3 Tips For Getting The Best Price On A New Car

posted August 29, 2019 in Blog

A common mistake made by potential car buyers is not doing their research to determine exactly what they are looking for in a new vehicle and how much they are willing to spend before going to the dealership. Buying a car that is perfect for you comes down to deciding on what you really need in a vehicle, sticking to that decision and being strict with your budget.

To help set your budget and stick to it, follow these 3 tips:

1. Knowing what kind of car you need is the first important piece in ensuring you get the best price. Ask yourself questions such as:

  • Do you need a smaller or larger car?
  • Is gas mileage important to you?
  • How long are you planning to keep it?
  • Do you need extra space for kids, pets and/or certain hobbies?

Asking yourself questions like these can help you narrow down potential options and give a better idea of the price point it will take to get there. Also, there are many different types of vehicles and dealerships are typically good at talking you into something you may not necessarily want or need. Because of this, it is crucial to make your list of needs and stick to them.

2. Research prior to shopping. Educating yourself before you’re at the car lot is one of the top ways to get what you want for the best price. Take a look at auto dealer and vehicle manufacturer sites for pricing and features beforehand. Being prepared can give you a leg up when negotiating prices as you will be more aware of what is out there and the typical price it takes to get there. This is especially important if you haven’t car shopped in a while or are upgrading to a higher class vehicle.

3. Get preapproved by your credit union before you go to the dealership. Getting preapproved for your auto loan will help in getting a great price. You’ll also stay within budget and let the dealership know that you’re serious about purchasing. By getting preapproved you’ll also be aware if the deal the dealership is offering is a good one! This will let you rest assured knowing you got the best interest rate you qualify for!

By following these steps you’ll be able to more confidently visit a dealership and get the right car for you and your wallet!

Greater Iowa Credit Union wants to help you get the most for your money! You can trust you’re in great hands with us. Talk to us today about your next vehicle!

  1. auto loan
  2. budget
  3. financial goal
  4. home equity loan
  5. money
  6. purchases
  7. spend
  8. value