Committing to a new car is a big step and not something you should take lightly — after all, you’re likely to have those wheels for a few years to come. Once upon a time, we would buy a new car every three or four years, but as automobile prices rise and the durability of vehicles improves, we’re now buying fewer cars than ever before. Most of us now leave it to between six and eight years before a visit to the dealership.
This means picking the right car is more important than ever. There are several key steps to buying a car, and it’s important not to skip any of them if you want to secure a good deal. Here’s everything you need to know about how to get the best price on a new car.
Research Is Everything
Family SUV with room for that bulky baby carriage or two-seater speed demon for weekend getaways? While you’re likely to already have an idea of what you’re after, it’s vital to do your research properly because there are many less-exciting features that are easy to overlook — everything from traction control to seat design could play a part in finding the car that is right for you. Equip yourself with a checklist of non-negotiables before you visit the showroom, and avoid a love-at-first-sight moment that leaves you driving away in something that doesn’t fit your long-term needs.
Get Your Best Possible Credit Score
Your credit score is likely to have a huge impact on the deal you get: A decent score, like a 720 or 780, means you will probably walk away with a lower interest rate and a better monthly installment to pay off. Worryingly, only 4 in 10 Americans feel their credit score is good enough to fulfill their financial goals. With ScoreMaster, though, you can turn your score around in just 20 days, by keeping track of the number using a gamified, interactive scoreboard that makes it fun to tackle your finances. All too often, consumers are leaving easily achievable points on the table. By spending a minute signing up to ScoreMaster, you can achieve your best possible credit score.
Plan Your Trade-In
To get the best price on a new car, you need to get the best possible deal on your old car. This means thoroughly researching the amount your old vehicle is worth before you start negotiations with the dealership. To avoid losing out, make sure that the cost of the new car and the price of your old car are two separate negotiations. For a clear idea of what your old automobile is worth, it could be worth getting an independent appraisal of your car.
Name Your Price
Once your credit score is looking good and you’ve thoroughly researched the vehicle you want, it’s time to secure the best price on that new car. Right now, interest rates are at an all-time low, so you are already halfway there in nailing a good deal. Rather than trailing around endless showrooms in search of the best price, identify at least three dealerships that have the car you want and note their prices. You can then use this price to negotiate with other dealerships.
Many people don’t realize just how much their credit score is affecting their ability to land a good deal on a new car. Let ScoreMaster help you achieve your best possible score by signing up today.
*Legal Disclaimer – ScoreMaster is a patent-pending educational feature simulating credit utilization’s effect on credit scores via payments or spending. Your results may vary and are not guaranteed.