I Would Like To Buy A Car
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\"Concerning the extended factory warranty, you can always buy it later,\" says Reed. \"So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty.\" At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.
He acknowledges that which car you buy matters and that it's a good idea to read reviews and ratings about which brands and models are more or less likely to run into costly repair problems down the road. He says some European cars are famously expensive to maintain.
Dean is a freelance AV technician, and Patricia is a flight attendant. They say, \"our nicest, newest purchase was a 2004 Honda Accord for $2400, bought last year, that with regular maintenance could likely last another 100,000+ miles.\" And they say they \"can't understand those who insist on driving their retirement funds away.\"
People spend a lot of money on their cars and trucks. In fact, about 16% of the average American's total budget goes to transportation, including vehicle costs and fuel. That makes it the second-biggest expenditure after housing but before incidentals like food, education, and saving for retirement.
Selection takes some thought. A small sports car might work for a single person or couple, but not if they're planning on starting a family. A large SUV might be great for camping and road-tripping with friends, but isn't likely to be much fun when it comes time to fuel up, pay for insurance, or find street parking.
Anyone who doesn't go off-road or tow much but does carry a lot or people or stuff should remember that minivans still exist. This oft-overlooked segment of the market is ideal for larger families and there's a range of front- and all-wheel-drive minivan options that can seat up to eight people in car-like comfort.
Another option is to use a no-haggle dealership, typified by CarMax, Vroom and Carvana. These companies can charge more than traditional dealerships, but generally score positive reviews from consumers. Each promises stress-free shopping with a non-negotiable price and money back guarantees, plus large and easy-to-search inventories. Each will also deliver a new car right to your door, in most instances. Unlike the others, CarMax also offers physical locations where shoppers can peruse cars.
Under normal circumstances, a car shopper might be advised to wait for the end of the month because that's when many dealers are looking to make quotas and are more likely to negotiate. They might also be told to look for cars that are being discontinued or redesigned because dealers want to get them off the lot.
When you've found a car you'd like to buy, have an independent mechatronics technician take a look at it. They will search for accident damage or defects that may not appear on the Carfax report (for example, because they're new).
Elizabeth Rivelli is a freelance writer with more than three years of experience covering personal finance and insurance. She has extensive knowledge of various insurance lines, including car insurance and property insurance. Her byline has appeared in dozens of online finance publications, like The Balance, Investopedia, Reviews.com, Forbes, and Bankrate.
One reason to consider buying a car from another state rather than your home state is the opportunity to purchase a model that is not available locally. Maybe it is a new car with a combination of equipment and color that is not in stock in any dealership in your state. Or perhaps it is an antique, classic, or special-interest vehicle that is so rare that finding one just like it for sale in your state is just an impossibility.
Another potential reason to consider an out-of-state car purchase revolves around the fact that some vehicles are popular in one market while they are less popular in another. This means you might be able to buy a model with four-wheel drive (4WD) in the Sunbelt cheaper than you could buy it in the Rockies. And this potential opportunity, unlike the first, applies equally to used vehicles. You might discover with an Internet search that a particular five-year-old sports car you crave is much cheaper in another state than it is in your local area. You might also believe that buying a car out of state is a way to steer around state and local taxes, which could potentially save you some money, but as you'll see, that is unlikely.
Finally, a third reason to consider buying a car from another state is that online buying services like Carvana, Vroom, and Shift are making it much easier to find out-of-state vehicles you might want to buy. They take the hassle out of the process as well.
With that in mind, it is wise to be confident that buying a vehicle from out of state will be a better move for you than purchasing a vehicle from a local dealer or a private party in your state. If you live in a big urban area in a populous state, the odds are you'll be able to find a car that meets your expectations without venturing outside the state boundaries. That being the case, you would have to save quite a bit of money to justify the extra steps involved in buying it out of state.
You will have to pay to get the car titled and registered in your home state, and you will likely have to produce a \"bill of sale\" and the transferred title to prove that you purchased the car legally. You must do this within the timeframe specified by your home state, which could be as little as 30 days. Depending upon your state's rules, the car might also have to pass an exhaust emissions test before you are allowed to register it.
If you are buying the vehicle from a dealer, the dealer will likely help you with the details, like paying the sales tax to the proper authorities and getting the registration and titling completed. But if you are buying from a private party, it is all on you.
But now the car industry, the last bastion of the retail world, is seeing online sales rise steadily. The penetration of online car buying platforms like Roadster, Carvana, TrueCar and CarMax are slowly changing the industry. Dealerships are adopting an online and an in person model of buying cars to meet a rising demand for an easier car buying process. And car manufacturers like Tesla are pushing the envelope by showing interest in selling all of their cars online.
Tesla in February announced that they would be shutting down most of their showrooms and will be selling 100 percent of their cars online. But over time the company has backtracked on its plans saying that they will close only half of their stores, according to a company email early March.
You will likely be able to get a better interest rate at a financial institution than with the leasing company or dealership. There are no fees or penalties if you decide not to go with the leasing company.
Carter Kilmann is a personal finance writer and editor for hire, covering topics like credit cards, mortgages, budgeting, banking, and investing. He's written for The Points Guy, Investing.com, Thrive Global, Day to Day Finance, Money Mini Blog, and more.
A dealer may provide you with a limited warranty that would pay a portion of the repair costs for covered components during the warranty period (typically 90 days or less). Be sure you understand the coverage and exclusions. You should insist that the dealer put all promises and representations as to quality and warranty in writing. If the dealer gives you a limited written warranty, the implied warranty cannot be waived, and you will have both the limited and implied warranties on the vehicle.
By law a company offering a service contract must be registered with the Office of the Insurance Commissioner. The name and address of the service contract obligor, the policy number and how to file a claim under the service contract must be clearly stated on the contract. When deciding on a service contract, examine the contract itself rather than making up your mind on the basis of a brochure or a salesperson's statements. Check for overlapping or duplicate coverage in the service contract that you may already have under any remaining manufacturer warranty. You should consider whether saving the price of the service contract and \"insuring\" yourself would be more cost effective.
Using a travel credit card to earn rewards for purchases you'd be making anyway is a great way to defray the cost of your next vacation, as long as you pay off your balance in full every month. It can even make sense to pay an extra fee (using services like Plastiq) to pay rent, mortgage or taxes with a credit card when you're working toward meeting a card's minimum spending requirement.
Before you put a five-figure purchase on your credit card, you'll want to have the cash available to pay off your card in full. Otherwise, you'll end up paying an interest rate many times higher than what it would cost to finance the vehicle. The one exception to this is opening a card with a 0% APR offer. Be sure that the 0% offer applies to new purchases because there are usually fees (3%-5%) associated with balance transfers.
Buying a car with a credit card can be an excellent opportunity to earn tons of bonus points or to hit spending thresholds that unlock rewards, like free-night awards. But not every dealer will accept credit cards and those who do will charge you more to cover their card processing fees. So getting the best deal and earning rewards at the same time can take a good amount of negotiating. 59ce067264