Buying a new car can be likened to going to a magic show. Each situation means that you can expect to be tricked. When you go to a magic show, you will be greatly disappointed if you aren’t. When you buy a car, you do what you can to get out of being tricked.
There is a type of sleight of hand that happens with private owners and dealerships that isn’t really always intentional. We all understand that when you purchase a new car, you will lose and arm and a leg. That being said, nobody ever wants to buy a car and have to deal with those hidden costs and therefore spend hundreds or even thousands of dollars more than what they see on the sticker. Costs that can include things like finance charges, mechanical issues, and fees can really add up.
One way that you can pay for a bit of those costs, or even get a small down payment together, is by getting one of the online installment loans. These loans are easy to get. All you need to have is a valid social security number, a checking account that is active, and a job that the lender can verify. You can get as much as $1,250 and have access to it as soon as the business day after you get approved. The loans are easy to pay back too because they have repayment terms that are flexible. A loan such as this can really come in handy when you have unexpected costs associated with buying a new car.
Insurance
Most of the time, when you buy a new car, before you drive it off the lot, you will have to have it insured. Insurance will assist to cover any expenses you might have in the event that you are involved in an accident. Rates for car insurance will vary depending on where you live and what type of vehicle you are insuring, as well as your driving record, age, marital status, and more.
Fees
The fees that are associated with buying a car will vary depending on the state you live in and whether you are buying a used car or a new one. Each state sets their own licensing and registration fees. These fees might be the same regardless of which type of vehicle you are licensing and registering. Some states, though, will vary their prices based on things like how old the vehicle is, what you paid for it, what its tax value is, how much it weighs, your driving record, whether or not there is a lien against it, and some other factors.
Title and Registration
The dealership can take care of everything that is involved with getting you established as the owner of your new car and getting temporary tags for it. Don’t expect them to pay for it themselves, though. No, these costs will be passed along to you and will generally be between 1 and 3% of what the vehicle costs. This will also add a documentation fee to your cost.
Taxes
The amount you pay in taxes will differ depending on the state you live in. Some of the states will calculate the tax based on the total cost of the vehicle. However, most of the time, the states will figure the tax based on the Blue book value of the vehicle… or the trade in price.
Extended Warranty
This is additional coverage that you might choose to purchase for any major repairs that might be needed once the manufacturer’s warranty is expired. If you do decide to purchase this type of warranty, it is recommended that you get coverage that is backed by the manufacturer of the vehicle or through a third party company that has been established. You don’t have to buy this coverage at the same time you buy the car. You can take the time that you need in order to compare various contracts.
Anti – Theft/Security System
Sometimes, new cars are equipped with a car alarm of some sort. Yes, this can reduce your premium for your car insurance, and that makes it a good thing. However, you will pay an extremely high price for one that is installed by the dealer and this could negate your savings on your insurance.