Car Purchase Checklist
- Take a vehicle to your mechanic before you purchase.Taillight and spoiler on new white car image by steven Husk from Fotolia.com
Take your time shopping for a vehicle and use a checklist to make sure you're getting your money's worth. Keep in mind that you'll be driving your new purchase for years to come and paying to maintain and insure it, as well. Research and budget accordingly. This way, you can comfortably enjoy your new purchase while you own it without having to worry about how you'll pay for it. - Before setting out to buy a new or used car, write down what you want in your new car. Consider what you liked and didn't like about your current or last vehicle. For safety concerns, go to the Safercar website to review National Highway Traffic Safety Administration (NHTSA) safety test results. If gas mileage or environmental issues are important to you, use the Fuel Economy website to review fuel economy and overall environmental impact. If purchasing a new car, go to the manufacturer's website to view standard and available features. Use the Edmunds and Car and Driver websites to read reviews. Professional reviews report what is new for the model year, such as a brand new engine for the model or a completely different redesign. You may not want a vehicle with a first-year engine.
- Whether you're financing or paying cash, decide on a budget and stick to it while shopping. Consider your monthly payment if financing. Find out from your insurance provider how much your monthly insurance payment will cost. It is likely you'll want or be required to purchase a full-coverage insurance policy for your car. Find out how often your vehicle has to be serviced and check with the dealer's service department to judge maintenance costs. Most cars need general maintenance every 3,000 or 5,000 miles, or three months, whichever comes first. Consider all of these costs for your purchase. Your monthly car costs should not exceed 20 percent of your monthly net income, according to the Automotive website.
- Walk around the vehicle and search for signs of repair or damage. Make sure that color matches on all panels--if not, it is likely the vehicle needed body work. Also, the space between all panels should be even and flush with each other--walk around the car and look closely. Check the tire tread; there should be even wear on all four tires, otherwise you can expect to replace the tires soon. In addition, check the inside of the front tires--a front tire with excessive wear on the inside signifies alignment issues and possible frame damage. Check for leaking fluids and make sure that no warning lights illuminate in the dashboard. Bring your vehicle to your own mechanic before purchasing--doing so can save you on costly repairs later.
- Make sure you're paying a fair price for your car. Use the Edmunds or NADA Guides website to determine fair used-car pricing, or the Edmunds True Market Value tool to determine fair pricing for new cars. Negotiate pricing accordingly. Generally, a fair price for a used car is at least $1,000 below suggested retail pricing. For a new car, the price should be about $1,000 above the invoice pricing listed on the Edmunds website before any manufacturer's rebates.
