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Gen X Talk #5: 5 Tips on Replacing a Car!

In my experience purchasing cars, I’ve found that the following tips have helped me, so I thought I would share!

  1. Get pre-approved at a credit union or Bank. This allows you to negotiate a better rate with a dealer because they will try to beat your rate. Or best-case scenario, it will shorten your time spent at the dealership because the hard part would already be done.
  2. Check if you have a car buying program at your job. Some companies have programs like “corporate perk” to search for vehicles. The corporate version will contain more premium dealers and could give you all kinds of discounts.
  3. Look at Carfax report or free VIN lookup online. It will tell you how many owners and accident were reported on the vehicle. You don’t want to purchase a car blind, know what you are buying.
  4. Add up repair and maintenance costs. Example, how much would it cost to replace 4 tires, how much will your insurance be, the cost of a tune-up, an oil change, to replacement a key. We have a Volvo and an extra key will cost us $300 if we needed one. Can you fit these cost into your budget along with car payment and gas expense?
  5. Visit the dealership, take a test drive the vehicle, and don’t feel pressured to purchase the car. Trust your gut.

I pray that this will help someone purchase their first car or purchase a replacement car. This article relates to my podcast “How To Replace Your Car Without Panicking“, click the title to take a listen.  

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