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How to Buy a New Car

Car key & credit card on a signed contract

 

If you’re in the market for a new Louisville, KY ride to enhance your commutes, you’re most likely wondering how to buy a new car, and how the process works. Regardless of whether you’ve been turned off to the car buying process by other Lexington dealerships, or aren’t sure what to expect, the experts at Don Franklin Auto are here to help. Let’s take a look at how to buy a new car in more detail below. For more information, check out our website for more car buying tips!

When to Buy a New Car

First, it’s important to know when to buy a new car, as it’s quite a significant financial investment. Let’s check out a few tips that could help you decide when to buy a new car around Russel Springs, KY:

  1. If you have been paying for costly repairs which have put a dent in your wallet and wasted your precious time, it could be time to find a new Lexington ride.
  2. If you do not feel safe driving your current vehicle, you would certaintly want to buy a new car. It’s not worth the risk to you and other drivers in the event that you get into an accident. 
  3. You might have been in a different stage in life when you purchased your current vehicle, and might now be finding yourself with a growing family. Therefore, it’s likely a good idea to upgrade to a spacious and reliable GMC Yukon or Chevy Suburban with the latest safety features.
  4. If your car is failing emissions tests, it could be extremely expensive to bring it up to meet the standard. Therefore, you might be better off purchasing a new vehicle instead.

How to Find Your Ideal New Car

Now that you know when to buy a new car, it’s important to know how to find a new car that fits both your needs and budget. The experts at the Don Franklin Auto finance center can find one that suits you, and will make sure you drive off the lot with a smile on your face. Here’s how to find your ideal new car:

  1. Narrow your search. Take your driving habits, cargo space requirements, technology, and safety features into account. You can then look for compatible vehicles in the Lexington area.
  2.  Choose three vehicles that fit all your requirements, including safety rating, reliability and lifespan. It could also benefit you to take them for a test drive if you have the opportunity, as this will allow you to see how it performs on the Lexington roads. 
  3. When you’ve made your decision, check out some of the local dealerships and ask for a quote from each. This makes it worthwhile to perform some research to see what others in your area have paid. 
  4. If there are any holidays coming up, be sure to take them into account as well. Dealerships usually have sales around this time, and you could walk away with a significant discount.

Now that you’ve made your choice, head over to your local Lexington dealership to buy your new vehicle.

How to Afford a New Car

Now that you know exactly what new car you’re going to buy, it’s important to take a look at your overall budget. Although buying a new car can be exciting, you should always consider the impact on your finances. According to U.S. News, your car payment should not put your monthly debts–including credit cards, student loans, rent, etc.–over a third of your monthly income. Let’s go over a few extra costs that you can expect throughout your car buying process:

  • New Car Sales Tax: This tax is non-negotiable and is typically added to your car loan amount.
  • Interest Rate: The interest rate will impact the cost of your monthly payments. The lower the interest rate, the lower your monthly payment. However, it’s important to consider your credit score, as a high score will land you with a lower interest rate on your loan. 
  • Trade-in Value: If you own your current Lexington ride, you could trade it in and receive money to put towards your new vehicle. If you still have a balance left on your current vehicle, the dealership can add that amount to your new vehicle loan. To get an idea of what your trade-in is worth, check out our value your trade tool online. 

The experts at our finance center are here to walk you through the entire process and will help you find the right vehicle for any budget. You can apply for financing online to get approved in minutes, and use our payment calculator to get an idea of your monthly payment amount. 

Learn How to Buy a New Car at Don Franklin Auto!

Now that you know how to buy a new car, come stop by Don Franklin Auto and check out our new inventory today! To save on your next vehicle purchase near Russel Springs, KY, be sure to use our new vehicle specials and speak with us about getting a good interest rate on a car loan

 

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