Buying a car is one of life’s great experiences, but it can be an expensive and difficult process if you’re not familiar with the dos and don’ts of car financing. Fortunately, you can find tons of resources to help you find the right car at an affordable price. The Canadian Auto Market in 2020 has plunged due to COVID-19 sending shockwaves to every facet of daily life involving automobiles, which includes driving to work, school, running errands and shopping, traveling, and other daily road ventures.
However, we’re here to help you get your new car. So, let’s get started with the biggest dos and don’ts you need to watch for when making your car purchase:
Buying a Car in 2021
Ultimately, a car purchase is just another business transaction. However, buying a car can be stressful if you don’t know the buying process or how to navigate it. There is negotiation involved and pressure from both sides to close the deal with both parties’ possible terms. Before you approach a dealer to buy a car in the current Canadian Auto Market, we recommend following this list of dos and don’ts.
1. Do Your Research
A smart buyer knows the car they want and the price they should pay for it before stepping foot in a car dealership. You refer to major car websites and magazines to get sufficient information on any car. You can explore pricing, features, colors, and reliability and compare different brands and models.
2. Know Your Budget and Credit Score
A car purchase won’t come cheap, so you must know how much you can afford every month and the down payment you’re willing to make. If you don’t have either, you could end up with a car you can’t afford. Knowing your credit score helps you with car financing; you know how much loan and interest you can get.
3. Look For Deals
When sales are slow, manufacturers offer incentives to boost sales. These incentives could include low-interest financing, extra features, or cashback offers.
4. Take a Test Drive
You cannot buy a car without taking it out for a spin. A hands-on experience behind the wheel tells you more about a car than hours of research. Check the car’s comfort level and inspect all features to ensure they’re working properly.
5. Be Prepared to Walk Away
If the deal isn’t right, don’t hesitate to say ‘no.’ A dealer will try their best to close the deal on their terms, and most times, buyers fall for it considering the time and effort they’ve spent. It’s your money, and the decision to buy a car should be completely yours.
1. Never Tell Dealers You’re Paying Cash
Paying cash for a car is great, but telling your dealer that you plan to do this is a terrible idea. Dealers make more money on financing deals. So, negotiate with them until you agree on a deal, then let them know you’ll be paying in cash.
2. Never Shop at One Dealer
Compare the prices at different dealerships before making a decision. You don’t have to visit each dealership in person. Just visit their websites and compare their offerings.
3. Don’t Take the Car Home with Incomplete Paperwork
Many car dealers tell you not to worry about the paperwork and take the car home. You need to conclude all negotiations, agree, complete the paperwork, and then take your car home.
There are thousands of cars in the Canadian Auto Market at any given time, with different makes, models, and features. If you want to learn more about things you should know before buying a car, please visit MyAutoLenders today.