Nowadays consumers are more cautious when it comes to making major purchases like a new car. Even though with a new car one is less likely to end up with a lemon, there are still pit falls to watch out for. Here are 12 best practices that consumers should consider employing when buying a new car.
Best Practice 1
The first best practice a consumer should employ when contemplating a new car purchase is to make a list of what they want and need in a new car. For example, a consumer may want all black leather interior but need the car to be fuel efficient on long commutes.
Best Practice 2
The second best practice a consumer should employ when contemplating a new car purchase is to take their list and compare it to the makes and models of new cars that they may be interested in.
Best Practice 3
The third best practice a consumer should employ when contemplating a new car purchase is to go online to the following four websites; http://www.consumerreports.org, http://www.motortrends.com, http://www.caranddriver.com, and http://www.edmunds.com.
All four of those websites provide consumers with side-by-side comparisons of the safety, service and performance ratings of all new vehicles on the market today. Conducting a side-by-side comparison with help the consumer further narrow down what make and model new car will best encompass all of his or her needs.
Best Practice 4
The fourth best practice a consumer should employ when contemplating a new car purchase is to research whether or not the cars’ manufacturers are currently offering any special rebates. This kind of research can easily be done online by visiting either the http://www.carsdirect.com or http://www.autopedia.com/html/rebate.html websites.
Best Practice 5
The fifth best practice a consumer should employ is to research the fuel economy of the cars on their list. Both the http://www.fueleconomy.gov and http://www.epa.gov/emiss websites list the fuel efficiency of new vehicles on their websites.
Best Practice 6
The sixth best practice a consumer should employ is to research whether or not the cars they are interested in are now, or have ever been, subjected to manufacturers recall. Consumers often neglect this step because they mistakenly believe that new cars are not recalled. This is not the case. Those wishing to research manufactures recalls will find the http://www.nhtsa.gov website extremely helpful in that matter.
Best Practice 7
The seventh best practice a consumer should employ is to research the dealer’s book price for the cars that he or she is interested in. If the dealer’s price is not readily available, the consumer can find the car’s wholesale price listed on the http://www.consumerreports.org website. Though knowing the dealer’s price would be ideal, a consumer can at least determine a price range by becoming aware of the cars wholesale price. Being aware of the cars price range is helpful during price negotiations.
Best Practice 8
The eighth step the consumer should employ is to investigate and compare auto financing options. Consumers should examine not only the loan’s monthly payment but the total finance charges and annual percentage rate as well.
Best Practice 9
The ninth step the consumer should employ is to compare auto insurance policy rates, registration fees, tag fees and any applicable taxes associated with a new car purchase. All of those things may not seem important at first blush, but they can significantly affect the price of the new vehicle over time.
Best Practice 10
The tenth step the consumer should take is to research the new car dealers in their area. This can be accomplished by contacting the Better Business Bureau, local chamber or commerce as well as visiting the dealership first hand.
Best Practice 11
The eleventh step the consumer should employ is to talk to the dealer and determine the cost of “extras” such as extended service warrantees and review the dealerships return policy.
Best Practice 12
The twelfth step the consumer should employ is to test drive the car to make sure that the vehicle handles the way that he or she expected. If it does, the consumer should then negotiate the vehicles price and other terms of sale, making sure not to sign any documents unless they are read and clearly understood first.
In conclusion, taking the above 12 action steps will help to ensure that the consumer is getting the best new car for the best price.