If you have your eye on a new car — or a car that is new to you — you may be wondering whether now is the right time to buy.
According to Jon Maroni, Numerica Credit Union’s financial engagement manager, the answer is personal.
“It’s not necessarily about the month, the season, what the market’s doing,” Maroni said. “It’s really going to be the best time for you.”
Start with your financial readiness:
Maroni said buying a vehicle may make sense when you have money saved and a car that needs to be replaced.
That can be especially true for drivers whose older vehicles are becoming too expensive to maintain. In that situation, he said investing in a dependable vehicle and planning to drive it for years can be the better long-term choice.
Look beyond the monthly payment:
One of the biggest mistakes buyers make, Maroni said, is choosing a vehicle based only on the monthly payment.
“Your monthly payment — that’s the floor of what you’re going to pay for a vehicle,” Maroni said. “It doesn’t factor in your insurance costs, your maintenance costs, your titling and registration costs.”
Before buying, consider the full cost of ownership, including insurance, maintenance, registration and fuel, along with the vehicle payment.
Save for a down payment and get preapproved:
Maroni recommends saving for a down payment and getting preapproved for financing before shopping at a dealership.
A preapproval can show you the loan amount and interest rate you may qualify for. It can also provide a comparison point if the dealership offers financing.
“It’s a powerful resource,” Maroni said. “If I walk into, especially a dealership, with a preapproval in hand, I know here’s a loan amount that I could qualify for [and] here’s an interest rate that I might be able to access.”
Having that information can help buyers negotiate and stay within their budgets.
The bottom line:
Whether you decide to buy new, buy used or keep your current vehicle, Maroni said the best choice is the one that supports your long-term financial goals.
This story is part of 4 News Now’s Money Saving Monday series.
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