Car Buying Basics

Whether you are buying new or used, there is nothing quite like getting behind the wheel of your first car. But just like with driving, the process of buying a car should be done slowly. Here are some important things to consider when making a vehicle purchase:

  1. Know Your Money – A reliable vehicle doesn’t need to be expensive, but regardless of your price range, make sure you make a budget and stick to it. While the car of your dreams may be a red convertible, the reality is that a car is for transportation more than it is for status.
  2. Arrange Financing in Advance – Make sure you shop around online and at local banks and credit unions and do your best to get pre-approved for a loan. Don’t walk into a dealership without having completed this step first.
  3. Research – The next step is to do your homework. What you want to look for is a vehicle with a track record of reliability and low maintenance costs.
  4. Test Drive – Finally, the step you have been waiting for the most. But before you actually get behind the wheel of any car, make sure you print out a checklist of every feature you want in your car. Do this before you become emotionally attached to a vehicle. Then take it for a spin and see how it feels.
  5. Inspection – Have a local, certified, independent mechanic inspect any vehicle you are interested in before you buy.

Buying a car is both a fun and stressful experience. But you can come out on top every time if you follow the process and don’t allow your emotions to cloud the facts.

Advertisements

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
This entry was posted in Personal Finance, Planning Strategies, YouTube and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.