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CARS & TRUCKS -
Do Not Buy Dealer Extras (continued)
1. Today’s new vehicles almost always have a clear coat finish, and do not require any additional paint sealants.
2. Likewise, interior materials like seats usually do not need additional treatments when the car is new to maintain their appearance and durability. If you are concerned about leather seats cracking or fabric seats becoming soiled, inexpensive treatments can be purchased at your local auto store, and easily applied at a fraction of the dealer’s cost.
3. Undercoating is also not required on today’s new vehicles. The dealer may say it protects against rust or gives you a quieter ride, but it is not necessary.
4. Other items like glass etching or custom paint applications (such as pin striping) are also not necessary, but if desired can usually be purchased elsewhere at a lower cost.
5. Resist the urge to buy credit life or disability insurance aimed at making your monthly vehicle payments, if something happens to you. These policies are very overpriced and, if the premiums are added to your monthly payment, you are actually paying interest on the premium payment. If you need to cover this risk, buy regular term life insurance or disability insurance directly from an insurance company. These policies will provide funds that can be used toward vehicle payments if something happens to you. Visit SavingsNut.com and look under the “Life & Disability Insurance” heading of the “Home Finance” section for more information on insurance alternatives.
6. Extended warranties offered by the dealer often cost $500-
7. Do not forget about “lemon laws” if the dealer does not fix for free the problems you have with your vehicle, under the manufacturer’s new vehicle warranty.
a. These laws vary state-
b. If you are having problems with your new vehicle, make sure you keep all maintenance records, as well as a log of the actions you took with the dealer to remedy the problems, and the actions the dealer either took or did not take to make the vehicle right. These records will be required if you need to use the protections afforded under state “lemon laws.” If you do have a problem and need to utilize the state “lemon laws,” make sure you contact an attorney that is familiar with cases of this type. Most often, any attorney’s fees will be covered by any settlement reached. Ask your attorney.
In many ways, buying a used vehicle is similar to buying a new vehicle, except used vehicles provide the opportunity for greater savings, since the “instant depreciation” experienced by new cars when they are driven off the lot is largely discounted, with these savings passed on to the buyer. Many of the ideas and tips presented above for buying new vehicles also apply to buying used vehicles. However, since buying a used vehicle also differs in certain respects from the purchase of a new vehicle, some additional ideas on how to most economically buy a used vehicle are noted below.
1. Finding the right vehicle. Compared to new vehicles, the makes and models available for used vehicles is almost limitless. Unless you already know the make and model you are looking for, make a list of desired vehicle characteristics (as discussed above for buying new vehicles) and take the list with you when you are looking for a vehicle. This will help prevent you from “buying a good deal” that ends up not meeting your needs.
a. Establish a budget for your vehicle purchase and stick to it. There is always a good deal on a nicer vehicle that will be sure to bust your budget. Resist the temptation.
b. Visit several new car dealerships that carry used vehicles, as well as dealers that only sell used vehicles. Don’t forget to visit the used car lots of the car rental companies to see what they have. See what is available that is within your budget and meets your needs. Remember, at this point, you are only at the dealer to see what is available and help you decide what make and model will meet your needs, not to purchase, no matter how good the deal is.
2. Once you have an idea of the make, model and year of the vehicles that will meet your needs and budget, do some research.
a. Look up the retail and trade-
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