Start budgeting and planning now if you are thinking of purchasing one of the many London Ontario Cars for Sale any time in the next year. Aside from your home, the second most expensive purchase Canadians make is their car. It can get quite expensive. However, if you follow the tips for car buying our experts at Courtesy Ford Lincoln Sales have put together for you, you will avoid making a bad decision.
1. A Great Interest Rate Is Key
A low interest rate is of no use to you if you do not qualify. This is why you need to be wary about being drawn in by the promises made by certain brands or cars. For the low interest rate and zero percent deals automakers make, only about one in ten buyers actually qualify. And, those who do qualify may find it financially advantageous to take the cash rebate offered and look for financing elsewhere.
Research the best interest rate you can get before you even start looking at London Ontario cars for sale. Check with local lenders to see what the current interest rates are. Include credit unions in your search, since they are typically one or two percentage points lower than conventional banks. If your credit history is terrible and you cannot get financing anywhere, there are some dealerships who can still help you. For example, Courtesy Ford Lincoln Sales offers 100 percent credit approvals.
2. Always Negotiate for a Better Price
Ask to make an appointment to test drive the car you are interested in with the fleet manager, once you are ready to visit dealerships and have done all of your research. With the fleet manager, you will be working with someone who is less likely to attempt high pressure sales tactics if you do decide you are going to buy.
Forget about potentially trading in your car as part of the deal and keep in mind the discounts you researched when you do start to discuss prices. If you negotiate the trade in value of your old car and the sale price of your new car separately, it is easier to get the best price for each. To gauge whether you are being offered a fair price, make sure you research the trade in value of your current car in advance.
3. Find Discounts
Cash back deals are all the rage in today’s automakers’ advertisements. Based on the person buying a car, car companies may also offer additional discounts. For example, there are discounts out there for members of the military, members of certain credit unions, and students. The cash back rebate for specific models can be combined with these other discounts.
To sell cars that are part of an extraordinarily large inventory, manufacturers will offer dealers incentives of up to $1,000 or more. For the London Ontario cars for sale that you are considering, check vehicle information sources to see if there are incentives being offered for the models you are considering. If so, you may want to ask the dealer to drop the price on your car a bit as a way of sharing the incentive with you.
4. Used or New?
For many years now, used cars have been in high demand. This has made the prices higher overall, and new cars are now more affordable and available in a larger variety. Consequently, your budget may be large enough for both used and new vehicles. With each type of car, there are tradeoffs. You get a more expensive car for your money when you buy used. A shorter warranty period during your ownership, higher interest rates, and an unknown car history are among the tradeoffs.
For the same money, you get less features when you buy a new car. However, you typically get free roadside assistance, a full warranty, lower interest rates, and free maintenance.