Buyer's Guide
DO A LITTLE RESEARCH FIRST
Consumers are more knowledgeable about products today, largely because of the Internet. They are able to do research from many sources from the convenience of their home computer.
The following questions will help you narrow your search for a smart vehicle purchase.
What are your usage requirements? It is not only important to consider cost, but also the comfort and safety of the vehicle considering how often and for what duration you will use the vehicle.
How often do you purchase vehicles?
Some people prefer to purchase a car every few years, while others prefer to drive a car for as long as possible. If you prefer to purchase one every few years, the resale value will be something to consider when shopping.
What can I afford? Make sure you have a budget firmly in place before shopping. Also keep the cost of gas in mind.
Research, research, research! Read up on buyer’s guides, consumer reports and safety guides to make sure you are shopping for the vehicle that is right for you.
CERTIFIED PRE-OWNED VEHICLES
Not only can certified pre-owned vehicles save you money, they may help save you money on insurance. The website
www.nadaguides.com
will give consumers information about used vehicles. CARFAX (www.carfax.com)
is another great resource where you can learn about certified pre-owned vehicles.
TALK TO YOUR FRIENDS
Speak to people who own the same type of vehicle you are considering purchasing.
They can give you first-hand knowledge about their experience with the vehicle and might share some advice with you.
TEST DRIVE
Be sure to test drive any vehicle you are considering. This is an important step in making sure you will be happy and comfortable with your purchase.
WHEN YOU DECIDE WHAT YOU WANT TO BUY, HOW DO YOU PAY FOR IT?
Remember your budget and don’t budge! Consider all of the costs of a vehicle, not just the sticker price. Some other items to remember are fuel, insurance, and cost of ownership. You may even call your insurance company to receive a quote for a vehicle you are considering purchasing.
BUYER GUIDE CHECKLIST
Before you start shopping:
Have a budget and make sure you consider all financing options and how much they will cost overall.
Do your research and know the price range you can comfortably afford.
Make sure you are aware of the options between buying and leasing a vehicle.
Understand that if you are applying for credit, institutions may check your credit report.
Shop around and know your options for financing. You may get quotes from a finance company, a credit union, and banks.
WHILE SHOPPING
Remember to stick to your budget.
You may negotiate with the dealership.
Ask questions and make sure you understand any additional services or products they may ask you to purchase. Consider all with care.
Understand the contract before you sign it.
AFTER PURCHASING
Understand that the establishment you obtained financing from owns the title to your vehicle and is the lien holder until you have fulfilled your contractual obligations.
Be sure to pay on time. Any late or missed payments can affect your credit score negatively.
IF YOU HAVE FINANCIAL ISSUES
Contact your financial service or creditor if you experience any problems with your ability to pay. Don’t ignore the problem! Try to work with them so that they can help you with your payment schedule. You may also look into organizations that help people by offering credit counseling.
Be sure you understand your contractual responsibility. The lien holder may have options for repossessing your vehicle and/or selling it. These options could still leave you with owing money to the lien holder, if all the money is not collected using these options.
Know your state laws. A lien holder may be able to repossess your vehicle without going to court. Understand what will prompt possible repossession by your lien holder.
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