Here’s our advice in eight easy steps.
- Think about how you will use the car—for primary transport, for hauling stuff, on the job, etc.
- Think who will be in the car most of the time. How often will the car be used? What features are most important to you? What are you willing to forego?
- Set you price range and stick to it. Make sure you can meet the monthly payments. Get the car you need for the price you can afford. Don’t forget that owning a vehicle costs more than the monthly payments.
- Do your homework. Surf the internet for reviews. Test drive the latest models, find out about warranties, talk to sales consultants , and ask all the questions you want.
- When you’ve narrowed down your choice, negotiate a price, get a proposal and then move to the next step.
- Determine what level of financing you need to meet that price and then shop around the commercial banks to get the best terms and rate. Find a monthly payment you can afford.
- Talk to your insurance company about the cost of covering your new car for accidents and liabilities. It’s important to shop around for the best coverage and rates.
- Go back to the dealer and clinch the deal!