What to Know Before You Buy a New Car

What to Know Before You Buy a New Car

 Buying a new car can be a confusing process without the right information and know-how.

Use these tips to help you purchase a brand new car!

STEP 1: Find Your Budget

You must know what kind of car you can afford before you physically (or cybernetically) start looking for a car. What can you afford as a down payment? What about monthly payments? While a Tesla is a great car, it falls outside the budget of most people, so having an idea of what you can spend will only save you time and money. (Of course, if it is within your budget, then by all means!)

STEP 2: Get Price Information

Once you have your budget and a few cars lined up, it’s time to find the price information. There are three things you need to know about price:
(i) Sticker price – The price the dealer wants you to pay for the car–usually found on a huge sticker on the windshield. Never pay sticker price.
(ii) Invoice price – This is the price the dealer paid the manufacturer for the car.
(iii) True market value – The true price for the car and the price you should pay when talking with the salesperson.

STEP 3: Finance Your Car

Most people do not pay the full cost at once. They put down a down payment, and then make monthly payments. The average down payment on a five-year loan is $4,104 with an interest rate of 1.64 percent, which leads to a monthly payment of around $400.

STEP 4: Test Drive your Car

Before you sign on the dotted line and bind yourself to a contract, you should know if the car you want is actually the car you want. Always test drive your car to see if it is comfortable and feels right. If it doesn’t, you are better off going with another car rather than sitting in an uncomfortable car until your loan is paid off.

New or old, your car needs to be insured. Contact Risk Management LLC in Brookfield, Wisconsin for all of your auto insurance needs.

  • Risk Management assisted me in determining the best insurance coverage to match my business’ risks. Not only did their professional staff spend ample time meeting with me to understand my business, but they continue to follow up with a phone call on a regular basis. I’d consider each of the members on the Risk Management team a true asset in my corner, as they assist to resolve complex insurance issues including GL, Med-pay, business interruption, unemployment insurance, and most importantly, claims management. Their ongoing research in the insurance industry allows my rates and coverage’s to be best in in class, which helps me to remain competitive in my industry.

    -Steve, S. former owner of Helium Trampoline Park

  • “When we want develop partnerships with vendors, the deciding factor is always based on a single question…Do they pick up their phone? At Risk Management, they pick up their phone. In the indoor trampoline park industry, we have dealt with several insurance agencies that were always more concerned about their commission, not building a business relationship or serving our needs. On more than one occasion, Risk Management has stepped in and helped us with carrier/policies issues that the incumbent agencies had dropped the ball on. There was no financial reward for Risk Management in these situations, they see a problem and help fix it. They just do business the right way. Steve Young and his team at Risk Management represent us, not the carrier. We highly recommend Risk Management.”

    -Mark M. Operations Manager,CEO Fun Palace Place

Address: 21420 W. Greenfield Ave Ste 100
New Berlin, WI 53146
(262) 785-8930
Toll Free: (888) 857-5144
Fax: 1 (800) 424-3955
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