Today we’re talking about one of the larger purchases you can make: buying a car. 90% of consumers say that price is their most important consideration when buying a car, and that negotiating is the most painful part of the process. Big purchases can be stressful and confusing, but there’s no reason your financial planner shouldn’t be able to make them easier.
We walk step-by-step through the process of buying a car, beginning with determining what you can afford. You’ll also have to consider the functionality of your new purchase, and what owning a car really means to you. We also cover the question of buying vs. leasing, and where to go to get independent consumer reports about cars you’re considering.
We wrap up by sharing some of our personal experiences buying cars and a few of our favorite negotiating tips. Ultimately, buying a car is a very individual purchase – but it helps to have an outline of the process to make it as smooth and financially intelligent as possible!
Facts and Links Mentioned In the Show
- 2016 U.S. auto sales set a new record high, led by SUVs from LA Times
- Nationwide Study on Car Buying Process
- Consumer Reports
What You’ll Learn in This Episode
- Recent stats about the most popular cars in the US and how people feel about the car buying process.
- Why you should consider both the upfront cost of a car and the ongoing cost of maintenance.
- How to consider what a car really means to you before purchasing a new one.
- Our thoughts on buying vs. leasing and why it varies for each person’s situation.
- Why negotiating online might be a better choice for you, and what times of year might be best to buy.
- Tips for successful negotiations and why you should ask for the OTD – out-the-door – price.
Connect With Chad and Mike
- Connect on Twitter @csmithraleigh@TeamFSINC
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