The Do's and Don'ts of Car Buying

Buying a new car is exciting. Go ahead and enjoy the new car smell and cutting-edge technology, but don't forget about practical considerations. Here at Carlton Motorcars Inc., we want to help you find a vehicle that matches your lifestyle and budget. That's why we've created a list of the do's and don'ts of buying a new car.

1. Do Know Your Needs

The first step is to choose what type of vehicle is best for your needs: convertible, minivan, sedan, coupe, compact car, etc. For example, maybe you're interested in a spacious vehicle for a growing family. Or, you might want something sporty.

2. Do Research

Once you've decided on the type of vehicle, make a list of the features and amenities that you want. Then, research various models and makes that have all those things.

3. Do Know How Much You Can Afford

The hardest part of the process can be creating a budget. Finding a vehicle that you absolutely love is one thing, but finding one that you can afford ? that can be more challenging. When purchasing a new vehicle, it's best to put about 20 percent down, limit the term to no more than 60 months and keep your monthly payment below 10 percent of your income. You'll want to keep maintenance costs in mind as well, since some cars are more expensive to care for.

4. Don't Trade In A Car That's Worth Less Than You Owe On It

Negative equity can be a strain on your finances. The balance of your old loan may be consolidated into the new car's loan amount, meaning you could be paying the debt of two cars in one, huge loan. To avoid this burden, research what your trade may be worth ahead of time.

5. Don't Rush Your Test-Drive

It's important to be sure you enjoy how a car drives, so always take your time with the test drive. Ask questions, try out the various features and look around the vehicle. Make sure the car has enough space for storage space and space.