First-Time Buyers

Everything First-Time Buyers Need to Know

Taking the plunge into car ownership is a big step, filled with excitement and maybe a few questions. Don’t worry, you’re not alone! This guide breaks down the essentials, empowering you to make a confident and informed decision. Let’s get you behind the wheel!

Define Your Needs and Budget

Before you even start browsing, take a moment to consider what you truly need in a vehicle.

• Commute: How far and what kind of driving will you be doing daily? City streets or highway miles?
• Passengers and Cargo: How many people do you typically need to transport? Do you haul equipment, groceries, or luggage regularly?
• Lifestyle: Do you need something rugged for outdoor adventures, a fuel-efficient commuter, or a family-friendly vehicle?
• Budget: This is crucial! Determine how much you can realistically afford, not just for the car payment, but also for insurance, fuel, and maintenance.

Decide New vs. Used

Both new and used cars have their advantages.New cars offer the latest features, full warranty coverage, and no prior wear and tear. However, they typically have a higher price tag and experience the steepest depreciation early on. Used cars can be more budget-friendly, and the initial depreciation hit has already been absorbed. However, they may have higher mileage, no or limited warranty, and potentially require more maintenance. Both new and used vehicles come with Spitzer Shield.

Understand Key Car Buying Terms

The automotive world has its own language. Let’s decode some essential terms:

• MSRP (Manufacturer’s Suggested Retail Price): The price the manufacturer recommends the dealer sell the car for. It’s often a starting point for negotiation.
• Invoice Price: The price the dealer paid the manufacturer for the vehicle. This is generally lower than the MSRP.
• APR (Annual Percentage Rate): The annual cost of borrowing money, expressed as a percentage. This is important when considering financing options.
• Down Payment: The initial amount of money you pay upfront towards the purchase price of the car. A larger down payment can lower your monthly payments and interest paid.
• Trade-in: If you have an existing vehicle, you can trade it in to the dealer, and its value can be used towards the purchase of your new car.
• Financing: Borrowing money to pay for the car, typically through a bank, credit union, or the dealership’s financing arm.
• Leasing: Renting a car for a specific period with mileage restrictions, rather than owning it outright.
• Depreciation: The decrease in a car’s value over time.
• Warranty: A manufacturer’s or dealer’s promise to repair certain defects for a specified period or mileage.

Research, Research, Research

Once you have an idea of your needs and budget, it’s time to explore your options.

• Online Reviews: Read expert and owner reviews to understand the pros and cons of different makes and models.
• Safety Ratings: Check safety ratings from organizations like the Insurance Institute for Highway Safety (IIHS) and the National Highway Traffic Safety 1 Administration (NHTSA).
• Fuel Efficiency: Consider the miles per gallon (MPG) to estimate your ongoing fuel costs.
• Reliability: Research the long-term reliability of different vehicles to avoid costly future repairs.

Visit Spitzer Buick GMC and Test Drive

You’ve done your research and are fairly sure of the vehicle you want. Now it’s time to visit Spitzer Buick GMC and test drive. Take the car for an extended test drive in conditions similar to your daily driving. Pay attention to handling, comfort, visibility, and features. Don’t be afraid to ask questions, your salesperson is there to answer them and make sure you’re comfortable with the car-buying process.

Understand Your Financing Options

If you’re financing, explore different lenders to secure the best interest rate and terms. You may wish to work with your current bank or credit union. Obtaining pre-approval from your bank or credit union gives you options in addition to the financing options Spitzer Buick GMC can provide through manufacturer’s offers. If you’re choosing to lease, Spitzer Buick GMC’s leasing experts can explain the leasing terms you need to know, as well as the pros and cons of both leasing and financing.
Before signing anything, read all documents thoroughly and make sure you understand them. Our finance experts are happy to explain anything you don’t understand or have questions about. Ensure all agreed-upon terms, including the price, financing details, and any warranties, are accurately reflected.

Insurance is Essential

You can’t drive off the lot without insurance! When you need car insurance, shop around. Get quotes from multiple insurance providers to find the best coverage at the best price.You can often get better rates if you bundle your car insurance with the same company that handles your home insurance, or other items you insure.

Drive Your New Car Home

Buying your first car is an exciting milestone. By understanding the process and doing your homework, you can navigate it with confidence and drive away in a vehicle that perfectly suits your needs and budget.
 

Learn More About Leasing and Financing