Are you in the market for a new car, but you want to make sure you get the best possible deal out there? Buying a new or (new-to-you) used car is a major purchase, and you have to do everything you can to get the perfect vehicle at the perfect price.
These tips will help you narrow down your options and get behind the wheel of a car that fits your lifestyle.
#1 Plan Your Finances
Buying a car that’s more than you can afford can put you in a very bad position. Because of the way vehicle depreciation works, you often can’t just sell the vehicle back and recover from your mistake. It’s worth less as soon as you drive away, so you can be stuck with a car loan that you can’t afford.
When you’re budgeting for a new vehicle, financial advisors recommend spending no more than 10-15% of your income on transportation. But you should also take into consideration your real living expenses, your existing debt, and how much you have left over each month.
#2 Compare Cars
Once you have a budget, compare cars in your price range. Check out all the best-of lists and comparison articles you can find. For example, these are some of the best Sedan cars in Canada right now.
See what features you want or need, especially things like seats and storage space, if this is going to be a family car.
#3 Find the Rides You Want
If you’re a deal-hunter, it helps to come up with a couple of cars you’d love to drive away with. This will help a lot when it comes to the next step: finding the car you want at the best price in the real world.
Some of the ways you can save are by searching for a used car or considering a lease. Make sure you crunch the numbers so that you can compare total costs, not just the monthly payment if you really want the best possible deal.
#4 Compare Trims and Builds
You may also want to put a bit of research into the trims and builds available for your vehicle. If you buy used from a private seller, you get what you get, but if you’re going to a dealer, see what they have available. If there’s a trim you really want, you may want to keep looking.
#5 Test and Inspect
A test drive will help you feel things out, so you know whether you like it or not, but not everyone knows what to look for when they inspect a car, especially if it’s used. Be sure to check:
- Year and mileage
- For any chips in the paint
- The vehicle history report
- The undercarriage
- The lights
- For corrosion or rust under the hood
There are many other things to look for, but this is a good start.
#6 Get Insurance
Auto insurance is not optional in Canada, as it can be necessary to cover your liability for losses to someone else, such as injury or property damage, not just your own damages. Make sure you’re insured before you drive away with your new vehicle.
These tips will help you get a better deal for your vehicle. Do your research, make your budget, test drive and inspect the vehicle, and find vehicles online before you commit.