Ultimate Guide to Buying a Car: New vs Used, Financing, and More

Introduction

Though Labor Day weekend is firmly in the rearview mirror and September’s best time to buy a new car is behind us, you may not have the time (or patience) to wait until the end of the month — and that’s why we’ve created this guide. Everything below is for the shopper who’s short on time and knowledge of the car-shopping process. Check out our list of links on how to decide on what kind of vehicle you want, how to get a deal on that vehicle, and reviews of the latest vehicles to hit the market. What better place than here, what better time than now?

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Should I Buy New or Used?

Deciding between a new or used car can be challenging. Each option has its pros and cons. New cars come with the latest features, full warranties, and that new-car smell. However, they also come with a higher price tag and faster depreciation. On the other hand, used cars are more affordable and depreciate slower, but they may come with higher maintenance costs and limited warranty coverage.

• New Cars: Latest features, full warranty, higher cost, faster depreciation.
• Used Cars: More affordable, slower depreciation, potential higher maintenance costs.

If you decide to go used, review our used-car buyers’ checklist and consider whether you want a certified pre-owned car.

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How Much Can I Afford?

Before you start shopping, it’s crucial to determine how much you can afford. Read our primer on car affordability. Then, use our Price Comparison Tool while you shop to find what’s right for you.

Should I Finance, Lease, or Pay Cash?

Deciding whether to finance, lease, or pay cash depends on your financial situation and preferences. Financing allows you to spread the cost over time, but you’ll pay interest. Leasing can offer lower monthly payments and the ability to drive a new car every few years, but you won’t own the car at the end of the lease. Paying cash avoids interest and debt but requires a significant upfront investment.

• Financing: Spread cost over time, pay interest, own the car eventually.
• Leasing: Lower monthly payments, drive a new car every few years, no ownership.
• Pay Cash: Avoid interest and debt, significant upfront investment.

If you’re considering leasing, bone up on common lease terminology and check out our leasing tips.

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How Do I Get the Best Financing Rate?

Getting the best financing rate requires some preparation. Our game plan lays out some advice. While you’re at it, here’s what you need to know about auto loans and what you’ll need to get one.

What Should I Avoid at the Dealer?

When you’re at the dealer, there are several pitfalls to avoid. These include not doing your research beforehand, focusing only on the monthly payment, and not negotiating the price. Check out our guide on avoiding dealer pitfalls for more detailed advice.

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Should I Get an Extended Warranty?

Whether or not to get an extended warranty depends on your situation. Extended warranties can provide peace of mind and cover repairs after the manufacturer’s warranty expires. However, they can also be expensive and may not always be necessary. Read our guide on extended warranties to help you decide.

How Do I Sell or Trade in My Old Car?

If you’re looking to sell or trade in your old car, there are several steps you should take. Learn how to prep your car before you sell it to a dealer, how to trade it in, and how to deal with taxes and other considerations. If you still owe money on your old car, read our guide on selling a car with a loan. Finally, if you want to sell it privately, here’s how to create the perfect ad and how to seal the deal.

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Conclusion

Buying a car is a significant decision that requires careful consideration and research. Whether you’re deciding between new or used, financing or leasing, or figuring out how to sell your old car, MotorVero is here to help. Use our guides, tools, and tips to make the car-buying process as smooth and stress-free as possible.