Getting a new car is an important financial decision, especially if you have the luxury of planning out your purchase ahead of time. If you’re in the market for a new vehicle this fall, there are 8 factors to consider so you get the best deal:
1. Time It Right
Buying at the end of the model year (this is usually August through October) will get you the current model year discount. If this doesn’t fit your timetable, shoot for the end of the month when salesmen are trying to meet their quota.
2. Buy Used
According to Edmunds, the average new car loses 11% of its value as soon as it’s driven off the lot. Enterprise Car Sales is a great resource for a variety of quality used vehicles, and credit union members can benefit with exclusive deals throughout the year. So check back often for special deals.
3. Don’t mention your trade-in
Don’t even drive it to the dealership! “To help ensure you get the best price for your new car and maximize your trade-in value, wait to mention your trade-in until you’ve negotiated the cost of your new purchase,” says Angie Anderson of Credit Union Lending Systems. “Although, to get the best value for your trade-in, you may consider selling it privately outside of this transaction all together.”
4. Everything is negotiable
Review the entire vehicle as closely as possible before making any commitments. Most of the time, you can lower the price at least several hundred dollars by simply knowing the value of the car and being willing to walk away if the price isn’t right. Don’t be afraid to ask the dealership mechanic to check out the car either.
5. BYOF (Bring Your Own Financing)
Get approved for your auto loan before you start car shopping. After shopping for the best rate, your pre-approval letter should be good for about 60 days, giving you plenty of time to select your car and close the deal.
BONUS: Exclusive Discounts for Members
6. Car Insurance
Credit union members may qualify for special discounts on car insurance through TruStage. You can even combine your coverage with another car or home policy to save even more. It’s easy to get a quote and get the top-notch personal service you appreciate from your local credit union.
7. Extended Warranty
Route 66 Extended Warranty is the most comprehensive extended warranty coverage for all makes and models of automobiles. Coverage helps you enjoy your new purchase and maintain peace of mind because even the most reliable vehicle can develop mechanical problems.
Protect against major mechanical expenses, throughout the U.S., with no deductible on covered parts or labor. Get an extended warranty quote on your new purchase, or add coverage to your current vehicle!
8. GAP Insurance
Guaranteed Auto Protection (GAP) helps pay off your remaining loan balance if your vehicle is stolen or totaled in an accident, allowing you to start fresh with a new vehicle purchase. It is also inexpensive and can be rolled into your loan payments. These coverage options are more comprehensive and cost less than you’ll find elsewhere. Ask Member Services for more information when chatting about your pre-approval.
When financing a car, you should be certain your lender has your best interest in mind. West Community will work hard to offer you the lowest rate possible and monthly payments that fit into your budget. Apply online or call Member Services at 636.720.2400 for more information and happy shopping!