Smart Tips for Buying Your Next Car
Whether you’re purchasing your first car or upgrading to something new, buying a vehicle is a big decision—and often a big expense. At LVECU, we’re here to help you navigate the process with confidence and make choices that fit both your lifestyle and your budget.
Here are some smart tips to keep in mind as you prepare to buy your next car:
1. Set a Realistic Budget
Before you fall in love with a vehicle, know how much you can afford. Factor in not just the monthly payment, but also insurance, fuel, maintenance, and potential registration fees. A good rule of thumb is that your car payment should be no more than 15% of your monthly take-home pay.
Tip: Use an online auto loan calculator to estimate your monthly payment based on loan amount, interest rate, and term.
2. Know Your Financing Options
Getting pre-approved for an auto loan can give you a better idea of your budget and strengthen your bargaining power at the dealership.
3. Decide on New vs. Used
There’s no one-size-fits-all answer here. New cars offer the latest features and warranties but depreciate faster. Used cars are more affordable but may come with higher maintenance risks. Consider your driving needs, how long you plan to keep the vehicle, and your comfort level with potential repairs.
4. Do Your Research
Check reviews, safety ratings, and average prices before heading to the lot. Sites like Kelley Blue Book and Edmunds can help you compare models, features, and market values so you don’t overpay.
Tip: Look up the vehicle’s VIN (Vehicle Identification Number) if you’re buying it used to check its history for accidents, maintenance records, and ownership changes.
5. Take it for a Test Drive
It might look great on paper, but you won’t know how a car truly feels until you drive it. Test drive in both city and highway conditions, check visibility, ease of use for controls, and make sure you feel comfortable behind the wheel.
6. Read the Fine Print
Always review loan terms, warranty details, and dealership fees before signing anything. If something doesn’t feel right—ask questions. You have the right to understand every part of your purchase.
7. Protect Your Investment
Consider optional protection plans covering mechanical issues or financial loss in the event of an accident or theft for added peace of mind.
Ready to Hit the Road?
No matter if you’re buying brand-new or gently used, we’re here to help you every step of the way. From pre-approval with competitive rates and terms, to safeguarding your investment with optional protection against unexpected repairs or loss due to an accident, LVECU offers the services you need to make your car buying experience a breeze.
Get pre-approved online or contact one of our Member Service Representatives today.