Buying a new car is a big step, but it doesn't necessarily deter people. Here's how to study, position, price and negotiate to buy your new car. Mobile technology makes these steps easier than ever. Now, buyers can buy a new car in line at the supermarket or waiting to pick up their children.
This list discusses the steps for buyers to buy a new car.
These eight steps can save you thousands of dollars on the next car. They will also make the process at dealers faster and stress free. Let's start.
1. Study vehicles and functions.
Not sure what car you want? Edmunds app and website have almost all the information you need, including expert and owner comments, vehicle invoice prices and new car transactions.
If you need some guidance on where to start, our editors have created rankings for almost all vehicle categories, which will help you quickly identify the top vehicles in their respective categories.
The carmaker website is useful for viewing more photos and learning more about car features and options. Using these tools, you should have few problems choosing the right car or SUV. Once you have a short list, it's time to consider how you will buy a new car.
2. Obtain loan approval in advance.
Pre approved car loans give you a good start. You will know how much you can afford, you will have an interest rate, and then you can compare the financing of dealers, which may actually provide the lowest annual interest rate. Look for loan applications on the mobile page of your bank, credit union or other lending institutions (such as first capital bank or national insurance company). It's a good idea to do your own research on which lender is best for you.
3. Plan your trade in.
If you don't have a coupon, you can skip this step. If you have, keep reading. It's important to get a discount on your current car before you go to the dealer. This information will help you set expectations for the value of the car and provide a reference point for any quotations you will receive. The best way to find the value of trade in is to use Edmund's evaluation tool. Use your smartphone so you can sit in the car and carefully check whether you have options that will affect the value of the car, such as heated seats or skylights. Be honest about the condition of your car. Most cars fall into the category of "clean" or "fair". Few cars are "excellent", no matter how doting their owners are.
4. Find and test drive the car.
So far, you have selected several cars. You should see them in person before making a decision. Hundreds of car dealers across the country have listed their car inventory on Edmunds. In many cases, you can sort by color, trim level and feature. This is much better than configuring a car on the carmaker's website and hoping you can find a car with these options in the real world. All the lists you find on Edmunds' page are real cars with multiple choices. Most companies will have the price suggested by Edmonds, which should be comparable to that of other companies.
5. Check the sales price and guarantee.
Once you have a target car, it's time to focus on the price. We recommend that you use one of the following two methods to obtain the purchase price of your new car:
Call, text or email the online sales department of three dealers. They have the car you want. Ask the total price of each vehicle, including any additional accessories that may have been installed on the vehicle. The best price is obvious. You can also accept this offer and ask other dealers to beat it. If you are going to rent a house, this is the best way.
You can save time and trouble by getting a lock-in price equivalent to the average price paid by others in your area through Edmunds. We will even indicate which prices are better than others. Be sure to ask the salesperson to send you e-mail or text message to give you the details of "door-to-door price", including all taxes. This allows you to see the total amount you will spend.
6. Review transactions and dealer financing.
Now that you have a quotation for the car, your biggest question may be whether it is competitive. We use the word "Edmund suggested price", but you can also think of it as "average paid price" or "Edmund TMV", which was once called. It refers to the fees paid by others in your area for cars equipped with similar equipment.
7. Close the transaction.
If the price, financing and fees seem appropriate, it's time to agree to the deal. From here on, you can take one of two ways: buy a new car at the dealer, or send the car and documents home.
Whether you pick up the car at the dealership or at home, it should be clean and the fuel tank should be full. Finally, check the car for dents or scratches during transportation.