Car buying is stressful. This does not come as a surprise, considering how hefty of an investment it is.
Even though purchasing a new vehicle is no easy feat, car sales continue to be steady every year. According to Statista, 77 million units of cars were sold around the world in 2019! While sales haven’t wavered much, the consumer journey during car buying has changed in the past few years.
In the ever-evolving landscape of car buying, understanding the intricacies of the process has become more crucial than ever. As consumers seek to make informed decisions, delving beyond the surface has led to new rules that redefine the game. One such rule pertains to the dealer invoice price, a term gaining traction among savvy buyers. Unveiling this elusive figure empowers buyers with invaluable knowledge, representing the cost at which dealers procure vehicles from manufacturers. With this information, buyers can negotiate from a position of strength, ensuring a fair deal and sidestepping potential markups. Including the dealer invoice price here is a key consideration that exemplifies the modern buyer’s dedication to making well-informed choices, reshaping the dynamics of car purchasing in an increasingly transparent era.
If you are considering buying a vehicle in today’s world, here are some rules you should abide by to ensure a sound purchase.
1. Always begin with research
Gone are the days when you could walk into the nearest dealer store and rely on the said dealer to give you the best recommendation and deal. Customers have much more control over the car buying process of today than it is by sellers.
Take the initiative and conduct thorough research about potential vehicles you can buy, what you can afford, and how much you should be willing to give for a given car. While any quality car buying service UK has to offer will provide you with the best deal, it is always best to be informed.
Begin by analyzing your vehicle-related needs. What is it that you would want in your ideal car? What are your desires when it comes to your ride? Consider potential options once you know what features and specifications you want in a vehicle.
Then, proceed to narrow down the list based on your budget. Read reviews of the options you have narrowed down and decide which you think is the best. After this, search for car-buying services that offer you the best price.
2. Never forget to compare
Let’s say you have your mind and heart set on one car. You think there can’t be any other vehicle better for you than this one. You begin saving up money for it, as well. But, once you buy the vehicle, you spot a better one riding to the sunset.
How do you avoid ever being in such a dilemma? Simple! By comparing different options during the initial phase of your car buying journey. Don’t just compare options based on their technical specifications.
Instead, keep in mind the overall experience of other users. Remember, every brand will always market its product to be the best. But, it is the users who offer impartial insights. Rather than relying on just one source for comparing vehicles, check out different review sites for a better idea.
3. Test drive your top 5
Once you have researched and read all user-generated reviews, it is time to narrow your desired choices to your top 5 picks. What metrics you use to filter your options is entirely up to you. You can select based on affordability, mileage, or aesthetics.
Once you have lessened your choices, it is time to experience what it feels like to drive the given vehicles. Research can only play a limited role in gauging the quality of a car.
Since you must drive it, you must have first-hand experience of what it feels like to operate a given car before spending thousands of bucks on it.
Take each of your best five picks out on a drive. Make sure that you drive the same version that you intend to buy. Why? This is because two versions of the same car model can feel very different because of tuning differences, wheel-and-tire choices, and suspension options.
Decide which vehicle out of your top choices feels best when driven, and then pick accordingly.
4. Check everything during the test run
Just because a given vehicle drives smoothly doesn’t mean it is good enough to be your ride for the next few years.
For instance, let’s say that a given vehicle feels great to drive in. But, the seating is not comfortable. Similarly, the cargo capacity is abysmal. Can you manage with such a car for a few years?
The chances are you can’t.
This is why it is often advised to check every vehicle element during its test run. Look at seating space, ease of entry and exit, cargo capacity, seat cushioning, quality of infotainment system, etc.
5. Opt for a credit union
Are you considering using dealer financing options if you don’t have enough money to finance the car-buying journey? In today’s world, you shouldn’t be limited to such choices.
This is because there are much better financing options out there. One such is getting a credit union. A credit union is a low-cost financing method that ensures you get the best rate.
Don’t finance a car for more than 60 months, even if you wish to opt for dealer financing. Depreciation is a menace for vehicles, and a 60-month financing term will bind you to a vehicle you no longer want.
Car Buying has never been easier yet challenging!
With the recent influx of information and the rise in technology, car buying has become quite easy. But, the downside is that as a customer, many decisions have to be solely made by you. This can feel overwhelming.
But, if you use the right tools and platforms, you will make the right decision. And that is what matters.
Audrey Throne is the mother of a 3-year-old and a professional blogger by choice. Audrey is passionate about lifestyle, business, automotive, technology and management and blogs frequently on these topics.
Find her on Twitter: @audrey_throne.