Things To Know Before Buying A New Car – Buying a car has become more streamlined, making the buying process faster than ever. However, if you do not bring the correct documents with you, the purchase may be held up. Knowing what documents you need to bring with you when you buy a car can make the process smoother. Along with your driving license, there are some other documents you should bring while buying a car:
Things To Know Before Buying A New Car
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Questions To Ask Before Buying A Car
Tom McParland of AutoMatch Consulting recommends contacting your insurance agent before you go to the dealership to let them know what you plan to buy. Your insurance agent can tell you if you can expect a change in your insurance rates — something you’ll want to know before you buy.
“If you’re ready to close the deal, tell your agent what the new vehicle is and give them a temporary card and update the policy accordingly,” advises McParland. Although a new car needs to be updated with the vehicle identification number, or VIN, to authorize the policy, doing some work in advance can save time at the dealership, he says.
In most states, proof of insurance on your existing car allows you to take home a new car. You then have a short window of time to inform your insurance company about the new purchase and complete the paperwork. If you’re not sure what’s required in your state, make sure to talk to your insurance agent before heading to the car lot.
If you’re trading in a car, you’ll need to bring a certificate of title or, if you don’t own the vehicle outright, any relevant documents from the bank.
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“If you’re using outside financing and not going through the dealership for it, you should bring all the information related to that loan,” says McParland. If you’re getting financing through a dealership, what you need to bring in may vary depending on your credit score.
If you have strong credit, the items listed above should close the deal for you. However, if you are unsure of your credit rating or know it is not good, you may also need to bring your two most recent pay stubs, proof of residency (recent utility bills are good) and a list of references. You may not need them, but bringing these items with you in case the dealership requests them will save you time.
Thanks to online resources, you can do most of your fact-finding before you ever visit a dealership. For example, you can find out what features are available and what you can expect to pay.
“I always recommend that people go online first and find the car they’re interested in before they go shopping,” advises McParland. “Being able to do so much online really streamlines your time. You call the dealership and tell them what car you’re looking for, what trim level you want, and then make an appointment to test-drive the car. They prepare it for you and it shows them that you know what you’re doing – so they’re going to take you more seriously.
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For more information on buying a car, review this first-time buyer’s guide or this used car buying guide to break down the different steps of each process. On a budget but looking for a ride to help you out? Buying a used car is a great idea for those with tight pockets, here are some financial factors to add to your checklist when buying a used car.
Pricey Used cars tend to fetch lower prices than brand new cars – which is great for those working on a budget. However, if you are taking a car loan; Keep in mind the interest rate of the loan you are going to take. Monthly installments should be factored into your expenses to ensure you have enough cash flow each month.
Depreciation A car’s value can decrease by up to 20% each year. In Singapore, used car depreciation rates are steeper for high-end cars with larger COE premiums.
Maintenance The biggest concern with buying a used car is the maintenance charges. Older cars may require more attention in its maintenance, keep in mind the extra cost of repairs, replacement of old parts and extra service charges.
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Road tax and insurance Car insurance premiums generally increase with the age of the car. Similarly, cars older than 10 years may cost more in road tax (in Singapore). Include such fees and premiums in your budget before buying a used car.
Buying a used car from an easy-to-use market means you don’t know its full history. Bring a checklist to check all physical aspects. Alternatively, engaging a trusted dealer can help you better assess the car’s condition for added peace of mind.
The past decade has seen the rise of robo-advisors; Automated platforms that help investors allocate their capital. But how do these emerging alternatives compare to the traditional methods of reading financial reports, understanding charts and indicators, and picking your own stocks and bonds? At Hansma Automative, we have over 30 years of experience working with all types of vehicles, and we want to put our experience to work for you!
We take a closer look at the things you should consider before saying ‘yes!’ to your new vehicle so you won’t regret your decision. Let’s get started now!
How To Buy A New Car
Check out our tips for buying a used car infographic below and keep reading to learn more about each step you should take before you buy.
The first thing you want to do when buying a used car is to thoroughly inspect the interior of the car. Take a deep breath – whatever you like
It may seem a little strange, but it’s important to note any strange smells! If you notice any odors that remind you of mildew, there may be mold growth that you’re not seeing.
This could be a sign that it was a recent leak – or that the previous owner really didn’t take care of the car as well as they should have.
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Of course, you want to see the state of things. Check the heat and air conditioning, roll the windows up and down, etc. It’s up to you to decide what you can afford and what you want to pass on.
Maybe a few scratches here and there are fine, but you don’t want to deal with a big rip in the seat or stains everywhere.
You can also see what features and additions your used car includes – such as heated seats, sun roof, upgraded stereo systems, etc.
Consider keeping a list of ‘wants’ and ‘needs’ before looking at used cars. This way, you’ll be able to see what you really want and what you’re willing to sacrifice before you start your car search.
Step By Step Checklist For Buying A New Car
The exterior of the used car you are looking at can give you a ton of information about the vehicle! First, you’ll want to give the entire car a thorough look. Look for scratches, dents, rust spots, cracks or any other type of damage.
Carfax Canada also suggests that you look for things like paint overspray on the door seals or fresh paint on the mufflers or under the car, as these are obvious signs that the car has been repaired (aka has been in a collision in the past!).
Check out the video below for tips on checking out a used car. This is a great video because it shows how easy it is to inspect a used car – even if you don’t have the salesperson with you to provide access to the interior! Keep in mind that you can buy used cars from dealers or private sellers.
It’s also strongly recommended that you get a professional inspection (we’ll go into that below). However, it is still important that you inspect the car yourself to be sure
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Simply looking at a used car can tell you a lot. When it comes to buying a used car, you want to test drive it. And you’ll want to do more than spin around the block!
Most experts recommend a good amount of time to test drive the car, around 45 minutes should be long enough to get a good feel for the car.
While driving, you want to take the car on different roads – from slow city roads to main highways. It’s good to note how the car feels when braking and accelerating.
You can also check out this handy used car checklist from Chris Fix – the last page of the checklist has things to look for when inspecting a used car!
Things To Consider Before Buying Your New Car
The reason many of us choose a used car
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