Buying a car is a major purchase and it can be a daunting task, but to turn that daunting task into an easy one, you need to learn some essential car buying tips. Deciding exactly what you want and what you are willing to pay for in advance will save you more money and avoid many common hassles and pitfalls. Follow the 10-step strategy to get a better car deal with the most suitable price:

1. Check your budget: Setting a budget is the crucial first step. A budget will allow you to choose only cars you can afford, so stick to your budget and choose only cars you can afford.
2. Choose the right time: At certain times of the year there will be a huge inventory of cars at car dealerships. At those times you can find competitive prices, more incentives and better offers. The best time could be the beginning of the year and from July to October. So it is much better to look for the most suitable moment when buying a car.
3. Check the prices: If you want to save as much money as you can when buying a car, research car prices. For now, you are limited to cars that are within your budget range, try to research the prices of those cars by visiting online websites like Edmunds.com, Kelly Blue Book, and NADA to research the prices of those cars. The most important thing is to collect as many price quotes as possible so that you can extract an average price for each car that interests you. Keep in mind that cars come in many different prices, but the invoice price is the most important thing to know when starting the negotiation process.
4. Make two lists: New and used cars have advantages and disadvantages. For example, new cars are equipped with new features, but as soon as you buy them, there will be a price depreciation of 11-15%. On the other hand, used cars are considered a better deal field with good prices, depending on their terms, but they can cost you more if you finance them and can cost much more to maintain. So consider making two lists, each containing the collection of cars you’re interested in buying along with their respective average prices.
5. Choose the requirements and model of the car: Now that you have two lists and a collection of cars, try to organize each list in terms of requirements and model. For example, what aspects do you need more of: Do you need a towing package with the car? Do you need a big car for your family? Do you want a fuel-efficient car?
6. Consider payment options: Obviously there are two forms of payment, either you pay in cash or you finance the car. If you finance the car, you’ll pay a down payment, then pay a monthly payment until you finish the full price of the car. If you can pay cash, that’s great, but many people choose the financing option. If you are going to finance, try to make the down payment as high as possible. Some people choose a financing plan at dealerships, but it is not recommended because you can find better financing options with a good interest rate at banks, credit unions, or online by visiting websites like E-loan and Lending Tree.
7. Consider insurance premiums and collateral: Insurance is an important factor in the total price of the car. Keep in mind that if you buy a sports car or popular car, the insurance premiums will be higher than for conventional cars. Warranty is something that will guarantee the maintenance of your car if something bad ever happened. Whether you’re buying a new or used car, make sure it has a manufacturer’s warranty, so you don’t have to pay extra money for an extended warranty.
8. Inspect and test the car: You must inspect and test drive the car before you buy it. If you’re buying a used car, have the car inspected by a trusted mechanic to discover any potential problems the car may have. Also, have a vehicle history report to catch any major problems the car may have to check if it has been salvaged, stolen, or been involved in an accident. When you test drive the car, take enough time and focus on the driving experience and whether it will suit you in the future or not. If you don’t feel right, drop it and try another car. Instead, don’t be impulsive, stay calm and focused, and don’t let the dealer or salesperson divert you to another choice. You did your homework and you need to stick to it to get the best deal.
9. Negotiate the price: Depending on your research and the two lists you have on hand, you can trade with confidence. You now have price quotes and loan rates to help you with your negotiation. If the car you’re buying is new, make sure you know the “invoice price” so you’ll be in a better position when negotiating. On the other hand, if the car is used, make sure you know the recent resale price of that car.
10. Reconsider before signing: Finally, if you have made up your mind and have chosen a car to buy, reconsider before you sign. Be sure not to sign the “as is” statement until you have thoroughly inspected the car and verified its performance and comfort level. Read the fine print carefully and do not sign until you know all the details of the contract. Don’t let the dealer or the person who sells you any car make you sign quickly, take your time to read each clause of the contract better yet, take a lawyer with you to finish the paperwork for you.

As you can see, if you want to get a better deal when buying a new or used car, there are a lot of things to consider. It’s always better when you know what you want and what you’re deciding to pay for before you buy. So do your homework in advance to enjoy your favorite car.