Are you getting ready to purchase your first car? Here are 8 foolproof tips that can help you make the best deal possible:
- Slow down! There are many emotions involved when you purchase a new car. By slowing down, you'll save money and hassle.
- Don't depend on the car dealership to "educate" you on receiving the best deal. Car dealerships are in business to make a profit, not teach you how to get the best deal. Don't go near the car lot until after you've done your homework.
- Don't think you have to spend a fortune to get a good car. Buying used can save you thousands; just make sure to have it checked out by a mechanic prior to purchasing.
- Check the price of insurance before you purchase. Did you know that in many states it can cost you five times as much to insure an eight-cylinder 2 door sports car than it does to insure the same car with a four-cylinder engine?
- If this is going to be your first major credit purchase, don't blow it! How you pay your first loan will determine the rate and terms on future purchases for decades.
- Never purchase your car on the first visit to the dealership. All dealerships want to sell you the first time you visit because they make more money on the sale. Why? Because you haven't had the opportunity to compare their deal.
- Most dealerships make their profit on add-ons, not the purchase price of the vehicle. Make sure to explore all add-on options, especially GAP and Extended Warranty, through the credit union as our plans are often much cheaper.
- Talk to us before you shop. The minute you start thinking about purchasing a new or used car, stop by one of our branches and talk to us. We can provide you with valuable information about car buying prior to visiting the dealership.