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"When a man opens a car door for his wife, it's either a new car or a new wife." Prince Philip
"The average car payment hit $777 last month, an all-time high. No big deal, you can "afford" the payments, right? If you just roll into a new car every 5 years with the same $777 payment, it's going to cost you about $1,900,000 over your driving lifetime. Nearly $2 million " Brad Barrett on ChooseFi
BUYING A USED CAR
get an inspection by a mechanic of your choosing. You can hire and independent diagnostic mechanic when buying the vehicle IE from eBay motors. May charge $100. eBay Motors Vehicle and Truck Inspection. They can do an inspection even if buying a car across country.
Make sure to get it in writing from the dealer itemized cost of vehicle. Ask if you see something you don't understand IE doc fee is a junk fee made up called document fee.
Do not fill out any forms using your SS# or driver's license. If paying from bank to theirs they don't need any of that information. Don't believe them even if they say it is needed to comply with money laundering laws.
Get a loan in advance. How to pay long distance? Better to do this in person. Have an agreement in writing before getting there. A written sales order agreed by both parties. Sign 2 copies of the bill of sale that has all information like VIN#, mileage, price
Make sure they have a title to sign over to you.
Have the seller meet you at your bank. Authorize a wire transfer to them and pay them right there at the bank - from my financial institution to them
consult with consumer reports first. Only buy cars recommended by them.
check vehicle history via the VIN# by using Free CARFAX Reports or Vehiclehistory.com. Check 3 ways to get a free VIN check before buying a used car for more ideas
look for recalls by using Recalls Look-up by VIN - Vehicle Identification Number
check the mileage
call the previous owner
Check Best Used SUVs, Sedans, and Small Cars, According to Consumer Reports
Have your old vehicle prepared for trade-in
BUYING A NEW CAR
Know what vehicle you want in detail: model, color, options and set a list
Find finance yourself but don't tell dealers.
Try 1st Costco, Sam's Club or USAA if you are a member. Got to a credit union (they are cheaper than banks and dealers)
Set a list of dealers within 50 miles that sell that vehicle, check their websitemand find the internet sales person and email this person. Ask for their price including junk fees for that model.
Once you get the price, try to negotiate a lower price among them. have them compete with wach other ... tell them...this dealership is offering me this can you get me a better price?
After getting the lowest price possible ask for credit discounts if you have a trade-In used car. Trading In a Used Car | DMV.ORG. Never tell them upfront that you have a trade-In. Save this for last.
U.S. News Best Price Program: See what others paid: Tell us what you're looking for and we share what your neighbors paid, Real pricing on actual cars: Browse pre-priced inventory from the comfort of your home, Get competitive pricing: Local dealers provide pricing on vehicles that match your preferences.
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Why It Helps To Get An Auto Loan Before You Go to the Dealer
Warning: Don’t Make This Mistake If You’re Shopping for a New Car
Car dealerships can’t charge you for add-ons you don’t want
Did you ask for all those add-ons? Protect yourself at the dealership: The signs of a good car-buying experience? Things like trust, transparency, and fairness at the dealership. The signs of a bad car-buying experience? Things like misleading ads, bogus fees, and discriminatory practices. How can you protect yourself when buying a car?
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Use this auto shopping sheet to compare prices and loan offers (PDF)
Turn to Ask CFPB for answers to common questions about auto loans
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7 Tips for Finding a Reliable Used Car at the Lowest Price – Len Penzo dot Com
The No. 1 mistake car buyers make, according to millionaire money expert
Tip: on buying a car long distance from Clark Howard (Clark Howard: Advice You Can Trust. Money in Your Pocket)
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QUOTES:
Buying a Car?: Trying to decide which model/year of a used (or new) car to purchase? Check with your automotive insurance agent and your trusted mechanic before committing to buy. Some cars cost more to insure and/or service because of their size, brand name, theft history, etc. I know someone who bought a luxury brand and ended up selling within two years because repair parts cost almost double, and the insurance was also much more expensive than a similar body style car with all the options. Joan from Dollar Stretcher Tips
Buying a Service and Insurance-Friendly Car: Are you trying to decide which model/year of a used (or new) car to purchase? Check with your automotive insurance agent and your trusted mechanic before committing to buy. Some cars cost more to insure and/or service because of their size, brand name, theft history, etc. I know someone who purchased a luxury brand and ended up selling within two years because repair parts cost almost double, and the insurance was also much more expensive than a similar body-style car with all the options.
