Whether you are planning to buy a new or used car, it will most likely be one of your most expensive purchases. Prepare financially for it, with all the below resources.
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Quick Tips
Determine and test your budget — Remember to set money aside for insurance, repairs and registration. If financing, get preapproved for a loan.
Establish your priorities — Create a wish list of features and specs. Then prioritize your needs, and shorten the list. Filter your choices based on those priorities.
Know your car's worth — If you are trading in a vehicle, maximize your trade-in value.Do market research and know your car's value.
Don't settle — Negotiate the best price. Always ask about fees, if the seller cannot explain them, ask them to remove them.
Test drive — Always test drive in different road conditions, i.e. hilly roads, stretch of the highway.
If buying a used car, keep in mind:
Find reliable used cars sellers — When looking at used cars, sellers play a key factor in the success of your purchase. Make sure to look for reliable sellers, some options might be online marketplaces, online auto retailers, dealerships or traditional private-party sales platforms. Words of mouth, and Google reviews will be great resources.
Ask questions and look at details — Get a vehicle history report, and car inspection from a mechanic; if seller refuses, they might be untrustworthy.
Resources
Create a budget — Check out our page on Budgeting for more resources.
Loan Calculator — Taking out a loan is a big and important step, use this loan calculator to plan for it.
