You can already feel the pedal under your feet, the wheel in your hands and you can practically smell the new car. But there are three quick things you should consider first.
One, are you buying or leasing the car? About one-third of people lease their cars. But most finance, and some pay cash. What’s best for you will depend on your unique situation. So, weigh all the variables first: interest rates, expected mileage, and maintenance are all things to think about.
Two, are you prepared to get the best deal possible? There are a lot of aspects to getting the best deal you can on a new car. But a few of the most important are buying in October, November and December. That’s when you may get the best deals. Sending an email to the dealer that you are ready to buy and outlining the exact deal you want. And really walking away from the lot when you’re not getting the deal you want.
And three, don’t forget to update your insurance. Depending on who will be driving the car, it will be important to call your insurer to update your coverage and explore your options. Gap coverage may be an option to consider or an umbrella policy if you’re not the only one in your household who will be driving.
Then, buckle up, and enjoy your new ride!
This is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. (06/21)