Joan from Dollar Stretcher Tips
CARS
Cheapest times to buy a car:
1) November (specially around Thanksgiving weekend)
2) XMAS Eve or the whole month of December
3) New Years's Eve
4) Martin Luther King day
5) Columbus day or Veterans day
FuelEconomy.gov: Find cars that protect the environment and save you money. Information on advanced technology, gas mileage tips, links, and car by car fuel ratings.
Buying a car? Here’s what you need to know | Consumer ...
Know What Your Car Is Costing You
How to Never Have a Car Payment
Why it helps to get an auto loan before you go to the dealer
Liz Weston: When leasing a car is the more frugal option
7 Rules for Buying a Cheap Car With Cash - Clark Howard
Longest Lasting Cars On The Road Today
How to Get a Car Loan after Bankruptcy
Should You Buy or Lease a New Car?New Car buying advice from Consumer Reports
If buying a new car go to www.ConsumerReports.org/cr/ncbk20 for new car price reports, side by side comparison of models and customized ratings. You need to subscribe to their website to have access to this information. Consumers Reports have valuable lists like “Recommended Cars”, “Best and Worst used cars” and “Reliable Used Cars by Price”. It also has a calculator that helps you decide to buy or lease.
You can also go to US News car and truck rankings at www.rankingsandreviews.com
Google has special search results pages by selecting vehicles from www.google.com/base when you search for a specific car.
Yahoo Autos at www.autos.yahoo.com has teamed up with www.cars.com to include a car finder that helps you find what kind of car you might like according to price, driving style and fuel economy.
AOL autos at http://autos.aol.com has many car listings with car prices and mileage, also offers expert reviews on new cars from www.newcartestdrive.com which is an auto review site.
When buying cars online you will only see pictures , you can buy and allow to return in 7 days no questions asked. Always check car by an independent contractor. If you want to void dealing directly with a car dealership you can go to:
1)Carvana.com - Carvana®- Buy Cars Online which is the first 360° online used car buying experience where consumers can search, finance, purchase, and take delivery of their car - all online. Another place you can go is Car Fax......or
2) Vroom: Buy, Sell or Trade-In Used Vehicles Online Buy, sell or trade-in a certified used car online from anywhere in the USA.
2) Vroom: Buy, Sell or Trade-In Used Vehicles Online Buy, sell or trade-in a certified used car online from anywhere in the USA.
www.carfax.com provides car history reports using the vehicle identification numver (VIN) for a 30 day fee. The report shows vehicle’s history, it is was a rental and how many owners it had.. They also have a used Car Listings you can search for used cars for sale based on vehicle history as well as year, make, model, price, mileage and other criteria.
Costco Auto Program The Costco Auto Program selects dealerships who meet strict requirements for ensuring member value, a streamlined buying experience and superior member satisfaction. Pricing and service are continuously monitored by conducting mystery shops of our own dealers, shopping the competition and surveying members to ensure our dealers remain competitive in their local markets.
TrueCar is a free service that helps car buyers connect with our network of over 10,000 new car dealers across the U.S. Each TrueCar Certified Dealer is committed to providing upfront pricing information for every vehicle on the lot – including full disclosure of any hidden costs or fees – in a hassle-free car buying experience for TrueCar members. The TrueCar car buying app provides tools to understand the current market price for brand new cars and trucks in your local area, and helps you understand the Guaranteed Savings* being offered by each TrueCar Certified Dealer. The app also includes a tool that reveals the TrueCar Price from any window sticker while on a TrueCar Certified Dealer's lot.
