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Useful Tips On Buying A New Or Used Car
05/22/12
by: John Mussi
Buying A New Car: A new car is second only to a home as the most expensive
purchase many consumers make. That’s why it’s important to know
how to make a smart deal. Think about what car model and options you want and
how much you’re willing to spend. Do some research. You’ll be less
likely to feel pressured into making a hasty or expensive decision at the showroom
and more likely to get a better deal.
Consider these suggestions:
Check publications at a library or bookshop, or on the Internet that discuss
new car features and prices. These may provide information on the dealer’s
costs for specific models and options.
Shop around to get the best possible price by comparing models and prices in
ads and at dealer showrooms. You also may want to contact car-buying services
and broker-buying services to make comparisons.
Plan to negotiate on price. Dealers may be willing to bargain on their profit
margin. Usually, this is the difference between the manufacturer’s suggested
retail price (MSRP) and the invoice price. Because the price is a factor in
the dealer’s calculations regardless of whether you pay cash or finance
your car — and also affects your monthly payments — negotiating
the price can save you money.
Consider ordering your new car if you don’t see what you want on the
dealer’s lot. This may involve a delay, but cars on the lot may have options
you don’t want — and that can raise the price. However, dealers
often want to sell their current inventory quickly, so you may be able to negotiate
a good deal if an in-stock car meets your needs.
Trading in Your Old Car: Discuss the possibility of a trade-in only after you’ve
negotiated the best possible price for your new car and after you’ve researched
the value of your old car. Check the library for reference books or magazines
that can tell you how much it is worth. This information may help you get a
better price from the dealer. Though it may take longer to sell your car yourself,
you generally will get more money than if you trade it in.
Buying A Used Car: Before you start shopping for a used car, do some homework.
It may save you serious money. Consider driving habits, what the car will be
used for, and your budget. Research models, options, costs, repair records,
safety tests, and mileage through libraries, book stores, and web sites.
Before you buy a used car whether from a dealer or an individual:
Examine the car using an inspection checklist. You can find checklists in magazines
and books and on Internet sites that deal with used cars;
Test drive the car under varied road conditions—on hills, highways, and
in stop-and-go-traffic;
Ask for the car’s maintenance record from the owner, dealer, or repair
shop;
Hire a mechanic to inspect the car.
Paying for the car: Most people do not realise that they have capital locked
up in their property which could be used for buying that special car of their
dreams.
Release the capital tied up in your home with a home owner loan. The loan can
be used for any purpose, and is available to anyone who owns their home. Home
loans can be used for any purpose such as, new car, home improvements, pay of
store card or credit card debt and debt consolidation.
Home owner loans are available for practically any reason. One of the most
common types of home owner loans on offer are debt consolidation loans where
the objective is to reduce monthly outgoings to a more manageable amount. A
UK Home Owner Loan is great if you want to raise a large amount; are having
problems getting an unsecured loan; or have a poor credit history. Many lenders
look more favourably on people who are home owners as this demonstrates a commitment
to repay a large amount of money over a long period.
A UK Home Owner Loan is a cheap, low cost, loan secured on your UK home. It
frees up the equity in your home for you to use on whatever you want.
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