Grad Student looking to by a new car - my first time buying one...?

Question

I have between 8,000 to 13,000 to spend:
1. Any recommendations on particular cars (the Yaris caught my eye)
2. What do I do when I get to the dealer
3. How do I go about taking out a loan or financing the car
4. how long do loans last for?
5. Any other ifo I should know?

Answer 1

1. The Yaris is a great first car - good fuel economy and should be very reliable (it's a Toyota). You might want to check out the Honda Fit too.

2a. First of all, go online to a good car website (I recommend www.edmunds.com) and find out the DEALER INVOICE price for the car you want, including any extra features you want. You always negotiate a price from the DEALER INVOICE up not from the Manufacturers Suggested Retail Price a.k.a. MSRP or "Sticker Price". I recommend an initial offer of invoice when you start negotiating. However, very popular cars are tougher to get at invoice. In case you're wondering, the dealership will still make a profit even if it sells you a car at invoice.

2b, Next, I would go online and locate all the Toyota dealerships in your area or even beyond depending on how far you'd be willing to travel to get a car. Find the email addresses of the internet sales managers. You can often find them on each dealership's websites. Next, contact all the dealerships, telling the internet manager what car you're interested in. Be sure to tell them you have also contacted all the Toyota dealerships in the area so they know they're competing with other dealerships. The serious dealers will contact you back with offers. By negotiating directly online with the internet sales manager, you will bypass the high pressure tactics of floor salesman. Also, the internet managers have more clout when it comes to prices. In fact, you could get the fleet prices for you car.

Once you get offers, you can decide what to do. Tell other dealerships that dealerhship "A" offered this price and can you beat it? etc. etc. You will probably set up an appointment to meet the manager once you settle on a price.

3. You can usually get a better loan rate at a credit union unless there's a special financing program going on and you have stellar credit. Be sure to get preapproved by your credit union if you go that route.

If you go through the car dealership, they'll walk you through the process.

4. Most car loans are for 3-5 years. You can pay it off at any time however if you have the cash.

5. Do research, research, research. Once you choose a car you want, know the features inside and out. The internet is your friend! By the time I'm ready to purchase a car, I probably know more about the car than the salesman - no kidding! Remember, this is a big purchase so do your homework.

Finally, don't purchase any of the add-ons they'll try to sell you - paint protection sealant, extended warranty, etc. Those are the real moneymakers for the dealership but are not worth it for you.

Good luck!

Answer 2

Chevy is best!! Anyway, most auto loans last for 4 yrs, and you can get a lower interest loan through a credit union or the like, or get a loan through the dealer. As for which car to get, you should do some reasearch online to decide which options and price range are best for you.

Answer 3

the main purpose right it quite is to get you thru and out of grad college. you may desire to try this. What i might do is to get some money together and purchase your self a properly-maintained, used Honda or Toyota for decrease than $5,000 money. stay removed from leases and tote-the-observe a lot. a lot of those vehicles accessible and nevertheless have some reliable years left in them, that gets you thru grad college and you will not have a automobile fee. regardless of in case you probably did, it would be a hundred greenbacks a month. you may desire to purchase a clean automobile when you have out of grad college. additionally, circulate user-friendly on the student loans. you're able to desire to pay it back. stable success!

Answer 4

I would strongly suggest looking at some reliable pre-owned cars. At your price range you'd end up with much more car, maybe even an older luxury car. New cars depreciate drastically in the first couple of years.

Answer 5

I'd recommend a Kia.