Car Buying Tips Driving into the New Year
IDAHO FALLS, Idaho (KIFI) — It's the "most wonderful time of the year," especially for auto dealers, as exciting commercials featuring new cars with giant bows grace our TV screens, flashing the best deals of the year.
Matthew Conde, Public Affairs Director at AAA Idaho, offers car buying tips as consumers head into the new year.
Conde recommends starting early and taking your time. Getting pre-approval from your financial institution will help you budget effectively.
"There's depreciation that kicks in the minute you leave the lot. It's not worth what you paid for it. And that's just something that's typical," Conde said.
Considering the total cost of ownership is another important factor. Depreciation, fuel requirements, higher costs for maintenance and higher insurance premiums should all be factored into the process.
If you plan to take out a car loan, be prepared for mandatory comprehensive insurance. This coverage is typically required by lenders to protect their investment in case the vehicle is damaged. Doing this homework on financing charges and insurance well in advance can save both time and money.
"Keep your options open," Conde stressed. "Have a few options in mind, rather than having the one and only model, a year and color. Otherwise now you're sort of captive to what the price is for that vehicle.”
