Things to Consider When Shopping for a New Automobile
» Posted August 23, 2017 Resources | Share This Post
When shopping for a new vehicle, it is very important that you understand consumer protection laws like the California lemon law. You should also do your research to make certain that you understand the market conditions and to make sure that you are buying a safe and reliable car.
Consumer Reports has provided a guide to the key things that you should consider when shopping for a new car and many of the tips they provide will be valuable to purchasers of both new and used vehicles who want to ensure that their transaction goes smoothly.
Key Things to Consider When Buying a Vehicle
Some of the key things that you should consider when purchasing a vehicle, according to Consumer Reports, include:
- The price that you can likely expect to pay. There are services like Edmunds, Kelley Blue Book and True Car which provide you with tools to use to help you determine what you should pay for each vehicle model and each trim level.
- The car payments you will pay: You can use a car payment calculator online to find out what your expected payments are based on the price of a vehicle. Consumer Reports warns that you should focus not just on the monthly amount of payments, but also on the length of your car loan. More car buyers are stretching out the financing of their vehicles over a six year period of time, while it may make more financial sense to buy a lower priced car and pay off the loan on the vehicle in just four or five years instead of committing to a longer-term loan.
- Supply and demand: Vehicle models that are in demand are likely to be sold at higher prices and there will be less wiggle room when negotiating a deal on the vehicle. If, on the other hand, you opt for a car that has fallen somewhat out of favor among consumers, you can usually expect to get a good deal on it. Consumer Reports indicates that a Lexus ES, a Honda Odyssey Minivan and a Nissan Murano are among the vehicles that have recently experienced sales slumps so purchasing any of these vehicles could give you more room to negotiate for a discount.
- The overall car market: S. News and World Report told Consumer Affairs that car shoppers are in the strongest buying position now, as of summer 2017, than they have been in for around a nine year period of time. It is becoming a buyer's market because there is an oversupply of vehicles and because demand for the purchase of new vehicles is declining. Dealers are offering incentives and negotiating deals because buyers are in a more favorable position now.
These tips can help you to get a good price on a vehicle that you buy, but you also want to make certain that you understand the consumer protection laws that apply to ensure your car is safe and reliable. Learn about California's lemon laws and other rules and regulations that provide protection to car buyers. If you have concerns about the safety or functionality of the car you buy, talk with an attorney to find out if you have any legal recourse for the problems you're experiencing.