Find out how much a car will actually cost before you buy it at www.edmunds.com , there is a section there called “True Cost to Own” which lists the total cost like insurance and repairs for hundreds of vehicles. They also have a bargain section if you click on “new cars” and “incentives and rebates” to find out about cash-back and rebates and low interest financing. Also learn about trick and techniques salespeople use at the car dealership. You can get quotes from dealers, use a payment calculator to estimate monthly payments and it teams up with www.autotradercom to search for used cars online.
Another site to look at to find out the total cost to own before buying a car is www.autochannel.com . Check also the Kelley Blue Book at www.kbb.com and the National Automobile Dealers Association www.nadaguides.com for new and used car pricing and information guide.
The consumer automotive website www.IntelliChoice.com will tell you which certified pre-owned manufacturer sponsored programs are best if you are thinking about a used car.
Used an auto loan calculator before you buy a car to find out how much are you really paying for a car at www.cars.com
The money guy show: Advise from the money guy show: "never buy a luxury brand if you cannot pay it in cash in 12 months, put 20% down and pay it in 3 years; all car debts should not exceed >8% of your gross income
On car loans use a simple interest loan (not sum of digits or rule of 78... the interest will be far in excess of the one stated. Beware of other extras you don't need like extended warranty or extended service contract and make sure it does not have prepayment penalty.
Check Center for Auto Safety to check for recalls or notices of problems with your car.
TIP: If you have a reliable car and can afford the repairs then you don't need to buy an extended warranty on a car. If you feel you might not handle the cost of repairs then buy it. If you decide to buy this extended warranty buy it only from the manufacturer when buying the car. Buying from someone else, you run the risk that they will be gone when you need them.
Don't buy a car... use car sharing services instead like:
1) Uber.com - Uber Official Website
2) Lyft: A ride whenever you need one
or rent a car when you need one like:
1) Car Sharing: An Alternative to Car Rental with Zipcar
2) Getaround provides a peer-to-peer car-sharing marketplace that enables car owners to rent their cars to other people who needs those cars for specific reasons on a daily or hourly basis. They enable car owners to rent out their underutilized vehicles to a community of trusted drivers.
3) Hertz on demand provides an hourly rental facility. Usually the cars are parked at designated places and customers book the car rental online and come to the parked car and just drive away by using their smart key. The company requires the customer to register their payment and driver license details and once they get accepted they can use the services as per requirement. The website of the company provides the exact location of the cars and how they can be booked.
Three things to look for when buying extended warranty:
where you buy it from (not the dealer but the manufacturer)
how reliable the car is (if the car is very reliable you might not need it)
Can you afford the repairs? If you can...save the money for the repairs
QUOTES:
Do You Need That Car?: Concerning your tips for when to replace your car: Consider whether you need a car at all (or at least a second one). My car would not pass a smog test and my mechanic said it was not worth fixing. I had not expected this and had no money saved up for a down payment on another car and without passing the smog test, I could not sell it to anyone. I started looking around for prices of used and new cars and was shocked as it had been 10 years since I last purchased a car. Then I got the bright idea that I might not actually need one as I work from home and have no children to drive around. I found out I could rent a car one day per week for less than 20% of what a car payment would be so I decided to just do that. I am now organized enough that I generally only need to rent one every six weeks or so. I live in a city so there is a small grocery store I can walk to if I need milk or eggs and usually supplement my shopping trips with a delivery order for produce and dairy. Even though car rentals are much higher than when I started, I am still spending less than $1,500 a year on renting cars and putting gas in them and having groceries delivered (cost of delivery only - not the groceries). Sarah from Dollar Stretcher Tips
A Trick for Saving for a New Car: When you get into the habit of making car payments, and finally make the last one, don't go out and splurge. Just pretend you're still making payments, and make them to your savings account. You will accumulate enough money to pay cash for the next car, or at least to make a sizable down payment. You'll also always have a reserve supply of cash for an emergency if your car breaks down. Alice from Dollar Stretcher Tips
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