Car Buying on a Budget

Posted: Jul 05, 2010 |Comments: 0 |

Cash Strapped Car Buying

Finding a dependable car on a limited budget

People are watching their wallets more than ever, living on more limited budgets and it is more important than ever to make your car buying dollar go further.  A car is not considered a luxury in America it is a means to freedom and the only way for some people to get to school or work.

To get to work you need a car and to get a car you need to work. It is part of the system and what keeps the economy rolling. Whether you are a student, single parent or full-time professional there are some important things to remember when you are car buying on a limited budget.

First, Set your parameters: Define the best car for your needs. Satisfy the needs and then go on to the wants.  Do you need a car or truck? What is more important? A low up-front cost or long term reliability and mileage.  If you have a short commute consider buying a bigger, lower mileage car. Decide your needs and set a budget. Write it down.

Try to save up the money for a car. Shady Dealers prey on low-income people who need credit and financing. Stay away from car lots who offer a guaranteed credit. If you need a loan to buy the car go to a Credit Union. If you don't have an account they will start one for you so you can finance through them. They will have the best loan rates.

Do your homework. Don't go "just looking"  at a car lot. Shop online and in person. Shopping online is easy. Check the Kelly Blue Book for the value of the car in your search. Shop at Auto-Trader and Cars.com. Get a real idea of the car and the cost before you set foot on a car lot. Better yet, hire an Auto Broker to find and buy the car for you. Give the Broker your list.  In most cases the Broker will be able to stick to your parameters, and stick to your budget. Why? The Broker is not emotionally involved in the process. The Broker will not be swayed by a shiny car and will not be influenced by smooth-talking car salesman.  The small amount of money you pay to retain the Auto Broker will be worth every cent when you save the headache of car buying and thousands of dollars on your next vehicle purchase.

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