cases you will save several times
what it costs you to repair the damage.
To motivate customers to make a purchase of a new vehicle
instead of just looking many dealerships offer incentives like 0% financing and
cash back. Make sure you find out all the details of such promotions as they
may be a good way to save money or they may cost you more in the long run. Take
the time to calculate all the possible scenarios so that you get the bargain
you were after with your new vehicle purchase.