If you're getting ready to get behind the wheel of your next vehicle, you're probably really excited. That's great! We're excited for you. However, there is definitely some information you'll want to know beforehand to be prepared for the shopping and buying process. Keep reading below to learn more!
In order to find the best vehicle for you, you should begin by selecting the type of car that best matches your lifestyle; convertible, minivan, sedan, coupe, compact car, etc.
Once you've settled on the type of vehicle you'd like, make a list of what's important to you. Research various models and makes that provide all the amenities and features that you want.
Creating a budget can be difficult. You may have found a great vehicle, but finding one that you can afford can be hard. When purchasing a new vehicle, it's best to put about 20 percent down, limit the term to no more than 60 months and keep your monthly payment below 10 percent of your income. You'll also want to make sure you consider the cost of maintenance. Some cars cost more than others.
Negative equity is often a burden. The balance of your old loan may be consolidated into the new car's loan amount, meaning you could be paying the debt of two cars in one, big loan. Get ahead by researching what your trade may be worth.
Take your time when on your test-drive to make sure you actually enjoy the car, not just the feeling of a new car. Ask questions, play with the various features and look around the vehicle. Make sure the car has enough space for everything you need.