After your home, a vehicle is likely to be the next most expensive purchase you make. Doing your research and shopping around can save you hundreds, even thousands of dollars. The following are some tips to help you make an informed decision when purchasing or selling your next vehicle.
Car Buying Tips
Secure your auto loan first. This will give you an idea of your budget, and will prevent you from making an impulse buy and taking the dealership’s financing. Check out our financial calculators to determine your monthly payment, and then get approved instantly online for an auto loan.
Shop online for the best prices. In an hour you can have pre-negotiated pricing from several dealerships in your area before you leave your house. Some dealerships also let you negotiate via phone or email which is an excellent option if you’re not comfortable negotiating in person. MECU has partnered with CarQuotes to ensure that you have all the information you need to make an informed decision when purchasing your next vehicle.
Shop for safety. Research the vehicle's crash test safety records by visiting the National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety for safety evaluations of the most popular vehicles.
Negotiate the whole price of the vehicle. During negotiations, never negotiate a monthly payment because there are too many variables that go into a monthly payment, such as loan term, APR, and down payment. When you negotiate the whole price of the vehicle, you always know exactly how much you’re paying.
Check the vehicle’s history and have a mechanic inspect it. This advice is well worth your money if you’re buying a used car. Search the Vehicle Identification Number (VIN) to determine the vehicle's history. You can get a vehicle history report through many different online websites, and this will show you if the car has been salvaged, returned to the dealer as a lemon, or had the odometer rolled back.
Protect yourself against the unexpected. Protect your family, your assets, and your credit rating with additional protection. MECU offers you protection solutions via MEMBER'S CHOICE Mechanical Repair Coverage (MRC), Guaranteed Asset Protection (GAP), and Payment Protection.
Car Selling Tips
Sell your used vehicle yourself. It’s always better to sell your car to a private party rather than trade it in at a dealership. You will get more for your car if you sell it yourself. Dealers only give about 25% of the fair market value for cars over 4 years old, and if they do offer full market value, they are making up for it on dealer extras for themselves.
Make your car visible to potential buyers. Leaving a "For Sale" sign on your vehicle while is sits at the end of your driveway is good, however you probably want a much larger audience to view your car. Consider posting an online advertisement or create colorful flyers to help sell your car. Be seen by thousands with MECU's online classifieds, Tradewinds, and get the visibility you need. Our Tradewinds costs less than posting an ad in your local newspaper and your ad will be available in both our online version and print version distributed locations in the Chicagoland area. Plus, your ad will be posted for an entire month, rather than a week or two as in newspaper classifieds. You can also give more visibility by creating a Web site with photos and additional information about your vehicle. There are several free sites to help create a simple Web site, and you don't even need previous Web development experience to create your site. Place your Weblink in your Tradewinds ad and let your audience view your car online.
Provide a record of maintenance. It is a good idea to keep a record every time your car is serviced so that you can provide potential buyers with this information. Many buyers are nervous about purchasing a used car because they don't really know what they are getting. Having the maintenance records handy will make a good impression and put the buyer's mind at ease.
Give your car a good cleaning. It is well worthwhile to give your car a good cleaning before showing it to potential buyers. Spend a little money to get a good car wash and vacuum the seats and inside the car. Dispose of all trash and even check between and underneath the seats. Make sure your tires are properly inflated and empty the trunk out.
Be ready to meet with the potential buyers. Set up a time and place to meet with the car, and have printouts of the car's market value ready. Research several different sites and have several printouts available that you can use during negotiation. Expect that the buyer will try to talk you down in price, so be prepared. If your price is firm, be sure to say "firm" and "not-negotiable." If a buyer is not offering the price you would like, don't be afraid to let them go and wait for the next potential buyer. |
