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Personal Finance Section Buying a Car Personal Finance Section Don’t think of a car as a status symbol or a personal statement,. The best car is the one that suits your needs – and that you can afford. A car is one of the biggest purchases you will make. Personal Finance Section

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personal finance section2
Personal Finance Section
  • Don’t think of a car as a status symbol or a personal statement,. The best car is the one that suits your needs – and that you can afford.
  • A car is one of the biggest purchases you will make.
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Personal Finance Section
  • Getting the Best Deal on a New Car
    • Know what options you want on a car and how much you are willing to spend.
    • Don’t let the salesmen talk you into a more pricey car.
    • Don’t buy such things as fabric protection, paint sealant, rust-proofing, or an extended warranty.
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Personal Finance Section
  • Financing a New Car
    • Research the costs of auto loans at banks and other financial institutions before going shopping.
    • Look at the annual percentage rates that places offer.
    • Consider how much of a down payment you can afford. The more you put down the lower the amount you have to borrow.
    • Don’t buy a life insurance policy with the car from the dealership.
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Personal Finance Section
  • Used Cars
    • Automobiles depreciate quickly or lose their value.
    • The new car you drive off the lot today will be worth half what you paid for it in 3 years.
    • A used car has already depreciated and it will cost you a lot less money to buy.
    • Dealerships, rental and leasing companies or even individuals sell used cars.
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Personal Finance Section
  • Used Cars
    • Ask for the service records of any used car that you may be considering.
    • If the owner does not have the service record, then you need to walk away from it. The car is not going to last if it is not taken care of.
    • Any car that averages more than 15,000 miles/yr has experienced an excessive amount of wear and tear.
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Personal Finance Section
  • Used Cars
    • Arrange for an independent mechanic to look over the car before you buy it. A family mechanic would be a good person to turn to.
    • Look at the Blue Book Value to see if the price of the car is close to what it really is worth. {Kelly Blue Book}
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Personal Finance Section
  • Avoiding High-Pressure Tactics
    • Car salesmen are very good at selling cars – consumers have less experience at buying cars.
    • Tips:
      • 1. Be prepared – Know what you want, what you don’t want, and obtain bids based on the invoice.
      • 2. Don’t be talked into options you don’t want.
      • 3. Don’t discuss trade-ins until after you have settled on a sale price.
      • 4. Don’t be pushed into a decision quickly. Take your time.
      • 5. Get everything in writing.
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Personal Finance Section
  • Review
    • Why is it a wise idea to buy a car that has already depreciated a great deal?
    • What four features would matter most to you in buying a car?
    • What do you have to sacrifice in order to get your most-wanted feature?