Nearly all drivers aspire to buy a specific car. Maybe it’s a dream they’ve been thinking about forever or one that they’ve recently fallen in love with—many people have a particular car that seems to call their name.
While it may feel like your dream car is out of reach, you can take some steps to be a lot closer to getting it. This article shares a few tips for buying your dream car—from doing your research and looking for easy car financing options to negotiating the price.
- Be Specific
When it comes to your dream car, it’s best to be as specific as possible. You should know exactly what you want. Start with whether it’s a family car, a sports car, or a luxury car. From there, think of the finer details.
You just don’t say you want a Ford SUV—you need to state explicitly the make, model, and year, among other features. For instance, you could say that you want the Ford Everest 2022 2.0L Turbo Sport in a blue lighting color.
If you don’t have a specific car in mind yet, do your research. Make a list of what you need in a car versus what you want. Always research car options that fit what you need first. The more specific you are in your dream car, the better you can plan for it.
- Understand The True Cost
In terms of cars, there’s the sticker price, then there’s the true cost of owning it—from seasonal maintenance to insurance and fuel costs. After taking into account the latter, some cars are more expensive than others regardless of their sticker price.
Some turbocharged cars are known as ‘gas guzzlers,’ meaning they may not be as fuel-efficient as others due to their bigger horsepower, so you might want to factor in the higher fuel costs. In addition, most luxury and exotic cars will require more frequent, expensive maintenance, so you need to consider such costs in your budget.
- Decide On Compromises
Once you’ve chosen a specific car and understood its true price, the next thing you need to do is decide how much you can afford. In general, buying your car means taking a significant amount of your monthly salary for the next 3–7 years to pay for the car.
Once you do the math, you may decide that it’s still out of your reach. If so, you can think of potential compromises. For instance, maybe you don’t need the turbo engine and can settle with less powerful ones, especially if you don’t drive to the mountains.
Also, you may prefer a base model instead of limited editions. Or rather than the option for the latest car model release, you can save thousands of dollars when you choose a secondhand car. Do you really need a leather seat or can you settle with nylon ones?
Compromising is all about settling for less, allowing you to bring your dreams closer to reality. Losing a few extras can bring down the price. So, make sure to think about what you really need from your dream car and prioritize those features.
- Find Financing
Unless you have already saved enough money to buy your dream car, you’ll need car financing. In general, you can get loans through traditional banking institutions, credit unions, and even online lenders.
Just like how you take your time to find the perfect car for you, it’s best to shop around for the best lender and financing offers. Watch out for subprime lenders and always work with reputable lenders. Look for a competitive interest rate and prepayment term that fits your budget. Compare options to find the one that suits your needs.
Make sure to be pre-approved for a loan before going to a dealership. If you can’t qualify for an auto loan, consider working on your credit history first or you can get a co-signer to improve your chances, instead of accepting unfavorable terms from shady lenders.
- Visit Auto Dealers And Negotiate
Once you’re pre-approved, you can now visit dealerships in your area. If possible, visit as many dealerships offering the specific car as you can to compare their price quotations.
Visiting a dealership and seeing your dream car in person and up close can help determine if it really suits your needs. Most dealership allows you to take a test drive of the car, so you can gauge if it’s the right fit for you in terms of use and performance.
If the car is everything you dreamed of, it’s time to put your negotiating skills to good use. Negotiate for what you think is the fair price for the car, especially if it’s second hand. Never feel obligated to accept the offer if it doesn’t align with your budget. In general, car dealers are willing to top a competitor’s price, so be open to shopping around and don’t be afraid of walking away when needed.
Takeaway
Buying the car of your dreams may feel like just that—a dream. You may want to settle for something cheaper just so you can have something to use, especially if you are living in an area where public transportation and walking are not ideal options for getting around. However, with a bit of planning and motivation, you’ll find yourself cruising around in that very car sooner than you may think.
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