Tips for New Car Buying: Financial Management, Insurance & More

Apart from purchasing a home, a new car is one of the bigger purchases that many people make during their adult lives. And buying a car certainly has big financial management and insurance components to it, something that we specialize in as your local insurance brokers here at Oegema, Nicholson & Associates. The car buying process can be stressful, but with some preparation and advance legwork, you can greatly minimize the worry. Here are some suggestions on making the process as painless as possible.

Choosing a Vehicle:

When you’re beginning the process, take your time to do some research. If you have an idea of the segment of car you’re looking to purchase (e.g. 4-door sedan, compact SUV, etc.), compare multiple models. You may find pay-sites like Consumer Reports to be a useful investment, but there are a lot of free resources out there as well.

Finding a dealer:

If this is not your “first trip to the rodeo” and you’ve bought a car through a dealership before, you might feel that it was an unpleasant experience. As in many industries, the Internet has given consumers a lot more power in terms of sharing reviews and information about car dealerships. Use these resources, as well as feedback from any friends, family or colleagues to gather some insight on their own personal experiences.

Finding a bargain:

Go to your bank and see if you can be pre-qualified for a car loan. If nothing else, you can then take this to the dealership to see if they can match or better this offer, giving you a bit of leverage that you wouldn’t otherwise have in financing your automobile. Consider making use of services such as CarCostCanada or Unhaggle to level the playing field against salespeople. These sites provide you with the dealer invoice price, and get various dealerships bidding for your business. Be prepared to walk out of the dealership if they’re not budging when you suspect they still have some room to move. Car salespeople know that if you walk out the door, you’re not likely to come back. But once they see that you’re serious about leaving the dealership, they might just find a little more wiggle room in their price.

Consider the insurance implications of your choice:

Don’t forget to have a look at how certain cars are treated by auto insurance companies. That flashy sports car may be calling to you, but it may end up costing a lot more to insure than an everyday sedan, even if the purchase price of the vehicle is similar. Rely on the expertise of a car insurance broker such as our team here at Oegema, Nicholson & Associates to help guide your insurance decision. In the end, you want to be comfortable in your decision, and make the buying process as comfortable as possible. Keep these tips in mind, and consult with your local insurance experts at ONA to broker the best insurance options for your needs.