"Right
on the Money" suggests that, if you're looking for new wheels,
keep the following points in mind:
Do your research. Use the Internet,
the library, the newspaper and Consumer Reports.
Take a thorough test drive whether
you're buying new or used.
When you buy a used car, look it over
carefully, then have a mechanic check it out.
Buy, don't lease. Leasing -- even with
its low monthly payments -- leaves you with all the headaches and
none of the benefits of buying.
Shop around for financing, but negotiate the
price of the car first.
Start negotiating, not with the sticker
price, but with the dealer's invoice cost, which you can get
from Consumer Reports. Say "no" to all the extras.
If you have a car to trade, check the Blue
Book price and compare the wholesale versus retail price
of your car. If there is a big difference, say $1,000, $2,000
between those two figures, you may want to try selling your car.
How to finance a car
Car Buying
Tips identifies the biggest new car financing mistake buyers
make as trying to buy a new car without checking online auto
loan rates or knowing if their credit history can support that
action.
Buyers see 0% APR ads, can't get
the cheap auto loan rates, as they were unaware of their low
credit score. Use these
car loan
payment calculator tools to play on even ground with car
dealers.
If the manufacturer offers you additional rebates in exchange
for you financing through the manufacturer, then you should take
their car financing. Then once you have the rebate and received
financing from them, go refinance your car loan online to a
lower rate.
According to the Consumer Federation of America, car
buyers are often overcharged by 3% on their loans at the
dealership, which can add $1000 to the life of their loan.
Online auto loan rates are the standard for dealers to beat. Use
online car loan payment calculators and choose your best auto
financing.
With an apartment, you're limited to how much you
can personalize your living space. With a house, you
can do whatever your heart desires.
With an apartment, you can move when the lease is
up, but with a house, you have to sell it first.
With a house, over time the mortgage balance
decreases and equity builds. With an apartment, you
gain nothing over time, except maybe a higher rent.
With an apartment, the landlord is responsible for
any repairs. With a house, you are the landlord. If
it's broke, either you fix it or pay someone to fix
it for you.
With a house, there are homeowners exemptions you
can take on your taxes. With an apartment there are
tax exemptions too, but only for your landlord.
With an apartment, you don't gain equity (the
difference between the market value of the house and
the outstanding mortgage balance), but you don't
lose any either. With a house, equity can go up,
down or stay as is.
Once your decision to buy is
made, SYW suggests the following steps in the process:
Just click on
each of these steps for SYW's six lessons on buying a house.
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