2023 Fintech and Financing Conference & Expo

How To Make Sure You Get A Good Deal While Car-Shopping

Nov 10, 2022

Unsplash Ivan Kazlouskij cars 1 - How To Make Sure You Get A Good Deal While Car-Shopping

Image: Unsplash/Ivan Kazlouskij

A person's car is one of the most important investments they will make in their lifetime, and it can significantly impact their quality of life. Whether buying your first car or planning to upgrade to a newer model, knowing how to get the best deal is essential to ensure you get the most value out of your investment. This guide will provide a few tips to help you make sure you get the best deal while car shopping.

1. Consider Your Budget

When buying a new car, your budget is one of the most important things to consider. Not only do you need to think about how much you can afford to spend, but you also need to be aware of the ongoing costs of owning a car.

If you're on a tight budget, consider buying used. Not only can you get a good deal on a gently used car in Minnesota, but you'll also save money on the initial purchase price. If you need the cash to pay for your vehicle upfront, look into various available auto financing options. This will help you keep your monthly payment low and ensure you get the best deal possible.

2. Decide What Type of Car You Want

When shopping for a new car, one of the most important decisions you'll make is what type of car to buy. Not only do you need to think about your needs and budget, but you also need to choose a car that will fit your lifestyle.

Unsplash Obi pixel6propix car - How To Make Sure You Get A Good Deal While Car-Shopping

Image: Unsplash/Obi - @pixel6propix

For example, if you have a large family, you'll need a vehicle with plenty of seating and storage space. You'll need a car with good gas mileage if you commute long distances daily. And if you like to take weekend road trips, you'll want something that has room for all your luggage.

3. Get a Vehicle History Report

One of the most important things to do when shopping for a new car is to get a vehicle history report. A vehicle history report will tell you everything you need to know about a car's past, including how many owners it has had, whether it has been in any accidents, and whether it has been recalled.

Most dealers will offer three different types of reports: basic, which includes information on the car's ownership and accident history; extended, which includes additional information like service records and lien data; and premium, which includes all of the information from the basic and extended reports plus historical data on how much the car has been worth over time. This last type of report is typically only available through third-party vendors, so make sure you shop around to find the best price.

4. Negotiate a Fair Price

One of the most important things to do when buying a new car is negotiating a fair price. Remember, car prices are not set in stone. So if you're willing to play hardball, there's no reason you can't get the best deal possible on your next car.

Start by finding out what other dealers are charging for the same car you're interested in, and make sure to get a sense of the overall market conditions. This will give you a better idea of how much room there is to negotiate on price. When negotiating a price, it's important to be firm and stick to your guns. It may help to have a set maximum price in mind that you won't go over under any circumstances.

5. Check the Car Before You Buy

Sometimes what looks like a great deal online or in a classified ad will turn out to be less than perfect once you inspect it. It's always a good idea to have a mechanic check out your potential purchase before you buy, especially if you're buying from an individual.

Most dealerships also offer this service; some will even let you bring your mechanic in to look over the car. This is a great way to ensure your purchase will only cost what you bargained for.

6. Consider Buying an Extended Warranty

If you want the most value from your new car, consider buying an extended warranty. These warranties help protect you if anything goes wrong with your car after the manufacturer's warranty expires. You can either purchase this type of coverage from the dealership, or you may be able to find a third-party vendor that offers better deals. Just do your research first and shop around to find the best price.

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Shopping for a new car can be both exciting and stressful. But by following these tips, you can get the best possible deal on the perfect vehicle for your needs and budget. Remember, it probably is if the price seems too good to be true. Do your research and always be willing to negotiate, and you're sure to get a great deal on your next car.


NCFA Jan 2018 resize - How To Make Sure You Get A Good Deal While Car-ShoppingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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