Planning on buying a car this year?
So were we! We’ve already made the purchase a couple months before we were planning but it is done. So I’m sharing some of the tips we learned before, during and after our car buying experience that I’d love to share with you. You ready? Because here we go!
Decide before you leave whether you want to buy or lease
Before you head to BMW of Oyster Bay, decide which way you want to purchase this car. Buying will be a little more expensive up front but you own the car once you finish the payments. In a lease, you get lower payments (which is awesome) but depending on how many miles you are allowed to drive and whether or not you decide to buy it in the end… it may not be worth it. We were lucky when we went in. We had basically decided to buy but our dealership gave us payments and options for both just in case so we could make an informed decision.
Know how much you can afford
This connects with the buy or lease. If you decide to buy but can’t pay more than $400 a month, this limits what kind of car you can buy because the bigger cars can get more expensive. You can also walk onto the lot with a car payment already secured so you don’t have to go through that part.
Know what you want before you walk onto the lot
This goes with knowing what you can afford. If you know exactly what you want, make sure you can make the payments. If you know what payments you can afford, find the perfect car for you in the price range.
Contact your insurance agent
This is something you may want to do before heading to the lot. There might be a chance you can’t afford the car if your insurance will rise too high. Include that payment in your budget and you’ll be ok.
Trading in? Make sure it is worth your while
Still owe payments on the car you are trading in? Make sure you don’t owe more than they are willing to give you. Perfect option is to make sure that car is paid off so everything your car is worth goes towards your new car. I know everyone doesn’t have that option. But you never want to end up upside down.