Buying A New Car In Virginia - Buying a new car doesn't have to be complicated. However, the process can be time-consuming and frustrating at times.
In times of a pandemic, that's even more difficult as supplies remain low, prices are high, and car buyers don't have much room to negotiate prices.
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Use our comprehensive list of steps to buying a new vehicle to save time and put your mind at ease during the process.
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When shopping for a new car, you'll want to know everything from your buying style to what you can afford. Here are the steps.
Even though there is so much automotive information available on the internet, many people still want to buy a new car within days of making a buying decision. This means that the buyer may buy the wrong vehicle or one with too few or more features than necessary rather than making the right buying decision.
Remember, as the buyer, you must be in control throughout the entire process. It is best to make choices along the way before you even walk into the dealership. With so much reliable information available, even if you already have a strong preference for the vehicle you want, you may be pleasantly surprised by the results if you take the time to research and keep an open mind.
Here's one way to get started: Take a look at this list of different types of buyers and decide which best describes you. Next, start your vehicle search using one of the handy shortcuts shown below, or simply follow all 10 steps to buy a new car to cover all bases.
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You enjoy the chase as much as the conquest and cover every base, becoming a new car expert in a number of ways.
You want a safe, reliable vehicle you can trust to keep you and your family safe on the road.
Shortcut: Read the US Department of Transportation's National Highway Traffic Safety Administration's 5-Star Safety Rating System.
Whatever your buying style, the information you collect and the effort you put into the process will serve you well and help you avoid the buyer's remorse that often accompanies an automotive purchase.
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How is the list narrowed down with hundreds of new makes and models? To some extent, your lifestyle can help.
Imagine the activities you will experience in your new vehicle. If you have small children, you need a car with the best safety features and a spacious vehicle with ample cargo space for all the things you normally carry. Or maybe you're more concerned with performance or style. Or maybe you have a job in sales and need something suitable to take customers out to lunch. If your perfect vehicle needs to haul or tow something, you'll narrow your choices down to that.
When considering buying a car, everything is taken into account such as the number of seats, number of doors, size, performance, color, style, comfort and sometimes even towing capacity. The key is to narrow your search by making a short list of options before heading to the dealer.
Where to start? Start researching online and check out reviews and guides that can help you narrow down your short list in no time.
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Another tool that will help narrow your search is a side-by-side comparison, which allows you to compare specifications and see which features are standard or optional on each new car. This is a useful exercise when you only have a few vehicles and want to compare points or characteristics which are better.
This easy-to-use internet tool allows you to easily analyze your options before making a final decision. Avoid making the common mistake of impulse buying. The slight delay in car satisfaction is worth the time, especially when you get that information from a reputable source.
When considering the purchase of a new vehicle, affordability lines can quickly blur due to the variety of financing options available. Wise buyers purchase new vehicles based on their means. Keep an open mind and you may be surprised to see a list of cars in your price range.
Affordability is a multifaceted issue because the car buying process can consist of several financial considerations. It will help if you accurately determine the current value of your car, how much down payment you can make, and a reasonable amount that you can handle for your monthly payments. Some careful thought and brutal honesty will pay off handsomely later.
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Many personal finance experts recommend that your car budget cost no more than 10% of your net pay after taxes. Your budget will cover car payments, car insurance, gas, maintenance, and repairs. Use our tool to see how much it will cost over five years for your preferred make and model of vehicle. This tool provides estimates for gas, insurance, repairs, and more. This can help you determine your overall budget.
Too many car buyers buy vehicles beyond their means and prefer a low down payment. This can cause buyers to drastically evaluate their ability to make monthly payments and therefore want to reduce monthly payments by extending the duration of the loan, causing problems down the road.
Another important element is deciding what to do with your current car. In general, your vehicle is likely to be worth more when you sell it yourself to a private party than when you trade it in. But many people don't want to put in the time and effort to do it. Understand that if you trade them, you probably won't earn as much if you sell them yourself.
The biggest problem for most buyers is the price of a new car. Luckily, determining the MSRP (manufacturer's suggested retail price) is easy, and calculating at least a range for a realistic transaction price isn't complicated either.
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The process of buying a new car is greatly simplified when you know in advance how much the vehicle you can afford.
This is true whether you rent or buy. Here are examples of the types of details you might encounter in a typical new car deal:
Many online tools can help you determine your affordability, including a car affordability calculator from our sister site Autotrader.
If your car is in pristine condition and you have had an impeccable service, it may be worth selling yourself. On the other hand, if your car needs a lot of work, you may be investing more money than you can get back, so look at it realistically before deciding.
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Get Kelley Blue Book® trade-in value on your current vehicle. Based on the condition of your car, the values represent the right range of what you can expect when you trade your car in at the dealer. If you decide to exchange your vehicle, please note that it is the dealer's responsibility to prepare your trade-in for resale. This process usually includes mechanical and smoke inspections and repairs to prepare the car for sale to the next owner. This will cost the dealer money and the dealer will include it in the deal.
If you prefer to sell your vehicle to a private party, first check the Blue Book® Private Party value. This is the value you can expect when selling the car to other consumers. In this case, you are solely responsible for preparing your vehicle for sale and for establishing and negotiating a fair price. Learn more about trading or selling yourself in step 8.
Calculate the monthly payment you can afford using Autotrader's car payment calculator to determine how much you need to borrow. This tool takes into account the interest rate and loan term. Now add the available cash from your down payment and the car you traded in to the loan amount (if you have any), and you'll start to get the price that works best for you.
Also, check the customer or dealer incentives available for your new vehicle, adding them to the available cash amount. Remember, you'll still need to add taxes, tag fees, and fees, which can vary from state to state. You can get this information through your local DMV.
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You can price new vehicles in the Kelley Blue Book, which features three types of new car prices:
Additionally, incentives may be available for the car of your choice and will reduce the overall price. Read more about new vehicle prices in step 5.
Your decision to stick to a budget will help ensure peace of mind, both in the car buying process and in the future. And remember, you're paying more than a dollar for every dollar you borrow, so putting a large down payment for the purchase price makes sense in the long run. With these principles in mind, you should be able to begin a thorough research of your new, shorter car listing.
With so much data available, what should you specifically research? You may want to consider price and equipment options and the following:
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This information can help you achieve the peace of mind you need. Then, follow the search for owner opinions and expert reviews.
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