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Is It Wise To Buy A New Car

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Is It Wise To Buy A New Car

McParland said that anyone financing should understand their credit score to know where they stand and then cross-shop lenders and lease providers. "It's always wise to be pre-approved for a loan before you talk to the dealer," he said. "That way, you do have some leverage for them to find you a rate that either matches or beats what you already have."

Problems with using dealers include their often aggressive sales tactics and tendency to fold extra services into vehicle sales at inflated prices. For instance, etching a vehicle identification number (VIN) onto the windshield is a useful practice that can deter theft and lower insurance rates, but a dealer might charge more than $300 for the work, which consumers can do themselves with a $25 kit. To avoid paying excessive fees, it's wise to ask about any dealer-installed options or markups, Montoya said. It's a sellers market, and dealers might not waive any of the costs they tack on, but the buyer can always take their business elsewhere.

Finally, if you're planning on purchasing a car with cash, it can be wise to stash your money in a high-yield savings account, which offers an above-average APY, so you can grow your money a bit quicker. Select ranked these accounts as some of the best:

Even if you buy a slightly newer used car than the Raekers', the couple raises a great point. What else could you be spending that car payment money on And if you can cut in half what you might otherwise spend, that's a lot of extra money for your retirement account, your kids' college fund or whatever else you'd rather be doing with that money.

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Perhaps one of the more significant cons to buying a car online is that financing choices might be limited. You may find the online sales process restricts you to a single lender or one of just a handful with which the dealer has a relationship. Of course, you can secure financing before the online shopping process and then purchase the car as a "cash buyer." But that complicates what otherwise would be a straightforward and time-efficient exercise.

The best time to buy a car depends on many factors, including your circumstances, the state of your current vehicle, and whether it's more important to get the lowest possible price or have the best selection from which to choose. Because the discounts that sellers offer are generally temporary, it's wise to go in with a clear vision of what you want and how much you can spend so you can act when you find the right deal.



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