Buying a car is an important financial decision that will have an impact on your day-to-day life for years to come. You want a car that is reliable and nice, but you also don’t want to go over your budget. Here are some tips from NerdWallet to help you find the best deal on a new car:
- Before you ever set foot on a car dealership lot, it’s important to sit down and review your finances and set out an attainable and reasonable budget for your car payments. You want to allow yourself enough room in your budget to have a savings account and extra money for emergencies. So, don’t plan on having a car payment that would put you in a financial strain.
- Once you have your budget in mind, you need to stick to it. Don’t be tempted by shiny new cars with a big price tag. Even if you are approved for a higher payment by the bank than you budgeted for yourself, that doesn’t mean that you should go with the more expensive car.
- Before you buy a car, be sure to shop around for the best deal. Search online or visit several car dealerships to get an idea for the asking price for the car you have in mind. Pick a car that both fits your budget and your needs. For example, if you know that you have a long commute to work each day, find a car that is fuel efficient.
- Once you find the right car at the right price, be sure to take it for a test drive. Buying a car is a major decision, and you don’t want to purchase a car without testing it out first.
- To get the best deal possible, ask to trade your old car in for credit towards your new car.
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