Four Tips for Buying a New or Used Car


Whether you’re buying a new or used car, we’ve put together a list of four tips that will help you stroll into the dealership with confidence and get the car you want, at a price you’ll be comfortable with.Buying a new or used car can be an intimidating process. We’ve all heard cautionary tales about someone overpaying for a vehicle or who bought a car that turned out to be a “lemon.” Don’t let that happen to you or someone you know. Whether you’re buying a new or used car, we’ve put together a list of four tips that will help you stroll into the dealership with confidence and get the car you want, at a price you’ll be comfortable with.

Stick to Your Budget

Having a budget is important for any aspect of your financial life, especially when buying a car. It can be easy to walk into a dealership and be distracted by a fast-talking salesman. There are a number of things you should consider when determining the budget for your vehicle. You should take a look at your existing and upcoming expenses and to give you an idea of what you can afford. Rule of thumb is to spend between 10 and 15 percent of your monthly budget on your auto payment and expenses. This includes any monthly payments, gas, insurance and routine maintenance. Work out a budget before you head to the dealership and stick to it. You can then start looking for your perfect car without breaking the bank.

Do Your Research

Research is key. Luckily we have an abundant amount of information at our fingertips. Spend some time online and browse consumer reports, read forums from others who own the car you’re looking at, and be sure to see if the car you’re interested in has been issued any recalls. It’s also important to research tactics to help you negotiate when buying a car. You can also shop around various dealerships to find the place that best fits your needs. Extended warranties, available cash rebates or special sales can also help you get a good deal.

Identify Your Needs – Now and in the Near Future

Should you choose the practical car that has industry-leading safety features, or that sports car you’ve always wanted? Well, that depends on your needs. Now we can’t predict the future, but it’s a good idea to sit down and consider how your needs may change over the next few years. This may seem like common sense, but it’s easy to forget when you’re at the dealership. It’s known that vehicles can lose a percentage of their value the minute they drive off the lot, so it would benefit you to buy a car that you won’t have to trade-in six months from now. Are you thinking about having another child, or would it be best to have a vehicle that has plenty of room for your next road trip? Do you want to save money on gas and maintenance? Identifying your current and future needs can save you from paying more down the line.

Finance with Colonial

Getting the right financing is extremely important when buying your next car. While in-house financing from a dealership appears to be convenient, they often do not offer the lowest rates or excellent customer service. Colonial offers very low rates on auto loans and can get the wheels moving on your auto finance needs today. Colonial also earned a “Five Stars – Highly Recommended” rating from Bauer Financial as one of the strongest banks in the nation, and has a number of convenient locations throughout Dallas Fort Worth. Want to learn more – give us a call today at 817.390.2000, or apply online at GoColonial.com.

**Colonial auto loans are only available in Texas at this time

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