Buying a new vehicle is a big financial decision. You’ll probably be paying for it for the next three to five years, or possibly longer, and unlike a house, its value always drops each year. It’s important to only make that purchase once you know every detail you need, and so you should always ask both the dealership where you’re getting the car and the lenders offering the loan enough questions to get the information you need. That way you’ll be able to make a completely informed decision with no surprises later down the road. Of course, having the right questions is also very important, so here are four we recommend you pose to the salesperson at the dealership.
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Is This Car the Best Fit for My Needs?
Before you make any lasting commitments, take a step back and think about whether the vehicle you’re looking at is really the best one for your needs. Would something bigger work better? Something smaller? Something older? This is mostly a question you should ask yourself, but your dealership salesperson can often help because they know a lot about cars and they can point you to other vehicles in their inventory that might be a better fit for you.
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What Does the Warranty Cover and for How Long?
A brand new car will come with the manufacturer’s warranty, and that’s usually pretty good. For instance, a new Ford vehicle gets bumper-to-bumper coverage for three years or 36,000 miles, powertrain coverage for five years or 60,000 miles, and corrosion coverage for five years and any mileage. You can also get dealership warranties, and although they cost extra, they can give you the same kind of coverage when you buy a used vehicle or extend a manufacturer’s warranty. You should also find out which repairs the warranty covers and which ones it doesn’t.
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What Are the Additional Fees and Taxes?
A car’s sales price doesn’t include every part of its cost. There are often other fees involved like documentation fees, state registration costs, and delivery fees, as well as the state sales tax. Make sure you learn about all of these so that you know exactly how much your vehicle costs before you take out your loan.
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Can You Offer a Better Deal?
When you go to buy a car, it’s always a good idea to show up with a preapproved loan that will cover the vehicle you’re looking at. However, most dealerships have financing departments and connections to other financial institutions like local banks and national lenders. Depending on your credit history and where you got your preapproved loan, the dealership may be able to get you a better loan offer than the one you walked in with. Either way, it never hurts to ask.
Along with your dealer, make sure you come up with questions for yourself and your lender. Research is also important, and you can answer a lot of potential questions by looking up a vehicle’s specs online. A car is a big purchase, after all, so putting in the time to be thorough means you’re much more likely to be fully satisfied with the vehicle you eventually choose.
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