Buying New: Is it Right for Me?

Thinking about buying a new car? There are a lot of things to consider. Hearing a salesperson’s spiel about features and pricing can quickly become overwhelming. Take a moment to consider the pros, cons and tips listed below. Adequate preparation could help save you a lot of time and hassle when decide you’re finally ready to buy.

Pros

  • You will probably have far less maintenance and upkeep issues with a new vehicle as opposed to an old one. This will save you money in the long run, and you can be assured you’re receiving your car at its top quality.
  • There are practically an unlimited number of features you can choose. Air conditioned seats? Sure. Top-of-the-line navigation system? No problem. If you can think of it, it’s probably available.
  • That new car smell. Many people revel in the idea that their latest investment not only looks new, but it also smells new.
  • A new car’s warranty is guaranteed to be untouched. Manufacturers cover new vehicles for at least three years, and some last longer.

Cons

  • New cars greatly depreciate in value during the first year of ownership. Some models can lose 40 percent of their value within 12 months.
  • Those new features mentioned above come with a price. There may be an unlimited number of bells and whistles, but you may need an unlimited budget to get them.
  • Buying new can pretty much ensure that you will be paying a higher price for everything. Higher insurance, licence and registration rates all come with the territory.

Tips

  • Don’t let a salesperson push you into buying something you don’t want or need. Write down a list of every feature you want before stepping onto the lot, and stand your ground.
  • Be patient. Take time to think about your decision and weigh your options. Just because a dealer says he/she is giving you the lowest price, doesn’t necessarily mean it’s the cheapest one out there. Rushing into buying a new car can lead to buyer’s remorse.
  • Buy at the right time. Most salespeople make money from commissions and are much more likely to negotiate at the end of the month when they are rushing to make their quota. It’s also a good idea to go between Thanksgiving and Christmas, when other people are saving money and dealerships are looking for much-needed business.

There are tons of great resources on the Internet when you’re looking to buy a new vehicle. Plan in advance and have an idea of exactly what you want and need. Let us know if you prefer buying new or used by commenting below. If you are considering buying a used car, be sure to check out my previous blog post.

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