Buying a Vehicle.

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Presentation transcript:

Buying a Vehicle

Questions to ask yourself before you start searching for a car: Do you want a used or new vehicle? How much money can I afford to spend? Will I pay for it up front, or finance it through a loan for ____ years? How much money can I afford as a down payment? Do I have enough money for the taxes and annual license fees?

Questions to ask yourself before you start searching for a car: Do you want a used or new vehicle? How much money do I have for insurance? If used, do you have money set aside for repairs? Do you want a car that gets good gas mileage? Do you want a car that is safe?

Questions to ask yourself before you start searching for a car: How big of a car do I need? How many people will I need to transport at a time? Do I want a two-door or a four-door car? Do I need any special features Four wheel drive Manual versus Automatic Transmission Electric windows and door locks, sunroof, etc.

Finding a Vehicle Internet Newspaper Ads posted in stores Autotrader.com On-line local Newspaper Classified Ads Newspaper Ads posted in stores Word of Mouth – Friends & Family Auctions

Buying a Used Car How old is the car? What year was it made? When did it actually start getting used? How many miles are on the odometer? Has the odometer ever been tampered with? Has the odometer gone over 100,000 and started (cars older than ??) How many owners has the car had? How well did they care for the car?

Buying a Used Car: If the car has been in an accident, how severe was the accident? How many accidents? Were repairs done by a reputable repair shop? Were repairs done with manufacturer specific parts? Was there damage to just the body, or the engine, or the frame, or all? Is the title to the car clear/clean? Is it a Salvage Title? Is there a Lien against the car? How much tread is left on the tires?

Now You Have Selected a Car: What to Look for: Look under the hood at the motor Look inside the car Look in the trunk Look under the car Look for rust Look for liquid leaks underneath Look for blue smoke in the exhaust as the car is running Do not just look for the SALE sign!

Now You Have Selected a Car: Test Drive the car The dealer will verify your driver’s license and insurance If a used car, have a mechanic inspect the car There will be a fee; otherwise have a friend look the car over with you. “AS-IS” means if something is wrong after you buy it, it will be your problem to fix BUYER BEWARE!

Buying a Vehicle - Warranties What is the warranty on the car? Generally 3 yr/ 36,000 miles Some cars like Hyundai and Kia have a longer warranty such as 5 yr/50,000 Drive Train Warranty? 100,000 (less or more?) Does the car come with Road Side Assistance? How long?

Negotiating a Price The Art of Negotiation Dealer’s Prices will be different- Shop Around! Never feel obligated to buy- You can walk away BEFORE you sign any paperwork!

Financing a Vehicle Should you finance through the Car Dealership or the Bank? What is the Annual Percentage Rate on the loan? Credit History is important to get a loan, and determines the loan rate too.

Financing a Vehicle Are there additional documentation fees or hidden fees you must pay? If so, how much? If you are trading in a car, how much will the dealer give you for your car? How much is your car worth? Know before you go to the dealer Kelly Blue Book or N.A.D.A.

Insurance What type of car insurance do I need? Comprehensive Collision Both GAP- Guaranteed Auto Protection Home insurance with car insurance Cheapest does not mean the Best

Taxes and Registration After you purchase your car, you also have to pay taxes on the vehicle Department of Motor Vehicles Must Register your vehicle with the County Registration and Taxes due Annually

Maintenance Oil Changes every 3,000 miles or as recommended by the manufacturer Check Fluid Levels Oil Antifreeze- Important in Winter and Summer Months. Brakes Transmission Windshield Wipers Tires Check the tire pressure Impacts Safety Impacts Mileage Impacts wear on the tires Rotate the tires

Maintenance Washing your car Replacing the windshield wipers Helps to protect the paint and gets the salt off in the winter- helps your car not to rust and it will last longer Replacing the windshield wipers Auto Zone, O’Reilly’s, WalMart, etc. Replacing or Repairing Items yourself Cheaper than going to a Repair Shop or Dealer

Questions?