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Buying Your 1st New Car :)
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Posted 1/18/17 , edited 1/19/17
anyone here got any good story about buying their 1st NEW car?

i have plenty of experience with buying used cars.. but not so much for NEW cars..




i don't have the cash to pay in full.. so finance is the only option..

dealership vs. bank vs credit union

Posted 1/19/17 , edited 1/19/17
I bought my first car, officially, when I turned eighteen.
I had gone to the dealership and looked around to see the vehicles. I knew I wanted something larger but definitely not a truck (I'm from the countryside, trucks are equivalent to "comparing penises" in those parts of the world). After looking around for about an hour, I decided to take a 2002 Ford Explorer Eddie Bauer XLT for a test drive.

I liked it. Comfortable, seemed to be reliable, sturdy and wasn't so large that I couldn't park it properly. I had asked the salesman to put it on hold for a few days for me since I wanted to do some additional investigation. Went home and looked around on the Internet for any harsh complaints/concerns, checked out its specs and any differences between the "Eddie Bauer XLT" and the standard model, the normal things you do. I went back on my eighteenth birthday and bought it.

Until then, I was driving around in a burgundy 1985 Chevrolet Chevette that I had bought from some guy (he was selling it for $500). The transmission was borked, which I had to fix myself. But it was good enough to get me from Southern Maryland to Boston, MA when I was sixteen (started college). When I turned 18, finally got a decent vehicle that didn't sound like it was going to fall to pieces if I tried to trek anywhere else in it.
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Posted 1/19/17 , edited 1/19/17
Have bought a few from dealers, my first Brand new (11 miles on the speedo!) just recently.

Some things you might want to note for extras...

-You're required to buy full coverage insurance.

-Don't forget about your local taxes/registration charges when considering the price.

-If you don't have established credit, go with someone who does and is willing to trust you with a co-sign. The leverage a good credit score can give you is massive. A solid down payment helps with negotiations as well.

-Research your vehicles current market, if they're not selling well you might get a great deal.

-Don't get reeled in by the "0% interest!!" scams, it usually just a pitch to get people in the doors. Only the extremely well qualified will get even close to that, but never zero.

-Don't be afraid to walk away! If the deal looks bad and smells bad, it's probably bad. Anything over 5% interest depending on your credit ratings is pushing it..

-Avoid, avoid, avoid "carmax" places like the plague. Easy to qualify for a 10-30% interest loan, hard to pay it off when interest is 2/3 the monthly payment.

-And last, but not least, buy under your budget. Last thing you want is to be stuck with a large loan you were able to pay but lost that ability.

If it's your first new car, that means you're relatively young still. Skip some of the luxuries you can live without because more likely than not this will be one of many vehicles in your life. Start small and thank yourself in 10 years when you're driving your dream vehicle with all the fixings.

Not really a story but... Good luck and don't let the salespersons take advantage of you, they're genuine sharks and will eat you up given the opportunity.
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Posted 1/19/17 , edited 1/19/17
I bought my first new car shortly after I got a full-time job coming out of college. Put about 1/3rd of the money down and financed the rest. It's been paid off for several years now, as I paid extra toward the principal every month, and the car still serves me well.

Receiving the title papers in the mail was certainly a satisfying day.

Be mindful of deer though, they can smell a new car from miles away.
Posted 1/19/17 , edited 1/19/17

iriomote wrote:
Be mindful of deer though, they can smell a new car from miles away.


Funny you say that....
Almost every time I've purchased a new car (especially if I've bought it outright) ... a deer almost almost tries to ram right into it. The Ford Explorer I mentioned in my last response had a near-collision with a deer when I was driving it home. I mean.. Come on, really?!.

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Posted 1/19/17 , edited 1/19/17


i thumbed up your post.. but not sure if it does anything in this forums..

i heard about full coverage insurance for finance option (instead of paid in full).. at least it's only until the car is paid off

i heard of Costco Auto Program so i was thinking of going through them to save me the haggle

credit score is not a problem for me.. i have no experience buying a new car but i'm not stranger to cars i already know which car i want and what features..

when i purchased my first house there's a term that i learned and loved. prepayment !

so i'm looking for low interest loans+ no application fees with NO Prepayment Penalty

since i don't have the cash now.. but after 5-6 months i should be able to pay the car off ..


when you financed for your car which did you use ? Bank? Dealership? Credit Union?


"Out The Door" price is what i would ask .... i would like to be in and out within 20-30 minutes with the new car is it possible?


i guess direct lending for me then :)

https://www.consumer.ftc.gov/articles/0056-understanding-vehicle-financing




consumer reports also has a lot of helpful information
http://www.consumerreports.org/cro/2012/12/closing-fees-fair-and-foul/index.htm

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Posted 1/19/17 , edited 1/19/17
The first new car I bought was a 1996 Saturn Coupe. Drove that thing literally into the ground. Never bought new after that though. Used cars are just a better deal.
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Posted 1/19/17 , edited 1/19/17
the money I get a month just got cut : ) I only get 475 a month now soooo my hopesof getting a car are never gonna happen
mxdan 
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Posted 1/19/17 , edited 1/20/17
Private is the way to go if you can find a good person to buy from. I bought a car recently retailed at 9 thousand dollars for six grand because of a few cosmetic scratches. The guy just wanted some cash real fast cause he was moving. At the very least I can flip it for an extra three grand. You just have to actively look and ask around.

Dealerships will usually shaft you.
Posted 1/19/17 , edited 1/19/17
I just contact the fleet manager i do not like dealing with floor sales men the fleet manager has a record of what's on
the lot i just got a Toyota Corolla eco and am very happy.
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Posted 1/19/17 , edited 1/19/17
Never had a new car. Don't think I'll ever buy one. It loses its value too quickly and performs the same job a cheaper car can do.
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Posted 1/19/17 , edited 1/19/17
Did it once, never again.
I'd rather buy a used, 2-3 year old car.
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Posted 1/19/17 , edited 1/19/17
auto new vs auto purchase?




2.24% is a good rate no?

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28 / M / Louisville, KY
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Posted 1/19/17 , edited 1/20/17

AnimeAddictANN69 wrote:

auto new vs auto purchase?




2.24% is a good rate no?



You can get 1.99% at most credit unions. Just don't finance for too much, the borrower is slave to the lender. You don't want to owe a bank for 5+ years of your life.
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Posted 1/19/17 , edited 1/20/17
So I bought my first car last year, a 2015 Civic at the dealership during last year's "end of the year" clearance sale in September.
(yes I had no car until I was 24, long story )
Anyhow, I have stellar credit and got locked into a 0.9% APR loan so I'm basically borrowing the money for essentially nothing.

Wherever you go they will run a credit check on you and if your score is low you will be stuck with getting a cosigner. Other than that I cannot comment on other finance options. Who cares about paying of the loan early if you get a loan rate for under 2-3%, obviously if you get a higher rate and can afford to make quicker payments go for it to save on the interest.

Now if you are in no rush for a new car, I'd just wait until the next major car sale (President's day weekend), might as well save a few extra bucks and if you are flexible look at a few different reliable brands.

Also expect to make a down payment from anywhere from $1,500-$4,000 depending on the car's value, anything less you may tick off the dealership since they want things like closing costs and other nonsensical fees/taxes out of the way asap.
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