CONGRATULATIONS…You’re on your way to saving thousands of dollars! Millennials are very smart and resourceful. This website is geared (sorry for the pun) for the 20-30 year old buying their first car at a dealership but anyone can use it. By following my instructions you will get a great car, a great deal, and become a car buying pro. Are you ready? Here we go…
FIND THE CAR YOU WANT – FIVE THINGS TO DEFINITELY DO…
1.) BUY NEW – Everyone will tell you to get a good clean used car and let someone else pay for the depreciation. That may work for grandma and grandpa who are paying cash but it’s dead wrong for you. Why?
- If you’re on a budget and making a payment you don’t want to have to worry about any repair expenses. Trust me…something will go wrong with that “good clean used car” and unlike your new car you won’t have a warranty.
There is waaayyy more mark-up in used cars than new and they’re harder to research. They may sell you a two year old vehicle that’s $75 per month cheaper but it has a.) zero warranty. b.) you have no idea how the previous owner treated it c.) There is zero CSI (Customer Satisfaction Index…more on this later) that you can bargain with. Sure you can save $75 per month but by the time you add in a VSC (Vehicle Service Contract, also known as an Extended Warranty…more on this later too) it’s not worth it.
2.) FINDING YOUR RIGHT FIRST CAR – Don’t look for the “Best Cars for 2018” on Google. Instead look for “Cars with the Best Resale Value for 2018” on Google. Kelley Blue Book is a great site. https://www.kbb.com/new-cars/best-resale-value-awards/
Resale value is the most important thing when you are buying your first new car. As you get older your needs for a vehicle will change. You will want your car to be worth something when you go to trade it in. The worst thing that can happen is that you are “upside-down’ or your car is worth less than what you owe on it.
My picks for your first new car are…
1.) Honda Accord
2.) Toyota Camry
3.) Honda Civic
4.) Toyota Corolla
5.) Subaru Impreza
6.) Honda HRV
3.) $27 – Spend $27 and get your trade-in cleaned at a car wash where they clean the inside i.e. windows, vacuum, wipe down the dash, etc… Spending $27 to get your trade-in cleaned may add $500 to the appraisal. Used car appraisers always think a car that’s clean was better cared for then one that isn’t.
4.) MASTER THESE FOUR LINKS – After you’ve read all five of these sections (15 mins at the most) go into these links, put in your figures, and print them to take to the dealership. They are…
- A Car Payment Link: So you know what your payment will be.
- A Trade-In Value Link: So you will have an idea what your trade-in is worth.
- An Auto Loan Rates Link: So you will know what rates the banks are offering.
- A “Special Offers” from the Manufacturer Link: So you will know the special rates for the month offered by the manufacturer.
5.) SUNDAY NIGHT – Go look at the car on a Sunday night after the dealership is closed. You don’t need to drive it yet…it will drive fine. The car will be locked-up but you can still get a good idea of backseat space, options, color, etc… Also, write down the stock #. It’s usually a five digit # that’s on the front windshield. You’ll also be more confident and have an advantage when you show up at the dealership and show them the exact car you want to drive.
Recent Comments