Unless you live in an area with public transportation or walkable infrastructure, having a car is essential. Unfortunately, buying a vehicle can be quite an expensive and long process. Here are some tips to save money and cut down on stress when you go car shopping.
Links:
- Shop now and get pricing at Edmunds, cars.com, and Kelley Blue Book
- Check out the vehicle history with Carfax
- Check out TCU University for more financial education tips and resources!
- Follow us on Facebook, Instagram and Twitter!
- Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
The first thing you'll want to do before you ever step foot in a dealership is to do your research. What kind of car do you want? What features are important to you? Once you have figured that out, look online for the average price of your dream vehicle. Websites like Edmunds, cars.com, and Kelley Blue Book will not only show you what a reasonable price is for the vehicle, but also where you can buy that vehicle for the best price.
Another thing to consider while shopping for a car is its fuel efficiency. Vehicles with higher miles per gallon save you tons of money in the long run. If you live in an area with electric charging stations, consider buying an electric or hybrid vehicle to save even more on powering up your car.
Buying a car used rather than new will save you thousands of dollars. The second a new car is driven off the dealership lot, it depreciates. Cars also depreciate over time, so you can use this to your advantage when looking for an affordable car.
However, there are a couple of things to look out for when buying a used car. Check the history of the car. You can do this on websites like Carfax, which will tell you how many owners the car has had, if it's been in any accidents, and more. You should also check the mileage on the car; if it's high, that might cost more for repairs down the road. Before buying a used car, take it to a trusted mechanic to ensure nothing is wrong with it.
See if you can negotiate the price. Some dealerships are willing to lower the price; just make sure to do your research first. If you notice anything wrong with the car you're planning on buying, bring it up with the salesperson. They might lower the price or offer to fix the issue.
When shopping for a vehicle, it’s especially critical to avoid impulse buying. Take your time to research the car you're interested in. Look up if the car has any known issues. If you're at the dealership, ask to test drive the car to get a feel for how it drives. If you do impulse buy, you're at risk of paying more than what the car is worth which can severely impact your financial stability.
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.
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