A car is a huge but worthwhile investment. It is a serious but fun purchase that can pay you back over the years. By following a few simple steps, you can ensure you buy the best car for your money while getting the best deal.

Secure Your Financing

Buying a car is stressful and handling everything in one location on one day is a tempting proposition. You’ll receive a better rate and have a negotiating chip if you’ve done some research first.

Financing rates can vary and can affect what you can afford. This may determine whether you aim for a luxurious Genesis sedan or aim for Jeep, Chrysler, Dodge, Ram trucks or another affordable brand. You may also want to look at

Pre-approval Gets You a Better Rate

Securing financing ahead of time makes you aware of your credit score, impacting your loan’s interest rate. Knowing that number in advance allows you to estimate what you’re eligible for.

It benefits you to seek financing quotes from a dealership. You can use a dealership’s online application to get started.

Beyond helping you estimate your interest rate ahead of time, knowing your credit score can help you decide how to spend your money. On the one hand, you may be able to afford a new luxury Cadillac SUV, or you may decide to save by finding a certified preowned of the same model.

To give another example, you may know you want a new Jeep but you don’t yet know which one you can afford. An approval under $30,000 will signal you should aim for the Renegade or the Compass. An approval under $40,000 will indicate a Cherokee or Wrangler. An approval of $50,000 to $70,000 will have you shopping for a Jeep Grand Cherokee, Wagoneer or Grand Wagoneer. Once you know the amount you can borrow, you should search the Jeep inventory to find examples of what you can afford.

Pre-Approval Helps You Negotiate

Going into negotiations knowing your power and worth allows you to secure a better rate from the dealership. Let the dealer know that you are aware of your eligible rate; they will likely counter with an even more amenable number. Just be sure that the better interest rate doesn’t negatively impact other factors, like the length of the loan or the down payment.

Choose Your Car

You know what you need in a car better than any salesman will. Consider the features essential for your vehicle and the primary use of the car. The following options all warrant thought:

• Car vs SUV style

• Number of seats vs actual spaciousness

• Model Personality and Style

• Performance and Drivability: Conservative, carefree, or in-between

• Comfort: Automatic climate system, leather upholstery, ventilated seats

• Connectivity: Apple CarPlay, Android Auto, Wi-Fi capability

Research

Doing your car homework can be fun, and it is definitely worth the trouble. Narrowing down what you want in a car will save you time and money. Fortunately, the internet has streamlined the research process. In addition to simply browsing through available inventory, the following websites will significantly assist you with your studies:

• Edmunds.com

• Consumer Reports

• Kelley Blue Book

If you’re buying a new car, you’ll want to know the invoice price of your preferred vehicle. The invoice price is what the manufacturer charged the dealer for the car. You can use this number to negotiate.

For used car purchases, you’ll want to know current resale values. This cost will help you bargain for the best price for your car. For instance, the new Genesis brand is one of the highest rated among all vehicles, including its luxury class.

Know Your Budget

Knowing the upper limits of your budget narrows down your car search considerably. You’ll need to factor in various elements, including whether or not you are trading in an existing car, how much down payment you can afford, and any money you may still owe on your old vehicle.

Other factors to consider:

• Your current car’s trade-in value via a tool utilizing Kelley Blue Book

• Payments you can afford per month

• Number of months you are willing to pay

Be prepared to negotiate with the dealership and be confident and firm in your budget.

Conclusion

While buying a car is challenging, a few simple steps reduce stress and prevent the undertaking from being cost-prohibitive. Highly qualified staff at a new car dealership can help you understand the loan process.

You may be wondering when is the best time to buy a car. That’s a logical question. Is there a best day of the week? A best month? A best season? Here’s the knowledge we have gathered from talking to car dealers.

Best Months to Buy

We’ll let you in on the best months to make your purchase. The best way to be ready for these deals is to read reviews and narrow down your favorites list. You can also do this by browsing through standard car inventory or luxury car inventory, depending on your budget and preference.

May

May sits at the tail-end of the traditional auto show season when the new models displayed on the convention floor are rolled into the dealer’s showroom. Savvy buyers can get decent discounts on outgoing models during this time.

May also brings Memorial Day sales events. During these sales, car shoppers can get generous cash back, leasing, and finance deals before summer, usually the busiest car-buying season, gets rolling.

October

Traditionally, automakers roll out the new year’s model redesigns in October. This means that auto dealers face a lot of pressure during this month to clear out space in their showrooms. Smart shoppers can use this leverage to obtain some extra sweet discounts that they wouldn’t otherwise get. This tends to be true whether you are looking for the Cadillac Escalade for your big family or the Jeep Wrangler to go off-roading or the Genesis GV80 for your business travel.

November

For most retailers, November means only one thing, the festival (some would say mosh pit) of sales that is Black Friday. Car retailers are no different and many offer big savings in the weeks leading up to the Christmas shopping season. During this month, turkey and stuffing aren’t the only leftovers as deals can be especially delicious when buying an outgoing model still on the lot.

December

The December holidays are a stressful time for many, and auto dealers feel an ironic heat as their monthly, quarterly, and annual sales targets loom. The car seller’s source of stress is the car buyer’s source of leverage, and rebates can pour down like winter snowflakes, especially during year-end sales events.

During this month, automakers often offer special lease deals to help dealers collect year-end tax write-offs. These savings may be passed down to the buyer.

Best Days to Buy a Car

Waiting for the weekend to buy your new wheels? Check below if that’s really the best time to do it.

Mondays

Conventional wisdom states that the best time to buy a car is on weekends, when the dealer lot is busiest. However, this isn’t really true. Your sales person may feel too rushed to haggle, and they may just abandon the sale in hopes that the next person will buy the car.

On Mondays, the buyer can take their time to get questions answered and go for a test drive. The finance department is also less busy and more capable of taking their time with the customer. Therefore, Mondays are actually the best day to buy a car.

Three-Day Weekends

There are good weekends for car shopping, however. Specifically, long holiday weekends, such as President’s Day, Memorial Day, Fourth of July, and Labor Day. During these weekends, auto dealers love to attract buyers with steep discounts and generous financing offers.

Out of the listed holidays, Memorial Day and Labor Day offer particularly good deals. This is due to the fact that these holidays represent the start of the busy summer car-buying season and the start of the new school year.

Worst Time to Buy a Car

Is there a worst day to buy a car? It could be that you will pay more if you try to buy a model in the first few weeks after it is introduced.

However, you may think that saving $500 later isn’t worth the risk of missing out on the exact color and style you want. If that’s most important to you, you want to shop for your new car when it hasn’t been on the market for very long.

Furthermore, when a new model comes to market, dealers may actually offer incentives to get shoppers to try it. This can work in your favor financially.

One thing we’ve learned is that you shouldn’t wait until your old car has broken down. After all, a major factor in car buying negotiations is leverage. A still-serviceable car will give the buyer more time to research their options. It will also get a better resale value that can contribute to a down payment on its replacement.

Have Fun

Car buying is often a stressful occasion, but you should try to relax and have fun. Internet inventory research is a good way to get started. Taking a test drive is a really cool activity, and it doesn’t have to mean you buy the car right then.

As this article shows, the time you buy can make a difference in how much you might save. The goal is to be ready when the perfect time arrives and to be open to all opportunities as they arise.

We hope these tips help you save money and still get the make, model, trim level and color that you want!